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Pz Cussons (Ghana) Limited (Pz) - Notice of Annual General Meeting

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Pz Cussons (Ghana) Limited (Pz) - Notice of Annual General Meeting PRESS RELEASE PR. No 325/2017 PZ CUSSONS (GHANA) LIMITED (PZ) - NOTICE OF ANNUAL GENERAL MEETING PZ announces that the Company’s 59th Annual General Meeting will be held at the Ghana-India Kofi Annan Centre for Excellence in ICT, Ringway Estates, Accra (near the Ghana Institute of Journalism) on Tuesday, September 26, 2017 at 11.00 am to transact the following: Agenda: Ordinary Business 1. To receive and consider the Reports of the Directors, Report of the Auditors and the Audited Financial Statements for the year ended May 31, 2017. 2. To re-elect Directors 3. To fix the remuneration of the Directors. 4. To authorise the Directors to fix the remuneration of the Auditors for the ensuing year. Attached is the 2017 Annual Report and Financial Statements. Issued in Accra, this 11th day of September, 2017. - E N D - Distribution: 1. All LDMs 2. General Public 3. Company Secretary, PZ 4. MBG Registrars (Registrars for PZ shares) 5. Central Securities Depository 6. SEC 7. GSE Council Members 8. GSE Notice Board For enquiries, contact: Head of Listings, GSE on 669908, 669914, 669935 *JEB PZ CUSSONS GHANA LIMITED ANNUAL REPORT & FINANCIAL STATEMENTS Creating sustainable value for all PZ Cussons is a dynamic consumer products company and the business behind some of Ghana’s best-loved and well-known brands. Diverse, growing and exciting, our brands lead in Home Care, Personal Care, Electrical Goods and Food & Nutrition. For over centuries, we have kept our promise of ‘Making Life Better’ every day in different ways. Our operational diversity and understanding of the commercial landscape allows us to strategically tap potentials for future growth. Our wold-class supply chain and distribution networks enable us to meet consumer needs and deliver quality brands across Africa, adding value and enhancing everyday lives. Our people, our greatest asset, live and deliver our CAN CO values. P Z CUSSONS GHANA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017 Our History Paterson Zochonis (PZ) was formed in Ghana (then Gold Coast) in 1934. Paterson Zochonis Ghana became a Public Company in 1976, and was listed on the Ghana Stock Exchange within 12 months of its inception, in 1990. From the early activities of importing, exporting and general trading, an industrial base was established in 1969. Consequent to the Economic recovery Programme instituted by the Government at the time, opportunity was taken in the late 80’s and 90’s to rejuvenate PZ’s industrial potential, concentrating on Health Care and Beauty products. Effective 1st June, 2002, the group underwent a change in name, from Paterson Zochonis to PZ Cusssons. The objective of the change was to unify the Group further under one identity and to refresh and modernize our corporate image. With a solid product portfolio that includes a number of well established brands such as Camel Antiseptic, Imperial Leather, Nunu Milk, Haier Thermocool, Carex, Duck, Drastin, Premier, Robb, Cussons Baby, PZ Cussons can look at the future with great confidence. Our vision is driven by our commitment to continue to expand our business through providing consumers with goods of the highest quality standards at affordable prices, while making reasonable profit and maintaining our strong family values and respect for the environment in which we operate. www.pzcussons.com.gh/ CONTENTS Mission Strategic Review We are an international, entrepreneurial 03 Corporate information conglomerate operating locally to enhance 04 Notice of meeting the lives of all consumers through quality, 05 Chairman’s statement value and innovation day after day. 07 Financial highlights Vision Governance We shall profitably grow our business, 10 Corporate governance 11 Board of Directors strengthening our product portfolio, 12 Directors’ report enhancing the lives of our employees, 13 Statement of directors’ consumers and all other stakeholders, by living responsibilities and breathing our shared values, every day. 14 Independent auditor’s report Financial statements Values 17 Statement of financial position Our CAN DO values are inspired by the spirit 18 Statement of comprehensive income of our founders. 