If you haven’t heard, DSTV just increased subscription to N10,300 for their premium bouquet. Based on this it is pretty obvious the entry of HiTv had all but increased the cost of pay tv. I blogged about it a while back and it’s a term I call negative competition.
Strange as it seems, it is still cheaper than the combined cost of N15,500 when HiTv was at their highs. At that time HitTv was N6,000 and DSTV 9,500. DSTV will rightly argue that their increase is just a “mere” N800 which is still N1,700 cheaper than it was back then.
The point therefore is sometimes competition don’t make sense when the players are very few and control a large portion of the product or service. If there wasn’t HiTv we probably still will be paying N10,300 with DSTV owning rights to the programs HiTv has and vice versa. The only way to stop all this exploitation is for the Government to pursue a rights sharing system between both players. That way HiTv will allow DSTV show programs on that they have a right to and vice versa. Therefore you really need not own both decoders which by all accounts is the case for most Nigerians. A situation I consider preposterous.
People should respond by directing their protest at content sharing and not at forcing one party to reduce price. That way you need not own 2 decoders and surely prices will crash and customer satisfaction will take center stage. I’m sure if it were HiTv that had most of the programs they will increase prices to. Recall that a their height their prices jumped almost 95% from N3,500 to N6000.
See DSTV email confirming the increase below.
1 March 2011
Dear Valued Subscriber
RE: Annual subscription price increase for DStv
Please be advised that MultiChoice Nigeria annual subscription price increase will become effective 1 April 2011. In determining a price increase MultiChoice takes into account many factors including, and amongst others, the impact on the subscriber, operational costs, satellite lease costs, programming costs and efficiencies effected within the company.
Please see new DStv subscription pricing below:
Premium Bouquet: N9,500 to N10,300
Premium Bouquet + Asian: N11,500 to N12,420
Access Fee *: N1,200 to N1,800
* This applies in a case of Dual View installation.
However, for the first three months DStv will be discounting the new DStv Premium subscription price by N300 per month which means you will only pay N10,000 for April, May and June 2011 after which the full price of N10,300 will be billed. This initiative is being undertaken to relieve the pressure of the price increase to our loyal DStv Premium subscribers.
DStv continues to provide world-class home television entertainment, news and sports programming in line with the best digital pay television platforms worldwide.
We are most grateful for your continued support and will continue to provide a service that is consistent, efficient, and accessible.
Deap Capital Management & Trust Plc reacts to ‘rumoured’ AMCON takeover
AMCON had dragged the company before a Court in a bid to recover the debt.
Deap Capital Management & Trust Plc has reacted to media reports about the supposed takeover of its assets by the Asset Management Company of Nigeria, AMCON.
In a statement that was signed by the Company Secretary, Yetunde Fashesin-Sousa, Deap Capital admitted that it is indebted to AMCON to the tune of N1.6 billion. It was also confirmed that AMCON owns a 20% equity stake in the fund management firm.
Note that the indebtedness arose after AMCON took over ownership of certain banks. Apparently, these are banks that Deap Capital originally owed. However, following the transfer of the unnamed banks’ assets to AMCON, the debts were also transferred alongside.
Meanwhile, AMCON had dragged the company before the Federal High Court in Lagos in a bid to recover the debt. A ruling on the case, which was delivered on January 28 by the Hon Justice John Terhemba Tsoho, was in AMCON’s favour.
Following the ruling, AMCON began the process of recovering the debt from Deap Capital Management & Trust Plc. The company said it has been cooperating in this regard by working towards repaying the debt.
The company also clarified that the assets that were taken over by AMCON belonged to its former directors whose names were not mentioned. Nairametrics could not verify if these directors are among those who were recently reinstated by the Securities and Exchange Commission, SEC. But we do know that AMCON had obtained a court order to attach the ‘former directors’ assets’ in its attempt to recover the N1.6 billion debt.
In the meantime, Deap Capital Management & Trust Plc said it is committed to resolving its operational challenges, including the recovery of its operational license and profitability issues. The company’s latest earnings report (for its Q1 period ended December 31st, 2019) showed a total income of N1 billion. There was also a N6.3 million loss for the period under review.
