Unissued Shares: Nigerian Breweries Proposes Bonus Scheme

As a way of eliminating unissued shares, the Board of Nigerian Breweries Plc said it has resolved to ask the company’s shareholders to approve a proposed bonus scheme.

This was made known by the brewer through a corporate disclosure during a special meeting of the Board held on November 15, 2022.

Part of the statement by the company said: “Further to the directive of the Corporate Affairs Commission for companies to eliminate unissued shares from their books, the Board Resolved to recommend to the Company’s shareholders in general meeting, the approval of a bonus scheme of 1 (one) share for every 4 (four) shares held by shareholders recorded in the Register of Members at the close of business on Tuesday, 6th December 2022.  

“The bonus shares with a value of N1.03 billion will be issued from the Company’s Share Premium Account, which based on the 2021 audited accounts had a balance of N77.5 billion and N84 billion as of 31st October 2022”.