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Shareholders to meet as PCMN delists from NSE, reverts to private status.

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Shareholders of Paints and Coatings Manufacturers Nigeria (PCMN) Plc are scheduled to meet and vote on sub-joined resolutions that will see the company revert to a private limited liability company and the delisting of its shares from the Nigerian Stock Exchange (NSE)

Why the meeting

A Federal High Court had directed the company to convene a court-ordered meeting where shareholders will deliberate and vote on the scheme of arrangement for the change in the status of the company and the delisting from the NSE.

It is expected that a new company-Paintcom Investment Nigeria Limited is likely to emerge after the delisting.

The NSE has confirmed that the company had submitted an application for a scheme of arrangement between the company and holders of its fully paid-up ordinary shares in furtherance of the delisting.

Sale of AMCON Shares

It would be recalled that the Asset Management Corporation of Nigeria (AMCON) recently sold the fourth largest equity in PCMN to Bizfeat Ventures Limited, a relatively unknown firm.

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This involved transfer of a total of 58.66 million ordinary shares of 50 kobo each held by AMCON to Bizfeat Ventures at a negotiated price of N1.05 per share. AMCON, the bad-debt resolution corporation floated by the government, transferred its 7.4 percent equity in PCMN to Bizfeat Ventures through a negotiated cross deal at the NSE.

The AMCON-PCMN deal was done through the negotiated cross deal platform of the Exchange, this is a special-purpose trading platform that is meant for voluminous transaction equivalent to five percent or more of the issued shares of any company.

By the cross deal, it implies that the buyer and the seller had been prearranged and the transfer at the stock market was a mere perfection of the agreement between the two. The negotiated cross deal allows the parties to the deal to close the deal at a reduced cost. AMCON had previously used the same window for block divestments in several companies.

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Concerns raised by Industry watchers

  • Many authoritative sources at the market described Bizfeat Ventures as unknown and a global internet search did not throw up any information on the company.
  • A review of the related corporate reports also did not establish any previous link or shareholding between PCMN and Bizfeat Ventures.

Paints and Coatings Manufacturers Nigeria (PCMN) Plc commenced business in Nigeria in 2001 in Port Harcourt, as the Sole distributor of International Paints Protective coatings and Marine Coatings, the worlds leading brand for the Oil & Gas Industry

 

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

Business

School Resumption: Parents commend Lagos Govt, request e-learning infrastructure support for public schools

Government reopening of schools has no doubt been welcomed by concerns by some parents.

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Covid-19 School Reopening: WhatsApp messages reveal fear among Nigerian Parents

Parents of students in leading private schools in Lagos, including Meadow Hall, RMS, Wellspring College, Christ College, Children International School, Alpha Soteria, and many more, are happy with the Lagos State Government’s resolution to re-open schools on the 21st of September.

72.73% of parents surveyed expressed confidence that their children’s schools are COVID-19 complaint and ready, while 27.27% are not sure the schools are ready. The above stats show that the efforts of the government in making sure the schools are well-prepared to resume during this pandemic are paying off and parents are grateful for this; however, 54% of the parents want a new session to start from 21st of September, effectively canceling the 3rd term like other state governments have done.

About 60% of the parents surveyed said that they got value for money from online schooling for their wards, but the challenges were many. They implored the Lagos State Government to work with the schools in solving these challenges, which include:

  • Contents not rich and extensive enough
  • Work overload without assessment
  • Feedback mechanism from teachers and performance ratings for the children not properly done
  • No time focused /attention per child, making lecture times ineffective
  • Some parents also said it was stressful navigating the platforms
  • The greatest of all issues mentioned was data, as many lectures were held via video streaming for hours daily

In all, the parents commended the efforts of the teachers who, regardless of the challenges, tried their best to get the children engaged during the lockdown period. They did this, even without proper warning or planning for online schooling.

Over 90% of the parents surveyed had attended public schools in the past; they encouraged the state government to do more for the public schools in this new normal digital education era, so that public school children wouldn’t be disadvantaged and lag behind.

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The parents asked that public schools be equipped with e-learning facilities, internet access for teachers, an internet library for the students, training to skill up teachers in the use of Information Technology for teaching, and laptops for the schools. They also requested that government provides low-cost funding for required resources.

