Download - CIC Insurance Group Limited

CIC INSURANCE GROUP LIMITEDNotes to the Financial Statements continuedFor the year ended 31 December 201129 DIVIDENDSIn respect of the current year, the directors propose a first and final dividend of Sh 196,169,000 (2010: Sh 95,914,000)which represents 9% of the paid up share capital (2010 - 8% including amounts awaiting allotment of shares as at 31December 2010) be paid to shareholders. This is subject to approval by shareholders at the Annual General Meeting andhas not been included as a liability in these financial statements. Payment of dividends is subject to withholding tax at therate of 5% or 10%, depending on the residence of the individual shareholders.2011 2010Sh’000 Sh’000At 1 January - -Declared during the year 95,914 31,866Paid during the year (93,557 ) (31,866)At 31 December 2,357 -30 (a) SHARE CAPITALAuthorised ordinary shares of Sh 20 each:31 December 2011 31 December 2010Number of Share Number of Shareshares capital shares capitalSh’000 Sh’000 Sh’000 Sh’000At 1 January 60,000 1,200,000 30,000 600,000Additions 90,000 1,800,000 30,000 600,000At 31 December 150,000 3,000,000 60,000 1,200,000Issued and fully paid up share capital:At 1 January 30,571 611,413 21,399 427,980Additions 78,412 1,568,242 9,172 183,433At 31 December 108,983 2,179,655 30,571 611,413The movement in share capital was as a result of issue of 78,411,752 (2010: 9,171,650 shares) of Sh 20 each whichwere issued and paid for during the year ended 31 December 2011.30 (b) FUNDS AWAITING ALLOTMENT OF SHARESAt 31 December 2010, the company had received Sh 932,459,000 as subscriptions towards new shares. The shareswere allotted during the year ended 31 December 2011.2011 ANNUAL REPORT & FINANCIAL STATEMENTS PAGE 59