The management of Multiverse Plc has given an assurance to its shareholders that they will be paid dividends in the coming years as investments made by the firm begin to make targeted returns.

A statement on Tuesday quoted the Managing Director, Multiverse Plc, Mr. AyedunFasina, as saying this during the company’s 10th Annual General Meeting in Lagos.

Multiverse, a mining company, had not paid dividends in the last two years, but Fasina, who said the development was because of the huge investment the company made within the period, told shareholders to expect dividends for the financial year ending December 31, 2013.

 He also commended the shareholders for approving the increase of the company’s authorised share capital to N12bn from N2.250bn, stressing that the expanded capital base would allow it to meet its counterpart funding requirements in the future.

The statement added that the Multiverse MD explained that he was confident about a dividend payout partly because the huge investments the company had made and its strategic agreement with some “off-shore partners” to mine on its platform would boost its operations and revenue.

He was quoted as saying, “The relationship will enable us to leverage on cheaper and longer term funds to expand the operations with resultant improvement in profitability and enhancement of shareholders’ value.”

The Chairman, Multiverse Plc, Chief IsholaOgunbayo, told shareholders that in the financial year ended December 31, 2012, the company made a turnover of N674m, as against N705m in the previous year, with the balance sheet rising to N37.67bn from the N37.35bn recorded in 2011.

He, however, said the firm’s profit after tax dropped to N30.6m from N36.2m in 2011.

He stressed that the company was positioned for sustainable growth, having overcome the challenges of a harsh economic environment to record profit in 2012.

To ensure that the company takes advantage of the opportunities in the mining industry and realise its full potential, Ogunbayo was said to have told the shareholders that the firm was restructuring its operations.

Source: Punch (by Simon Ejembi)