By InvestAdvocate
Lagos (INVESTADVOCATE)-The Securities and Exchange Commission (SEC) has issued oil marketing firm, Forte Oil Plc until March 2016 to issue bonuses its shareholders the one (1) bonus share for every five (5) held which the company promised at the end of 2014 audited year end.
Forte Oil in a letter dated January 13, 2015 to the Nigerian Stock Exchange (NSE) reads in parts “Forte Oil Plc wishes to update the Exchange on issuance of the bonus issue.
We have been working with the SEC on resolving the outstanding issues raised in our application for approval and have assured the SEC that this will be resolved before the end of the first quarter 2016 to apply the bonus issue. The company would like to assure its shareholders that the bonus issue will be applied in March 2016 and apologise for the delay in applying same,” Forte said.
Forte Oil on December 15, 2015 applied to SEC issue 218.43 billion units of its shares as bonus to its shareholders.
The company has proposed a dividend of N2.40 compared to N4.00 paid in year 2013 end; while offering shareholders one (1) bonus share for every five (5) held.
Below is the Forte Oil’s letters:
