Corporate actions are decisions taken by companies’ boards of directors or management teams, that could have impacts on the firms themselves or shareholders.
Examples of corporate actions include the payment of dividends, closing of shareholders’ registers, announcing qualification dates and Annual General Meeting (AGM) dates.
Here is a review of corporate actions that took place last week and those expected to occur this week.
Corporate Actions held last week
Zenith Bank Plc
Zenith Bank closed its shareholders’ register on August 20, 2018. The payment date for the dividend was shifted from August 24, 2018, to August 29, 2018, due to a two-day public holiday declared by the Federal Government to mark the Eid el Kabir holidays.
The stock was marked down this week, hence, its ex-dividend price was N22.55. Zenith will be paying an interim dividend of N0.30 on August 29, 2018.
Linkage Assurance Plc
Linkage Assurance closed its shareholders’ register from August 14, 2018, to August 21, 2018. Closing a shareholders’ register is usually done in preparation of a dividend payment, following the closure, a stock is marked down.
The company will be paying a dividend of N0.03 per share on September 3, 2018.
Custodian Investments Plc
Custodian Investments closed its shareholders’ register from August 20, 2018, to August 24, 2018. Following the closure, the stock was marked down by N0.10. The ex-dividend price was N5.23.
The company will be paying an interim dividend of N0.10 per share on the 6th of September 2018.
Tripple Gee and Company Plc
Tripple Gee and Company was marked down by N0.03, following payment of a dividend. Ex-dividend price was N0.85.
Standard Alliance Insurance Plc
Standard Alliance Insurance released its results for the financial year ended December 2017. Gross Premium written increased from N4.3 billion in 2016 to N4.8 billion in 2017.
The company made a profit before tax of N65.8 million in 2017, as against a loss before tax of N1.2 billion in 2016, and a profit after tax of N58.5 million in 2017, against a N1.3 billion loss recorded in the comparative period of 2016.
Bode Akinboye, the current MD is on his second stint, this time as a key shareholder.
GSK Consumer Plc
GSK Consumer announced the appointment of Debra Mallowah and Basel Nizzameddin as Non-Executive Directors.
Cornerstone Insurance Plc
Cornerstone Insurance Plc announced the resignation of Mr. Ayo Osunbunmi, an Executive Director, effective April 27, 2018.
Fidelity Bank Plc
Fidelity Bank Plc has announced a closure period from August 22, 2018, until when the audited half-year 2018 financial accounts are released on the floor of the Nigerian Stock Exchange. During the closure period, all insiders and their Connected Persons are prohibited from trading (i.e. buying, selling, transferring or otherwise dealing) in the bank’s shares.
Corporate Actions taking place this week
Universal Insurance Plc
Universal Insurance Plc will hold a board meeting on August 30, 2018. Items on the agenda include its 48th Annual General Meeting (AGM) and the NAICOM recapitalisation policy.
The National Insurance Commission (NAICOM) in July this year released the new capitalisation requirements for insurance firms in the country.
Under the risk-based capitalisation requirements, each cadre namely life, non-life, and composite insurance firms have had their capital requirements divided into three tiers.
Linkage Assurance Plc
Linkage Assurance Plc will be holding its Annual General Meeting (AGM) on Tuesday, August 28, 2018.
Other AGM this week
Learn Africa Plc, Red Star Express Plc, Flour Mills of Nigeria Plc, eTranzact International Plc, and Smart Products Plc will be holding their Annual General Meetings (AGMs) on Thursday, August 30, 2018.
Annual General Meetings are an opportunity for management to brief shareholders on their plans for the year going forward as well as address any concerns raised by them.