19 Statement of Changes in Equity 20 Statement of cash flows 21 Notes Other Information 53 Shareholders’ information 55 Proxy Form 57 Five Year Financial Summary PZ Cussons Ghana Ltd. Annual Report | Year Ended 31 May 2017 03 Corporate Information Directors Paul K. Pepera (Chairman) Charles B. Janney Helena Adu-Gyamfi David Afflu Christos Giannopoulos Oluwasegun Lawrence Agbekeye Secretary Accra Nominees Limited 2nd Floor, Cedar House 13 Samora Machel Road Asylum Down P. O. Box GP242 Accra, Ghana Registered office Plot 27/3 - 27/7 Sanyo Road Tema Heavy Industrial Area P. O. Box 628 Accra, Ghana Auditor PricewaterhouseCoopers Chartered Accountants No.12 Airport City UNA Home, 3rd Floor PMB CT42 Cantonments Accra Solicitors Legal Ink (Lawyers and Notaries) No F89/7 Emmaus Road Off 2nd Labone Street PMB 24 Kanda Accra Bankers Access Bank (Ghana) Limited Barclays Bank of Ghana Limited Ecobank Ghana Limited Ghana Commercial Bank Limited Guaranty Trust Bank (Ghana) Limited Standard Chartered Bank Ghana Limited Stanbic Bank Ghana Limited United Bank for Africa (Ghana) Limited Zenith Bank (Ghana) Limited Registrars Universal Merchant Bank Limited 04 PZ Cussons Ghana Ltd. Annual Report | Year Ended 31 May 2017 Notice of Meeting NOTICE is hereby given that the 59th Annual General Meeting of the Shareholders of PZ Cussons Ghana Limited will be held at the Ghana-India Kofi Annan Center for Excellence in ICT, Ringway Estates, Accra (near the Ghana Institute of Journalism) on Tuesday September 26, 2017 at 11 O’clock in the forenoon to transact the following: AGENDA ORDINARY BUSINESS 1. To receive and consider the Reports of the Directors, Auditors and the Audited Financial Statements for the year ended May 31, 2017. 2. To re-elect Directors. 3. To fix the remuneration of the Directors. 4. To authorise the Directors to fix the remuneration of the Auditors for the ensuing year. Dated this 1st day of August, 2017 By order of the Board ACCRA NOMINEES LIMITED COMPANY SECRETARIES Note: A member of the company entitled to attend and vote may appoint a proxy to attend and vote in his/her stead. A proxy need not be a member of the company. Completed proxy forms should be deposited at the offices of the Registrars Universal Merchant Bank Limited, 123 Kwame Nkrumah Avenue, Sethi Plaza, Adabraka, Accra, P. O. Box GP401, Accra not less than 48 hours before the appointed time of the meeting. Failure to submit the forms before the 48 hour deadline will result in the Proxy not being admitted to, or participating in, the meeting. A Form of Proxy is provided in the Annual Report. PZ Cussons Ghana Ltd. Annual Report | Year Ended 31 May 2017 05 Chairman’s statement Dear Shareholders, Ladies and Gentlemen, It is my pleasure to welcome you all to the 59th Annual General Meeting (AGM) of our company. The world is gradually recovering from the tough economic challenges faced during The outcome of our operation this year 2016. The global economic growth projection of 3.2% for 2016 is expected to slightly reflects the effect of the system increase to 3.6% in 2017. Growth in sub-Sahara Africa is however projected to grow restructuring and decisions taken to above 100% from the estimate of 1.3% in 2016 to 2.7% in 2017. Advanced economies further strengthen our business for continue to witness modest recoveries as a result of major macroeconomic sustainable future growth. With a total realignments. Even though there is projected growth for this part of the world in asset value of GH¢106m, the business 2017 through 2018, the outlook remains challenging. About a third of the countries in remains strong and solidly positioned for this region is projected to have negative growth. To ensure economic progress, sustainable and better performance and countries in Sub-Sahara Africa must productively control trade openness, particularly return on investment in the new the import of consumption goods, in boosting their economic growth through financial year. international trade. When this is accompanied by complimentary policies aimed at We maintain our earlier commitment to encouraging the financing of new investment, enhancing the quality of institutions increasing shareholders’ value by and technical know-how, allocation of resources will be optimised for the benefit of optimising the distribution of our the Region. Therefore Sub-Saharan countries should carry out relevant policy reform products and providing our consumers to encourage investment, allow effective governance, and promote human capital with quality products that suit their accumulation. needs, whilst we continue to fulfil our In Ghana, the economy is currently picking up at a considerable speed and seems to corporate and social responsibilities. have recovered from the marked slowdown observed in the middle of 2016 due to At this point, I would like to thank my shutdowns at oil and gas fields and low commodity prices. The country is currently colleagues on the Board and our parent going through a disinflation process; inflation is on the downward trend and is now company PZ Cussons PLC UK for their around 13%, down from 18.4% mid last year, and getting closer to the central bank’s continued support and investment into target of 8.0% for this year. If this process is sustained, current high interest rates will our company. Finally, and very be reduced and this, plus other economic factors, will have a positive impact on the importantly, I would like to extend my economy. The FMCG industry continues to experience high costs of operation due to sincere thanks and appreciation to our utility and infrastructural costs. One of the most serious challenges faced by Management and Staff whose hard operators in this sector is supply chain/distribution difficulties both locally and work, commitment and continuous cross-border.
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