Blue Power Group Limited (BPOW) has advised that the Board of Directors of BPOW met on July 11, 2019 to consider the payment of dividend. The following resolution was passed by the Board:
• A dividend of 2 cents per share will be paid to shareholders on August 12, 2019. The record date is July 25, 2019. The ex-dividend date is July 24, 2019.
• The Annual General Meeting of the Company will be held on August 14, 2019 at the Guardsman Group Headquarters at 107 Old Hope Road at 4 p.m. to receive and approve, among other items, the Audited Financial Statements of the Company as at April 30, 2019.
BPOW has also advised that the Board of Directors also considered the issue of growth of the two divisions of the Company and has reached the conclusion that having the Lumber Depot Division operate as a separate company will enhance its prospects for growth through acquisitions of and/or mergers with other companies in related lines of business. The same considerations would apply to the growth of the Blue Power Soap Division. In order to effect this move, an Extraordinary General Meeting to be held immediately after the Annual General Meeting on August 14, 2019, will consider and, if thought fit, will pass the following resolutions:
1. That the issue/transfer of the Company’s shares in a newly created subsidiary of the Company Lumber Depot Limited (“New Lumber Depot”) to the Company’s shareholders on record as at August 1, 2019 with the intent that after such actions, shares in New Lumber Depot shall be held by the shareholders of the Company pro-rata to their existing holdings in the Company, is hereby approved.
2. That the transfer of the business and assets of the Lumber Depot Division of the Company to New Lumber Depot as of 1 August 2019, in consideration for related liabilities and transaction costs, is hereby approved.
3. That any and all acts and deeds carried out in the name and on behalf of the Company in connection with the transactions described in resolutions (1) and (2) above, be and are hereby ratified.