Legacy equity unit-holders approve N0.087 dividend pay-out

Unit-holders of Legacy Equity Fund gathered in Lagos recently and approved the payment of N0.087 per unit dividend proposed by the company’s management for them.

The unit-holders who gathered for the company’s 4^th annual general meeting (AGM) commended the management for their prudent handling of the company’s resources in spite of the hash economic realities in Nigeria, stressing that the dividend pay-out was the high-point of resourcefulness.

According to William Adebayo, one of the unit-holders at the meeting, the N0.087 dividend was okay, advising however, that when next the management was proposing dividend for him and his colleagues, they should make it a round figure.

He pointed out that even though the dividend was okay, they needed more because majority of the unit-holders were pensioners who depended on dividends from their investments for their sustenance, advising further that the management should go extra-mile to create awareness about the company.

Legacy equity, a company managed by First City Asset Management Limited, is a subsidiary of CSL Stockbrokers Limited. It has track record of impressive performance amid hash operating environment and stringent monetary policies of the regulatory institutions.

In its audited results for the year ended June 30, 2014, the company recorded a gross income of N115.20 million alongside a net profit of N92.81million also as at June 30, 2014.

The approved dividend is 8.75 percent higher than the N0.08 that was paid in the previous Fund year and, given that the average inflation rate in the Fund year was 8 percent, the dividend represents a real return of 0.75 percent to investors.

James Ilori, the CEO of First City Asset Management, hopes that the recent approval granted by the Securities and Exchange Commission (SEC) for the revised fund strategy will positively impact the company’s performance.

“We aim to outperform the benchmark, the Nigerian Stock Exchange All-share index, on an on-going basis, at relatively lower volatility of returns. At First City Asset Management, we continue to emphasize talent, teamwork, innovation, integrity and consistency”, he assured.

Continuing, he said, “Legacy Equity is specifically designed for individuals who want broad exposure to the Nigerian Stock Exchange. This allows the client to invest in a well diversified portfolio of shares on the stock exchange with as little as 10,000 units at the prevailing offer price”.

As the manager of the Fund, First City Asset Management ensures that the public subscribes to the Fund and thereafter invests such money in quoted companies and other financial instruments in accordance with the Trust Deed. The Fund has investment in most of the twelve sectors of the Nigerian economy, including Agriculture, Construction/Real Estate, Consumer Goods, Financial Services and Industrial Goods.