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ValuAlliance to hold AGM January 2022 as income rises by over 500%

ValuAlliance to hold AGM January 2022 as income rises by over 500%

ValuAlliance, a member of the ACA Group, will hold its 10th Annual General Meeting (AGM) of the ValuAlliance Value Fund on January 11, 2022.

The notice sent out by the company’s secretary, ALSEC Nominees Limited, indicates that the forthcoming AGM will take place at Alliance Place (11th floor), 33A Alfred Rewane Road, Ikoyi, Lagos State. The day’s programme will start at 11am.

Unitholders on that day will have the opportunity to receive and consider the annual report and financial statements of the ValuAlliance Value Fund for the year ended 30th June 2021, together with the reports of the fund manager, the trustees, and auditors, and to declare a distribution as well as authorise the fund manager to determine the remuneration of the auditors.

ValuAlliance Value Fund posted favourable results for the financial year that ended by June 30, 2021. According to the statement of profit or loss and other comprehensive income released by the firm, total revenue for the year ended June 30 2021 rose by 437 percent to N1.152 billion, up from N214.64 million as of June 2020.

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Net operating income and profit after tax increased by four digits compared with the similar period in 2020. NOI rose by 1,333 percent to N1.006 billion in June 2021 as against N70.24 million by June 2020. Profit after tax soared by 1,856 percent to N984.02 million when compared with N50.30 million made by June 2020.

The total comprehensive income for the year increased by 584 percent to N944.92 million as against N138.21 million realized in the comparable period in 2020. Consequently, the fund has proposed a distribution of N10 per unit.

“The Fund Manager is proposing a distribution of N10.00/unit for the financial year ended 30th June 2021. If the distribution proposed by the Fund manager is approved at the meeting, unitholders whose names appear on the register of unitholders as at the close of business on the 28th day of December 2021 shall qualify for the distribution.

“The payment of the distribution so declared shall be credited to the bank accounts of the qualifying unitholders on the 12th day of January 2022,” the firm said.