By JEROME USHAKANG
The Board Meeting of Greif Nigeria Plc. held on Wednesday, March 27, 2019 in Lagos passed certain resolutions and wishes to inform the Nigerian stock Exchange (NSE) and its shareholders and the investing public that the Company recorded a loss of over N260 million in the 2018 financial year and the loss had continued in the first quarter of the 2019 financial year, and that efforts made to win back the key customer of the Company and also get price increase from the customers were yet to yield positive result.
Consequent upon this, the company has resolved that it will stop receiving new orders from customers and also stop production for an indefinite period. It added that the eighty-first Annual General Meeting (AGM) of the Company is scheduled for Tuesday, June 18, 2019 at the Company’s Offices, 1 Alapata Road, Apapa, Lagos at 11.00 a.m.
It also disclosed that the Register of Members and Transfer Books be closed from Monday May 20, 2019 to Wednesday, May22, 2019 (both dates inclusive); and laying the Audited Financial Statements for the year ended October 31, 2018 before the Company in general meeting.
The following resolutions were also passed at the meeting: 1. a. That Mr. O. A. Obadina who has retired from the services of the Company with effect from October 31, 2018, would, however, remain on the Board of Directors of the Company as a non-Executive Director. b. That Mr. David Olufemi Onabajo be and is hereby appointed a Director on the Board and Managing Director of the Company with effect from November 1, 2018 subject to ratification at the next Annual General Meeting of the Company. 2. “
( that Mr. David Olufemi Onabajo be elected and Mr. Erik ’t Sas be re-elected Directors of the Company respectively; (e) that Mr. G. A. Omotayo and Mr. Erik ’t Sas be appointed members of the Audit Committee, representing the Board; (f) that for the approval of the remuneration of the Directors; and (g) that the Directors be authorized to fix the remuneration of the Auditors.