Colombo, 11 September 2026 – CEYLON LAND & EQUITY PLC (CSE: CLE) has announced an errata to its previously issued Notice of Meeting, Proxy form, and Circular to Shareholders concerning the first and final dividend for the financial year ended 31st March 2026. The company, through its secretaries Renuka Enterprises (Pvt) Ltd, submitted the updated documents to the Colombo Stock Exchange (CSE) on 10th September 2026, clarifying essential details for its upcoming Annual General Meeting (AGM) and scrip dividend distribution.
Correcting Course: The Errata Announcement
The original Notice of Meeting, proxy, and Circular to Shareholders, all dated 28th August 2026, were initially published within the company’s Annual Report for the financial year ended 31st March 2026 on 1st September 2026. Subsequent to their publication, certain amendments became necessary, prompting CEYLON LAND & EQUITY PLC to issue this errata. The newly amended documents are intended to be read in conjunction with the Annual Report.
Key Details from the Amended Notice of Meeting and Circular
The Sixty-Ninth (69th) Annual General Meeting of CEYLON LAND & EQUITY PLC is now scheduled to be held virtually on Wednesday, 23rd September 2026, at 03:30 pm. Key resolutions and agenda items for shareholders include:
- Annual Report and Financial Statements: To receive and consider the Annual Report, Statement of Compliance, and Financial Statements for the year ended 31st March 2026, along with the Auditors’ Report.
- Scrip Dividend Declaration: A first and final scrip dividend of Rs. 0.043 per share has been recommended by the Board of Directors. This dividend is to be satisfied by the allotment and issue of new ordinary shares.
- Share Allotment Basis: The distribution will be made on the basis of 1 new fully paid ordinary share for every 202.32562400 existing issued and fully paid ordinary shares. This ratio is calculated based on the market value of ordinary shares at the close of trading on 25th August 2026.
- Record Date: The entitled shareholders will be those registered in the Shareholders’ Register and appearing on the Central Depository Systems (Pvt) Ltd (CDS) as at the end of trading on the Record Date of 25th September 2026.
- Total New Shares: A total of 4,553,230 new ordinary shares are proposed to be issued, constituting a sum of Rs. 39,613,109.34 for the dividend entitlement.
- Ranking of New Shares: The newly issued shares will rank equal and pari passu in all respects with the existing issued and fully paid ordinary shares of the Company, including entitlement to any future dividends declared after their allotment.
- Residual Fractions: Any residual share fractions arising from the allotment will be aggregated, allotted to nominated trustees, sold, and the net sale proceeds distributed to a charity/charities approved by the Board of Directors.
- Listing Approval: An application for the listing of these new ordinary voting shares on the CSE has been submitted and received ‘in principle’ approval from the exchange.
- Board and Auditor Appointments: The agenda also includes the re-election of Mr. T.A.P. Peiris as a Director, the re-appointment of Mr. K. G. Vairavanathan as a Director, and the re-appointment of Messrs Ernst & Young, Chartered Accountants, as the Company’s Auditors for the financial year ending 31st March 2027.
- Remuneration and Donations: Shareholders will also authorize the Board of Directors to determine the Auditors’ remuneration and to determine donations for the ensuing year.
Shareholder Action: Proxy and CDS Accounts
Shareholders who are unable to participate in the virtual AGM are entitled to appoint a proxy holder to participate, speak, and vote on their behalf. The completed Form of Proxy must be forwarded to the Company Secretary not later than forty-eight (48) hours before the time appointed for the holding of the AGM.
For shareholders to receive their scrip dividend efficiently, it is highly recommended that they ensure their shares are deposited in a CDS account prior to the AGM date. The Company confirms that shares will be uploaded directly to CDS accounts within five (05) market days from the Record Date. Shareholders holding shares in scrip form are advised to open a CDS account to facilitate direct crediting of the new shares, as physical share certificates will not be issued for the scrip dividend.
CEYLON LAND & EQUITY PLC underscores its commitment to transparent corporate governance and ensures that the allotment and issue of new ordinary shares are in compliance with its Articles of Association, CSE Listing Rules, and the Companies Act No. 07 of 2007.
Source: Read original document
