In compliance with the amendment of the Companies and Allied Matters Act , signed into Law by President Muhammadu Buhari, recently, Caverton Offshore Support Group Plc, has deleted about 1.65 billion ordinary shares that remained unissued as at December 23, 2022.
Explaining the rationale behind the decision by the Board of Directors of Caverton, the Chairman of Caverton Plc, Mr. Aderemi Makanjuola who was represented by the chairman of the day and Non-Executive Director, Mr. Bashiru Bakare, noted that the meeting was in line with Section 124 that stipulates that no company shall have a share capital which is less than its minimum issued share capital.
Tunji Bamidele, leader of a shareholder group based in Ibaban said consideration should have been given for other options apart from cancellation of the shares. However, the decision was acceptable to him and other shareholders. In attendance were Mallam Bello Gwandu, Ms Amaka Obiora, Mr. Bashiru Bakare and Mr. Olabode Makanjuola while Mr. Aderemi Makanjuola, HRM King Edmund Daukoru, Mr. Akinsola Fashola, Mr. Akin Kekere-Ekun and Mr. Raymond Iyhembe joined virtually.