Lion Brewery (Ceylon) PLC Annual Report 2011 - Carson and ...

Annual Report of the Board of Directors on the affairs of the
Company Contd.
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Lion Brewery (Ceylon) PLC
Annual Report 2011
Directors’ Meetings Attendence
Six Board Meetings were convened during the financial year and the attendance of the Directors were
as follows :
Director Meetings attended (out of 6)
L.C.R. de C. Wijetunge 6
H.Selvanathan 4
S.K. Shah 6
Dato’ Voon Loong Chin D.S.P.N. 3
D.C.R. Gunawardena 4
C. T. Liyanage 6
C.P. Amerasinghe 6
D. R. P. Goonetilleke 6
K. Selvanathan 6
R. E. Bagattini 2
S.J.F.Evans (Appointed w.e.f. 01.07.2010) 5
G. Brockett (Alternate Director to R.E.Bagattini) 1
Y.F.Lew (Appointed as Alternate Director
to Dato V.L.Chin D.S.P.N. w.e.f. 10.02.2011) 2
Dividend
On 9th May 2011, the directors declared a first interim dividend of Rs 4/- per share in respect of the
year ended 31 March 2011. These financial statements do not reflect this dividend payable.
A 12.5% dividend on the Redeemable Cumulative Preference Shares was paid during the year.
The details of the dividends paid during the year are set out in Note 9 to the Financial Statements.
Solvency Test
Taking into account the proposed first interim dividend as above, the Directors are satisfied that the
Company would meet the solvency test requirement under Section 56(2) of the companies Act No.07
of 2007 immediately after the said distribution. The Company’s Auditors, KPMG Ford Rhodes Thornton
& Company has issued a Certificate of Solvency confirming the same. Solvency tests have ben carried
out by the Board of Directors before the payment of preference dividends in accordance with the
Companies Act No 7 of 2007.
Stated Capital
The Stated Capital of the Company as at 31st March 2011 was Rs. 2,537,801,310/- consisting of
80,000,000 Ordinary shares and 35,000,000 Redeemable Cumulative Preference Shares.
There was no change in the stated capital of the Company during the year.