The Board of Dangote Flour Mills Plc has announced the postponement of its Annual General Meeting (AGM). This was disclosed in a corporate disclosure sent to the Nigerian Stock Exchange on Thursday, 10th October 2019. The notice was sent through the Company’s Scribe, Aisha Ladi Isa.
Financial Metrics Nigeria reports that the group has obtained approval from the Corporate Affairs Commission (CAC) to extend the date for its Annual General Meeting for the year ended 31st December 2018.
The group’s statement read as saying: “As earlier announced to all shareholders and the investing public, the Board of Directors of the Company received a binding offer on April 23, 2019 from Olam International Limited for the acquisition of the entire issued shares of the Company not currently held by Olam through its subsidiary, Crown Flour Mills Limited by way of a scheme of arrangement.
“Upon due consideration of the Offer and receipt of regulatory approval in principle, the Board decided on August 5, 2019, to recommend the Offer to the shareholders at a court-ordered meeting scheduled to hold on the 14th of October, 2019, for their approval.
“Based on the forthcoming Court-Ordered Meeting, the Board is of the considered opinion that it will not be practical nor effective to convene an AGM shortly before the Court Ordered Meeting and has, therefore, sought and obtained the approval of the CAC to hold the AGM no later than December 21, 2019.
“In view of the fact that the outcome of the Court Ordered Meeting is unknown, the Board is unable to propose a specific date for the AGM at this time.
“The notice of the AGM will be circulated to all shareholders as soon as a date is fixed,” the statement added.
Financial Metrics Nigeria reports Dangote Flour Mills shares price currently stands at N22.20.