Gloldlink releases 2015 audited financial statement
……Cancels 2.5bn shares
The much-awaited Linkage Assurance Plc’s, audited result for the financial year ended 31st December, 2015, has finally been released, setting the pace for release of other outstanding results including Q3 2017 unaudited result.
Though the company currently carries the tag of RST, which depicts the Nigerian Stock Exchange’s (NSE’s) endorsement for restructuring which had led to cancellation of 2.5 billion shares issued without cash consideration.
The company, in the result, stated that following a share capital audit exercise by the former Interim Board and Management, it was discovered that 2,548,774,014 of its shares were issued without cash consideration between 1995 and 2006.
It further revealed that out of the 2,548,774,014 shares issued without cash consideration, a total of 1,348,549,941 units of shares have been surrendered and forfeited as at date.
The 1,348,549,941 units of surrendered and forfeited shares of the Company were treated as unissued shares following the approval received from the Securities and Exchange Commission (SEC) during the financial year.
The share cancellation, the company said, reduced its share capital and share premium by N674, 274, 970.50, respectively.
Meanwhile, Goldlink’s 2015 audited financial statement result for the period ended 31 December, 2015, released by the NSE on Monday, showed that the company is poised to overcome its flaws as fundamentals , though depressed , continued to look up.
The result showed that gross premium written for the 2015 audited financial year result closed at N2, 405,185 billion, which showed remarkable decline from N3, 113,179bn posted in 2014 financial year.
Loss before income tax closed 2015 business year at N414, 652, against N409, 451 recorded in 2014 financial year.
The company expended N59, 243 in tax during the year under consideration, lower than N114, 555 paid in 2014. Loss after taxation closed the 2015 accounts at N350, 206, while in 2014 financial year, loss after tax closed at N529, 207
Linkage Insurance’s 2015 transfer to statutory contingency reserve was N6, 727, which, in 2014, stood at N78, 547. During the period under consideration, the company transferred to retained earnings N356, 933; while in 2014, transfer to retained earnings stood at N607, 754.
Shareholders’ deficit in 2015 rose to N4, 245,710bn, from N3, 901,836bn recorded in 2014 financial year.
Daily Times Nigeria recalls that at the Board Meeting of Goldlink Insurance Plc held on the 25th of February, 2016, the National Insurance Commission (NAICOM) dissolved the board of the firm, which comprised of Mr. James .O.Ayo, Alhaji Sashe Dabana, Prof. Chioma Kanu Agomo, Mallam Abubakar Mijinyawa and Mr. Umar Damagum.
At the same board meeting, NAICOM also appointed Alhaji Mohammad Bintube as the Chairman of the new board of Directors with effect from 25th of February, 2016, other members of the new interim board are Mr. Olanrewaju Suleiman and Barrister Tonbofa Ashimi as non-executive Directors, Mr. Gbolahan Olutayo as Managing Director; and Mr. Adeyinka Olutungase, Executive Director.
