Corporate actions are decisions taken by companies’ boards of directors or management teams, that could have an impact 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 take place this week.
A N5 billion capital raise in view
Ellah Lakes Plc, last week released details of its Annual General Meeting (AGM) which will hold on Thursday, September 27, 2018. Key on the agenda is a plan by the directors to obtain shareholders’ approval for a N5 billion private placement.
The company has struggled over the years and has had to shut down its plantation over militant activities.
Julius Berger expands
Last week, Julius Berger Plc sent a notice to the Nigerian Stock Exchange (NSE) pertaining to a planned change in its organisational structure. The company had some time last year hinted at commencing operations in the oil and gas sector. It has subsequently begun a closed period during which parties with access to sensitive information cannot trade their shares.
Briscoe swimming in losses
After a long delay, RT Briscoe released its results for the 12 months ended December 2017 and the first and second quarters of 2018. The company remains mired in losses.
AG Leventis and Global Spectrum Services Plc held their Annual General Meetings (AGMs) on the 12th of September, 2018.
Tripple Gee and Company Plc held its Annual General Meeting on the 13th of September, 2018.
The companies are yet to release resolutions decided at the AGMs.
Greif Nigeria Plc MD retires
Greif Nigeria Plc announced the retirement of its Managing Director, Mr. Olukunle A. Obadina with effect from 31st October 2018. He will, however, remain on the company’s board as Non-Executive Director. The change comes as the company embarks on turn-around efforts.
Notore Chemical Industries Plc
Notore Chemical Industries has appointed Ohis Ohiwerei as Group Deputy Managing Director (DMD) and Chief Financial Officer (CFO).
Courteville Business Solutions Plc
Courteville Business Solutions Plc made several board appointments last week. Afam Edozie was appointed Chairman, while Olufemi Adekoya and Iruna Ejibe were appointed independent Executive Directors.
Corporate Actions taking place this week
Honeywell Flour Mills and Premier Paints Plc will be holding their Annual General Meetings (AGMs) on the 20th of September, 2018. Honeywell Flour mills will be paying a final dividend of N0.06, a day after its AGM on the 21st of September 2018.
Aluminum Extrusion Plc will be holding its AGM on the 21st of September, 2018.
UBA Plc will be paying an interim dividend of N0.20 kobo per share on the 17th of September 2018.
Access Bank Plc will be paying an interim dividend of N0.25 kobo on the 21st of September 2018.
Union Homes REIT
Union Homes Real Estate Investment Trust ( REIT) will be paying a final dividend of N0.75 kobo on the 21st of September 2018.