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.
Skye Bank suspended
The Nigerian Stock Exchange (NSE) yesterday placed the shares of Skye Bank Plc on technical suspension, effective Monday, September 24, 2018.
This follows the revocation of the bank’s licence by the Central Bank of Nigeria (CBN). Shareholders of the company may have lost their investments, following the CBN’s action.
Waiting for the referee
Resort Savings and Loans released an update concerning a planned capital injection by the private equity firm, Milost Global. According to the bank, a technical suspension placed on its shares had prevented a market value on the company’s shares from being determined. Milost intends injecting $1 million as soon as possible.
The company has since released some of its long overdue results.
Board changes at Guinness Nigeria
Guinness Nigeria Plc appointed Mrs Yemisi Ayeni as a Non-Executive board member. Ayeni is the current chairman of NASCON Allied Industries Plc and had worked in Shell for over 20 years, before her retirement in 2015. Professor Joe Irukwu retired from the board.
Honeywell Flour to open new factory in October
Honeywell Flour Mills last week held its Annual General Meeting. Chairman of the company, Oba Otudeko, disclosed that the company would open its new factory in October.
Annual General Meetings Held
Premier Paints Plc and Aluminium Extrusion Plc held their Annual General Meetings on the 20th and 21st of September respectively. The companies are yet to issue an update on resolutions agreed.
An Eneli in EKO
Eko Corp Plc announced the appointment of Uzochukwu Eneli to its board. He replaces Senator Mike Ajegbo, who had represented the estate of the late Dr Alex Eneli (a co-founder of the hospital).
Dividends paid
UBA Plc and Access Bank Plc paid 2018 interim dividends on the 20th and 21st of September, 2018. UBA paid an interim dividend of N0.20 per share, while Access paid an interim dividend of N0.25.
Union Homes Real Estate Investment Trust ( REIT) paid a dividend of N0.75 on the 21st of September, 2018.
RT Briscoe Plc
RT Briscoe has announced the appointment of Olorunfemi Eguaikhide and Jubril Adetokunbo Shittu as Chief Operating Officer and Acting Chief Financial Officer respectively.
LASACO Assurance Plc
LASACO Assurance Plc notified the Nigerian Stock Exchange of an Extraordinary General Meeting billed to take place on the 10th of October, 2018. Agenda is to obtain shareholders approval to raise capital.
Berger Paints Plc
Berger Paints Plc has appointed Ayotunde Ayoko as Company Secretary/Legal Adviser. Prior to his appointment, Ayoko had served as company secretary to several subsidiaries under FBN Holdings. The company will also be holding a Facts Behind the Figures session this Monday at the Nigerian Stock Exchange (NSE).
Corporate Actions holding this week
First Aluminum Plc, Veritas Kapital Assurance Plc, and Fidson Healthcare Plc will be holding their Annual General Meetings on the 25th of September 2018.
Fidson will be paying a final dividend of N0.20 for the 2017 financial year, on the 26th of September 2018, if approved by shareholders.
Lafarge Africa Plc will be holding an Extraordinary General Meeting on the same day. Agenda is to obtain shareholders’ approval for a rights issue.
University Press Plc, Chellarams Plc, Sovereign Trust Insurance Plc, Cornerstone Insurance Plc, and Academy Press Plc will be holding their Annual General Meetings on September 27, 2018.
Guinness Nigeria Plc
Guinness Nigeria Plc will be closing its shareholders register from the 24th to the 28th of September. This is to enable the firm to compile details of shareholders to be paid dividends.
PZ Cussons Nigeria Plc
PZ Cussons Nigeria Plc will be closing its shareholders register from the 24th of September to the 4th of October 2018.