In all of this, 60% of the parents surveyed said they are willing to support the government, in a bid to digitally empower the public schools in the state.

Speaking to Sobowale Temiloluwa, CEO, Intelligent Interactive Limited, a digital analytics and technology company on the survey, he said:

“There can be no progress without measurement and feedback, whilst the government is doing their bit, they need to get feedback from all stakeholders, including parents, in order to innovate and improve. The pandemic came as a shock to all, and we were all forced to go online, without adequate preparation. Having done this for months, we need to look back, see where we performed well, and where we performed poorly and improve.”

On public schools he said:

“In the new normal, everyone needs access to the internet, and these resources must be provided, else, the public school children will lag behind. However, this Government cannot do it alone, parents that have benefited from the public schooling system in the past must also support the government to achieve the task of empowering all children with access to digital tools for education.”

“Many global technology giants in Nigeria and Globally, are supporting governments with grants and tools to aid e-learning, the government can reach out to these top companies for help and partnerships. But it must be known that digital education has come to stay, and there must be moves to scale up, so we can meet up with the demands of this new normal period,” he concluded.

Below are the results of the survey conducted:

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Business

Lagos shuts 3 container terminals, hotel in Amuwo Odofin, seals 17 buildings in Lekki

The government has moved to seal illegal terminals and unapproved structures in the state.

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Lagos issues ultimatum to Tank Farm Operators over planning permit, Lagos seals 27 residential and commercial buildings in Lekki, LASG Seals 19 more Buildings in Banana Island over planning permit

The Lagos State Government has moved to stop activities of the illegal container terminals with the sealing up of 3 illegal locations along Festac Link Bridge, Amuwo Odofin. This also includes the one used for batching sand underneath the bridge, among others.

The state government, in its continued clampdown on illegal structure, sealed off 17 buildings at Oniru Estate, Lekki and several others along Oniru Beach. It also sealed the Festival Hotel and a 9-floor serviced apartment illegally renovated in Amuwo Odofin.

This disclosure was made by the Lagos State Commissioner for Physical Planning and Urban Development, Dr. Idris Salako, while supervising the sealing off of the facilities, in the company of the Special Adviser to the Governor on Urban Development, Ganiyu Adele Ayuba, and Permanent Secretary of the ministry, Arc. Foluso Dipe.

Salako noted that the existence of container terminals and docks must be controlled in order to forestall abuse of the physical environment and ensure environmental sustainability.

He explained that the container terminals, some of which also operated unapproved docks, are located indiscriminately in apparent contravention of the Lagos State Urban and Regional Planning Law 2019 which stipulates that prospective developers must obtain Planning Information and Planning Permit as necessary conditions for locating such facilities.

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While ordering the removal of the container trucks along Festac-Mile 2 link-bridge, the Commissioner said that the State Government would not condone the existence of illegal terminals or similar facilities across the metropolis in view of their impacts on the infrastructure and natural resources of the State.

Salako urged anyone interested in setting up such facilities to approach the Ministry of Physical Planning and Urban Development for Planning Information, which would give informed advice on approvable locations, and also obtain a Planning Permit from the Lagos State Physical Planning Permit Authority (LASPPPA).

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Business

Fire guts fuel tanker, vehicles at Anthony, Lagos

The tanker conveying PMS lost control while in motion and subsequently fell sideways.

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NNPC reacts to Lagos pipeline explosion

There is a fire outbreak, which has gutted a fuel tanker, at Anthony inward Gbagada, Lagos State.

This was disclosed by the Federal Fire Service via its Twitter handle on Friday evening. The incident, which occurred around 10 pm, has razed at least two vehicles.

The agency urged road users to avoid the area and take alternative routes.

Also, the Director-General of the Lagos State Emergency Agency, Dr Olufemi Oke-Osanyintolu, confirmed the incident.

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He said, “The Agency responded to distress calls and upon arrival at the scene of incident, it was discovered that a tanker with unknown registration number conveying PMS lost control while in motion and subsequently fell sideways.

“This led to an explosion in which two unidentified vehicles were burnt.”

A joint team of responders led by the Federal Fire Service, LASEMA, LASG fire service, LRU fire unit, Nigeria Police and LASTMA are working together to curb the inferno from escalating further.

Details soon …

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