Innscor considers share buy-back

Innscor considers share buy-back
Published: 14 November 2017 (1143 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

Violence must be condemned at all levels

by Dr Masimba Mavaza | 16 January 2019 | 34 Views

WATCH: Zimbabweans protest in Pretoria Embassy

by Mandla Ndlovu | 16 January 2019 | 54 Views

Britain warns its citizens in Zimbabwe

by UK gov | 16 January 2019 | 52 Views

PHOTOS: Evan Mawarire being arrested

by Mandla Ndlovu | 16 January 2019 | 42 Views

Zimbabwe kills commerce and lights, by killing the internet

by Staff reporter | 16 January 2019 | 71 Views

Zimbabwe crisis a warning to SA, says opposition leader

by Business Day | 16 January 2019 | 59 Views

Mugabe-aligned NPF calls for Mnangagwa's resignation

by African News Agency | 16 January 2019 | 74 Views

Calls for diaspora protests at Zimbabwe embassies

by newzimbabwe.com | 16 January 2019 | 67 Views

Soldiers continue to patrol streets

by aljazeera.com | 16 January 2019 | 69 Views

Mnangagwa to buy 'State-of-The-Art' Russian arms

by Sputniknews.com | 16 January 2019 | 66 Views

Mnangagwa says Zimbabwe protests 'fizzling out'

by newzimbabwe | 16 January 2019 | 66 Views

Zimbabweans need to do a serious soul searching

by Dr Masimba Mavaza | 16 January 2019 | 72 Views

PHOTOS: Mnangagwa, Mthuli Ncube meet Putin as #ZimbabweShutDown

by Staff Reporter | 16 January 2019 | 71 Views

WATCH: Man in civilian clothing shoots directly at protestors

by Mandla Ndlovu | 16 January 2019 | 74 Views

'Opposition leaders arrested as scores are killed' says Dzamara

by Mandla Ndlovu | 16 January 2019 | 76 Views

Latest update on day 2 of Army killings

by Mandla Ndlovu | 16 January 2019 | 75 Views

#ZimbabweShutDown enters day 3

by AP | 16 January 2019 | 79 Views

Zimbabwe businesses losing millions as shutdown continues

by Staff reporter | 15 January 2019 | 140 Views

South Africa 'confident' Mnangagwa govt will 'resolve situation'

by Staff reporter | 15 January 2019 | 134 Views

Malema's EFF 'extends its solidarity' with the people of Zimbabwe

by Staff reporter | 15 January 2019 | 139 Views

'Internet shutdown is unconstitutional,' says Jonathan Moyo

by Ndou Paul | 15 January 2019 | 142 Views

May's Brexit deal rejected by 230 votes

by BBC | 15 January 2019 | 92 Views

Strive masiyiwa speaks on Internet blackout

by Mandla Ndlovu | 15 January 2019 | 125 Views

'Looters not a threat to anyone,' says Amnesty International?

by Staff reporter | 15 January 2019 | 67 Views

PHOTOS: The unlucky protestors who were caught

by Social media | 15 January 2019 | 146 Views

Chamisa fires blank

by Dr Masimba Mavaza | 15 January 2019 | 143 Views

Almost every Choppies shop in Western suburbs was looted

by Social media | 15 January 2019 | 86 Views

Greyhound cancels trips to Zimbabwe indefinitely

by Mandla Ndlovu | 15 January 2019 | 94 Views

WATCH:Biti calls for an extra-ordinary SADC summit on Zimbabwe

by Mandla Ndlovu | 15 January 2019 | 114 Views

Soldiers turn rogue and join protestors?

by Mandla Ndlovu | 15 January 2019 | 144 Views

MDC appeals to International community

by Mandla Ndlovu | 15 January 2019 | 161 Views

Econet declines to comment on internet shutdown

by Staff reporter | 15 January 2019 | 152 Views