Corporate Actions: A Lifeline and a Turbulent AGM

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 lifeline for Skye Bank shareholders

Retail investors in the defunct Skye Bank, may recover a tiny sliver of their holdings. CBN Governor, Godwin Emefiele, disclosed this in a press briefing made after the Monetary Policy Committee (MPC) meeting. According to him, they have lost most of their investments, but the apex bank would work out an arrangement.

A turbulent AGM

During First Aluminium Plc’s 55^th Annual General Meeting (AGM), shareholders opposed a voluntary delisting of the firm from the Nigerian Stock Exchange (NSE). The meeting was a heated one which ended with the casting of a poll vote to decide whether to delist or not.

The retail investors opposed the move, as they viewed it as a means of denying them benefits from the company’s improved fortunes. As a measure of their displeasure, most of them stormed out of the meeting and destroyed plates meant for small chops.

PZ Cusson’s poor Q1 results

PZ Cussons Nigeria Plc released its results for the first quarter ended August 2018. They showed that the company continues to decline across all key indices and could end up with an even worse performance than the last financial year.

Wema Bank confirms MD and appoints DMD

Wema Bank Plc has confirmed the appointment of Ademola Adebise as its Managing Director. The company also appointed Moruf Oseni as Deputy Managing Director (DMD).

Law Union and Rock management changes

The insurance firm disclosed that its head of human capital management, Mrs. Ndiowa-Aiyetan, has exited the company effective 21^st of September, 2018. Pending replacement, Suleiman Akintola will act in her place.

Mr. Peter Imona was appointed the company’s head of risk management.

A new Managing Director for Julius Berger

Julius Berger Plc has appointed a new Managing Director, Lars Richter, who will resume on the 16^th of October. He replaces Wolfgang Goetsch who will be exiting the company’s board.

Tobias Meletschus, who will head the newly created corporate development directorate will also resume on the 16^th of October.

In a notice released a few weeks ago, the company had hinted at the management changes.

Annual General Meetings held

Veritas Kapital Assurance Plc and Fidson Healthcare Plc held their Annual General Meetings on the 25th of September, 2018. They are yet to issue resolutions arising from the meeting.

Lafarge Africa Plc held an Extraordinary General Meeting (EGM) on the same day. Agenda was to obtain shareholders’ approval for a rights issue. The company is yet to issue a notice pertaining to the resolutions passed.

University Press Plc, Chellarams Plc, Sovereign Trust Insurance Plc, Cornerstone Insurance Plc, and Academy Press Plc held their Annual General Meetings on September 27, 2018. They are yet to issue any notice.

Guinness Nigeria Plc

Guinness Nigeria Plc closed its shareholders register from the 24th to the 28th of September. This was to enable the firm to compile details of shareholders to be paid dividends.

Corporate Actions taking place this week

PZ Cussons Nigeria Plc

PZ Cussons will be holding its Annual General Meeting (AGM) on the 4^th of October, 2018. At the event, shareholders are bound to put management to task over the poor string of results which seem to have continued into the 2018/2019 first quarter.

AIICO Insurance Plc

AIICO Insurance Plc will be holding an Extraordinary General Meeting (EGM) on Friday, the 5^th of October, 2018. The company intends to obtain shareholders’ approval for a private placement to shore up its capital base.