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 scheduled for this week.
Corporate Actions for last week
A Fire quenched
AIICO Insurance Plc held an Extraordinary General Meeting (EGM) on Friday. After a heated start (in part due to shoddy seating arrangements), shareholders approved a N5.28 billion private placement. The company took the step in a bid to meet tier one status for the now-suspended tier based recapitalization programme.
PZ Cussons Nigeria
PZ Cussons Nigeria held its Annual General Meeting (AGM) on the 4th of October, 2018. The company is yet to release resolutions agreed at the meeting.
Change of guards at Union Bank
Union Bank Plc announced the retirement of its Chief Financial Officer (CFO) Oyinkansade Adewale. Her retirement took effect from the 30th of September, 2018.
The company also announced Joseph Mbulu as her replacement effective October 1, 2018. His appointment is, however, subject to the approval of the Central Bank of Nigeria (CBN).
Wema Bank Plc
Wema Bank Plc announced that Johnson Lebile had been appointed as the new Company Secretary/Legal Adviser of Wema Bank Plc, following the redeployment of the incumbent, to head the Lagos Business Group.
Johnson Lebile assumes the new role effective, October 2, 2018. Prior to this appointment, Johnson was the Head, Legal Services Department of Wema Bank Plc, a role he held since 2009.
Morrison Industries Plc
Morrison Industries Plc held its Annual General Meeting (AGM) on the 4th of October, 2018.
Berger Paints Plc
Berger Paints Plc will hold a board meeting on October 25, 2018 to consider its results for the third quarter ended September 30, 2018.
The company has also commenced a closed period from October 20, 2018 till October 26, 2018.
Seplat Petroleum Development Company Plc
Seplat Petroleum commenced a closed period from 2nd October 2018 to end on 31st October 2018 after the release of the Q3 2018 Financial Results for the period ended 30th September 2018.
Dangote Cement Plc
Dangote Cement Plc announced its intentions to hold a board meeting on October 19, 2018. On its agenda, is the consideration of its results for the quarter ended September 2018.
It has also commenced a closed period on October 4, 2018, until a day after it releases its results.
Access Bank Plc
Access Bank Plc sent a notice to the NSE this week, regarding a board meeting to hold on October 30, 2018. Agenda isto consider the bank’s results for the quarter ended September 2018.
The bank also commenced a closed period on October 5, 2018. During a closed period, insiders with access to sensitive information cannot trade their shares.
CAP Plc will hold a board meeting on October 19, 2018, to consider the company’s results for the quarter ended September 2018. The company has also commenced a closed period from October 4, 2018, to October 31, 2018.
Diamond Bank Plc
Diamond Bank Plc will hold a board meeting on October 18, 2018, to consider its results for the quarter ended September 30, 2018. The bank also commenced a closed period from October 3, 2018, till the results are released.
STACO Insurance gives an update on its results
STACO Insurance Plc sent a notice to the NSE regarding a delay in the filing of its 2017 full year results. According to the firm, industry regulator, NAICOM, had flagged certain issues with the results and the company was resolving them.
Corporate Actions taking place this week
LASACO Assurance Plc
LASACO Assurance Plc will be holding an Extraordinary General Meeting (EGM) on the 10th of October.