The lender has asked shareholders to pass a resolution increasing its authorised share capital from five billion shares to 7.5 billion at an annual general meeting to be held later this month. This will partly pave the way for issuance of the 977 million shares for its one-for-five bonus bonus. “The increase in authorised share capital is to accommodate the new shares to be created by the proposed one-for-five bonus issue. Cooperative Bank has in recent years adopted a conservative dividend policy coupled with issuance of bonus shares to retain more capital for expansion. In addition to the bonus shares, the lender’s owners will be paid a dividend of 80 cents a share for the 2016 financial year, unchanged from the previous year.

Source: Daily Nation May 02, 2017 18:56 UTC