Deap Capital’s stock opened today’s trading session on the Nigerian Stock Exchange with a share price of N0.30. Year to date, the stock has declined by some -18%.
Lafarge Africa Plc. announces its board meeting and closed period for Q2 2020
The notification which was duly signed by General Counsel & Company Secretary.
Lafarge Africa Plc. notified the Nigerian Stock Exchange and the investing public that he closed period will commence on Wednesday, 8th July 2020 until the unaudited financial statement for the second quarter ended 30th June 2020, is released to the Nigerian Stock Exchange.
In a disclosure on the Nigerian Stock Exchange, it wrote: “We hereby notify the Nigerian Stock Exchange and the investing public that a meeting of the Board of Directors of Lafarge Africa Plc has been scheduled to hold on Thursday, 23rd July 2020 to consider the second quarter financial results of the Company for the quarter ended 30th June 2020.”
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The notification which was duly signed by General Counsel & Company Secretary, Mrs. Adewunmi Alode explained further stating that “Accordingly, no Director, employee, persons discharging managerial responsibility and Advisers of the Company and their connected persons may directly or indirectly deal in the shares of the Company in any manner during the closed period.”
Over the past few months, it made a few board changes with the retirement of two of its Non-Executive Directors, as well as the appointment of three new Directors. It had also spun off its South African subsidiary, Lafarge South Africa Holdings (LSAH), last year.
Lafarge Africa’s Q1 2020 revenue was up 9.8% year-on-year to N63.7 billion, driven by higher Cement Sales (a figure up 11% year-on-year to N62.3 billion) which offset the weakness in Aggregate and Concrete (down 21% y/y to N1.4bn). Its EBITDA grew by 2.4% year-on-year to N19.3 billion as well. As at Tuesday the 7th of July, the share price of the company was N10.00.
AXA Mansard Insurance Plc gives notice of Annual General Meeting
The AGM will be live-streamed to enable shareholders and stakeholders participate.
Insurance firm, AXA Mansard Insurance Plc., has given notice of its board of its Annual General Meeting (AGM) scheduled for Wednesday, July 29, 2020, at 10:00 a.m.
The announcement which was disclosed by Nigerian Stock Exchange (NSE) in a corporate disclosure on July 7th, 2020 and signed by Company Secretary, Omowunmi Mabel Adewusi read, “Notice is hereby given that the twenty-eighth annual general meeting of AXA Mansard Insurance Plc. will hold at the Oriental Hotel, no. 3, Lekki Road, Victoria Island, Lagos on Wednesday, July 29, 2020, at 10:00 a.m.”
As noted, the purpose of the AGM is to transact the following business:
- To receive the Audited Financial Statements for the year ended December 31, 2019, and the Reports of the Directors, Auditors and Statutory Audit Committee thereon
- To authorise Directors to fix the remuneration of the Auditors
- To elect Directors and
- To elect members of the Statutory Audit Committee.
In order to ensure that all relevant stakeholders can be a part of the AGM, the company will also be streaming the AGM live. It noted that “This will enable shareholders and other stakeholders who will not be attending physically to follow the proceedings.”
The link for the live streaming of the Meeting will be made available on the Company’s website at www.axamansard.com.
Recall that a few months ago, in March, the company’s Board of Directors announced the appointment of John Dickson as the company’s new Non-Executive Director. A month earlier, it also disclosed its plan to sell its pension management subsidiary (AXA Mansard Pensions Ltd) and some undisclosed real estate investments.
Its unaudited financials for the period Q1 2020 reveal a growth across revenue and profit lines. Gross written premium grew by 21% from N17.4 billion earned in Q1 2019 to N21 billion in Q1 2020. Profit for the year for the group grew by a commendable 120% from N890 million in Q1 2019 to N1.9 billion in Q1 2020.
As at Tuesday, the 7th of July when markets closed, the share price of the company was N1.59. The company’s EPS stood at 0.33 while its price to book ratio stood at 0.6082.