Innscor considers share buy-back

Innscor considers share buy-back
Published: 14 November 2017 (891 Views)
Innscor Africa Limited directors seek shareholders' approval to purchase its own shares listed on the Zimbabwe Stock Exchange at the next Annual General Meeting (AGM) next month.

Innscor will hold its 21st AGM on December 6, 2017 with share buy-back on cards.

According to Investopedia, share buy-back refer to the repurchasing of shares of stock by the company that issued them.

Companies issue shares on the stock exchange to raise money for its operations, purchase equipment and money to pay off debts among others.

Share buy-back indicates that Inncor's directors have confidence in the company's future outlook and aim to make the business attractive to investors.

"In terms of this resolution, the Directors are seeking authority to allow use of the Company's available cash resources to purchase its own shares in the market in terms of the Companies Act and the regulations of the ZSE.

"The Directors will only exercise the authority if they believe that to do so would be in the best interests of shareholders generally," said Innscor company secretary Andrew Lorimer in a statement.

The AGM is set to receive and consider the financial statements for the financial year ended June, 30 2017.

Retiring directors, Zinona Koudounaris and Godfrey Gwainda, who retire by rotation and being eligible offer themselves for re-election.

The AGM will also seek to approve directors' fees for the financial year ended June 30, 2017.

Remuneration and re-appointment of Messrs - Ernst & Young as Auditors of the Company until the conclusion of the next Annual General Meeting will also be on the agenda.

Innscor recorded 16 percent growth in profit after tax to $18 million for the half year to December 31, 2016, from $15,8 million in the prior year.

The light industry firm owns National Foods, Colcom, Irvine's Zimbabwe, Bakers Inn, Natpak, Bedra Enterprises, Profeeds and Probrands.


- Byo24News

Tags: Innscor, AGM, ZSE,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Chiwenga fails to issue termination letters to nurses

by Staff reporter | 20 April 2018 | 98 Views

Suspected thief bashed to death

by Staff reporter | 20 April 2018 | 84 Views

Fired nurses in panic mode

by Staff reporter | 20 April 2018 | 84 Views

Mukanya was home sick

by Staff reporter | 20 April 2018 | 60 Views

WhatsApp messages lead to divorce

by Staff reporter | 20 April 2018 | 77 Views

Traffic cop implicates bosses in fake fines book scam

by Staff reporter | 20 April 2018 | 105 Views

41 senior cops transferred

by Staff reporter | 20 April 2018 | 95 Views

Chamisa says military must be in the barracks

by Staff reporter | 20 April 2018 | 93 Views

Zanu-PF politburo meets to avert implosion

by Staff reporter | 20 April 2018 | 99 Views

'Mugabe remains our hero'

by Staf reporter | 20 April 2018 | 74 Views

Chiwenga fail to issue termination letters to nurses

by Staff reporter | 20 April 2018 | 75 Views

Mugabe humiliates Mukonori?

by Staff reporter | 20 April 2018 | 93 Views

Tsvangirai's death could not have come at a worse time

by Staff reporter | 20 April 2018 | 79 Views

Boris Johnson hosts Sibusiso Moyo for roundtable talks

by Agencies | 20 April 2018 | 75 Views

Biti sees potential $100 billion economy

by Bloomberg | 20 April 2018 | 70 Views

Zimbabwe opposition can win 'if it overwhelms polls'

by Carien Du Plessis | 20 April 2018 | 91 Views

Bigwigs corruption continues unabated

by Staff reporter | 20 April 2018 | 82 Views

Mnangagwa administration priorities warped

by Staff reporter | 20 April 2018 | 57 Views

Chinamasa, Gumbo self-enrichment plan exposed

by Staff reporter | 20 April 2018 | 84 Views

Zimbabwe denied Commonwealth observer status

by Staff reporter | 20 April 2018 | 65 Views

Mnangagwa stops funding Grace Mugabe's private school

by Staff reporter | 20 April 2018 | 68 Views

James Maridadi pens open letter to VP Constantine Chiwenga

by James Maridadi | 20 April 2018 | 106 Views

Mujuru diamond mine battle erupts

by Staff reporter | 20 April 2018 | 53 Views

MDC-T activist assaulted, kidnapped by soldiers

by Simbarashe Sithole | 20 April 2018 | 143 Views

MDC leader Welshman Ncube blasts govt for firing nurses

by Stephen Jakes | 20 April 2018 | 115 Views

Wenger leaves Arsenal

by Staf reporter | 20 April 2018 | 143 Views

Chiwenga to finish off 'running coward' Mnangagwa's presidential term?

by Wilson Mahlafuna Sibanda & Khohliso Maqhoba | 20 April 2018 | 279 Views

Government response to Nurses' strike is wrong

by Dumisani Mpofu | 20 April 2018 | 87 Views

'The rabbit killed my 8 children, husband'

by Staff reporter | 20 April 2018 | 177 Views

Abortion teacher fired

by Staff reporter | 20 April 2018 | 129 Views

Father, son in fight over 'prostitute'

by Staff reporter | 20 April 2018 | 141 Views

Chiyangwa exposed in 'Fifa lie' storm

by Staff reporter | 20 April 2018 | 117 Views

Women in street fight over footie star

by Staff reporter | 20 April 2018 | 153 Views

'Hands off married man' - Magistrate warns smallhouse

by Staf reporter | 20 April 2018 | 129 Views