V B HOLDINGS LIMITED - South Pacific Stock Exchange

V B HOLDINGS LIMITED
(A public listed company in South Pacific Stock Exchange)
REGISTERED
OFFICE
366 GRANTHAM RD
SUVA
MARKET ANNOUNCEMENT
FIJI ISLANDS.
VBH delivers $4million profit.
POSTAL
VB Holdings Ltd, a pioneer asset management company, listed on
the South Pacific Stock Exchange (SPSE), announced today at its
67th AGM, that for the first time since its inception 68 years ago,
it achieved an operating profit above a $1million.
G.P.O. BOX 450
SUVA
FIJI ISLANDS
PHONE:
+679 3381555
EMAIL:
vbholdings@niranjans.com
SPSE CODE:
VBH
BANKERS:
WESTPAC
SUVA
PROPERTY
AND
FLEET
MANAGEMENT
COMPANY
The Company recorded a turnover of $5.4million in 2014,
compared to $3.6million in 2013, a 48% increase. The Company
delivered total profit (PBIT)of $4,895,340, compared to $723,669
in 2013.
Operating profit was $1,532,777, a 111.80% increase compared
to $723,669 for the previous period. The Company also brought
onto its books a revaluation of its properties to fair value,
compared to its previous book values based from 1977 costs,
resulting in an additional $3.3million to its profit for the year. The
Board felt that this revaluation is particularly relevant to VBH as it
is a property management company, so as to reflect its return on
property assets at fair market value.
Property Management income rose 52% with positive occupancy
rates due to improved economic conditions. With various
infrastructure development and road construction underway,
Fleet Management business also grew by 22%.
V B HOLDINGS LIMITED
(A public listed company in South Pacific Stock Exchange)
(For Public Release)
2014 was an exciting year for the Company with a hive of activities that kept the
Board busy. For a start, the Company entered into a $10million line of credit facility
with Westpac in anticipation of expected growth opportunities.
The Company renewed its Board with the appointment of Devanesh Sharma to bring
new skill sets to the Company as it embarks on its next phase of growth and
expansion of its operations in the next few years.
To further strengthen its balance sheet, the Company conducted its largest and the
4thRights Issue since listing on the SPSE, which was over-subscribed, raising approx.
$1million.This helped the total shareholder equity to double to $10.5million from
$5.2million. During the year, the Company’s share price also increased to a new
record of $3.20 (last traded price is $3.25).
Chairman S.M.Sukhu said “Perhaps the Company’s performance in 2014 is best
illustrated by the growth of its total assets from under $10million to $23million.”
VBH Property Division manages properties on Waimanu Rd, Suva.
Finally, VBH has provided stable dividends, consistently over 14 years, with another
year providing the highest $0.14 cents dividends per share for 2014.
VB Holdings Ltd was formed as a public company in 1946 and celebrated 68 years of
operations in 2014. However, it was restructured and listed on SPSE in 2001 and is
involved in providing Fleet Management to Corporate Organisations and Property
Management on Waimanu Rd, Suva.
Yours faithfully,
(Bob) N. Niranjan
CEO
V B HOLDINGS LIMITED
(A public listed company in South Pacific Stock Exchange)
REGISTERED
OFFICE
366 GRANTHAM RD
SUVA
FIJI ISLANDS.
POSTAL
G.P.O. BOX 450
SUVA
FIJI ISLANDS
PHONE:
+679 3381555
Result of Annual General Meeting of VB Holdings Limited
4th June 2015
The following resolutions were passed at the Annual General Meeting of
shareholders of VBH Limited that was held at NAL boardroom, 366 Grantham
Road, Suva at 10:00 am on Thursday 4th June 2015.
Resolution 1.
Minutes of the previous meeting held on 9th April 2014
To receive, consider and adopt the minutes of the previous Annual General
Meeting held on 9th April 2014 as correct record of the meeting.
The motion was moved by Mr. Griffon Emose and seconded by Mr. Bob
Niranjan and was unanimously accepted by the Shareholders.
Resolution 2.
EMAIL:
vbholdings@niranjans.com
SPSE CODE:
VBH
Adoption of Financial Statements for year ended 31 December 2014
To receive, consider and adopt the Audited Financial Position and
Comprehensive Income Statement and the reports of the Directors and
Auditors, for the year ended 31 December 2014.
The motion was moved by Mr. Warwick Pleass and seconded by Mr. Sashi
Lakhan and was unanimously accepted by the Shareholders.
BANKERS:
WESTPAC
SUVA
Resolution 3.
Election of Directors
To Consider and if thought fit, pass the following resolutions as ordinary
resolutions:
PROPERTY
AND
FLEET
MANAGEMENT
COMPANY
a) Mr S M Sukhu
Director S M Sukhu retires by rotation in accordance with Articles 96 of the
Company’s Article of Association, and being eligible offers himself for reappointment as a Director of the Company.
The motion was moved by Mr. Bob Niranjan and seconded by Mr.Warwick
Pleass and was unanimously accepted by the Shareholders.
b) Mr Devanesh Sharma
The Board of Directors appointed Mr. Devanesh Sharma on 27th October
2014 to the board to fill a casual vacancy created by the retirement of Mr.
Rama Kant Lakhan in accordance with Article 102 of the Company’s
Constitution, and being eligible offers himself for re-appointment as a
Director of the Company.
The motion was moved by Mr.Sashi Lakhan and seconded by Mr. Bhuwan Dutt
and was unanimously accepted by the Shareholders.
V B HOLDINGS LIMITED
(A public listed company in South Pacific Stock Exchange)
Resolution 4.
Appointment of Auditors
The board proposes that M/s Ernst & Young, Chartered Accountants, be
appointed Auditors of the Company for the year ending 31 December 2015 and
that the Board be authorized to fix their remuneration.
The motion was moved by Mr Griffon Emose and seconded by Mr. Bhuwan Dutt
and was unanimously accepted by the Shareholders.
Other Business:
Resolution 5.
Any other business brought up in conformity with the Articles of Association of
the Company
By order of the Board of Directors.
Bob (Nitish) Niranjan
Company Secretary.