Corporate Actions, NSE

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 that took place this week

Change of guard at Transcorp Plc and Transcorp Hotel

Transcorp Plc announced a series of board changes. Kayode Fasola and Albdulqadir Bello resigned as Non Executive Directors effective October 30, 2018. Toyin Sanni and Obi Ibekwe will take their places on the board. Sanni is the immediate past Group CEO of United Capital Plc.

Adim Jibunoh, the company’s President/CEO will also retire effective December 31st, 2018. He will be replaced by Valentine Ozigbo, former MD/CEO of Transcorp Hotels Plc.

Mrs. Owen Omogiafo has been appointed MD/CEO of Transcorp Hotels. Prior to this, she was an Executive Director of Transcorp Plc.

Emmanuel Nnorom has been appointed Chairman of Transcorp Hotels. He replaces Abudlqadir Bello who is stepping down from the parent company, Transcorp Plc. Nnorom is the President of Heirs Holdings which was founded by Tony Elumelu.

Three of the FUGAZ

Zenith Bank, UBA and Guaranty Trust Bank released their results for the third quarter ended September 30, 2018. UBA was the outlier, as it had an increase in topline, while Zenith and Guaranty Trust Bank had slight declines.

Zenith, however, led the trio with N144 billion as profit after tax, while Guaranty Trust Bank closely followed with N142 billion as profit after tax. Access Bank and FBN Holdings are yet to release their results.

Wema Bank Plc

Wema Bank released its results for the third quarter ended September 30, 2018. Profit after tax jumped by 73%, driven largely by an increase in trading income.

CAP Plc

Chemical and Allied Products Plc (CAP Plc) released its results for the third quarter ended September 30, 2018. Profit after tax rose by 27%, an indication that shareholders could receive a larger dividend compared to the prior year.

Lafarge Africa Plc

Cement giant, Lafarge Africa Plc, released its results for the 9 months ended September 30, 2018. While revenue increased from N223 billion in 2017 to N234 billion in 2018, the company made a loss before tax of N14 billion in 2018, as against a profit before tax of N1 billion in 2017.

Sin no more  

The Nigerian Stock Exchange (NSE) lifted a suspension that it had placed on Thomas Wyatt Plc and Union Dicon Plc, following the release of their results.

Seplat pulls a Shaggy

Seplat Petroleum Plc pulled a Shaggy, having released a press statement denying any involvement in a court judgment filed against its Chairman, ABC Orjiako. Orjiako was ordered to pay the sum of  $114 million by a UK High Court alongside Shebah Exploration & Production Company Ltd, and Allene Ltd.

The company stated that it is not a party to the litigation, but will monitor the progress of this suit and issue further communication on the matter as appropriate.

Conoil turns a new leaf

Conoil Plc seems to have turned a new leaf, as the company infamously known for late release of its results has published its results for the third quarter ended September 2018. Profit after tax grew by 16.9%.

The company also announced the appointment of Hardip Kheterpetal as Acting Managing Director.

Redstar Express Plc opens new office

Redstar Express Plc opened a new office in the Republic of Benin. The office will be responsible for the timely pickup and delivery of items.

Africa Alliance moves shop

Africa Alliance Plc moved its head office from 61 Marina Lagos to 54 Awolowo Road, Ikoyi.

Corporate Actions taking place this week 

AGMS

Guinness Nigeria Plc will be holding its Annual General Meeting (AGM) on October 24, 2018. Shareholders are likely to approve its FY 2018 results and a dividend payment.

Nigerian Enamelware Plc will be holding its AGM on October 25, 2018.

Cutix Plc will be holding its AGM on October 26, 2018. The stock was  the worst performing last week,  by virtue of being marked down for a dividend payment and one for one bonus.

Board Meetings 

FBN Holdings will be holding a board meeting on October 24, 2018. Key agenda will be the approval of the group’s Q3 2018 results.

Nigerian Breweries Plc will hold a board meeting scheduled for October 25, 2018. Key on the agenda is the consideration of an interim dividend.

Total Nigeria Plc will be holding a board meeting on October 25, 2018. Among the items on the agenda are the consideration of the company’s results for the third quarter ended September 30, 2018, and the consideration of the payment of an interim dividend.

Stanbic IBTC will be holding a board meeting on October 26, 2018. Items on the agenda include the company’s results for the quarter ended 30th of September 2018.

Julius Berger Plc will be holding a board meeting on October 25, 2018. Among the items to be considered are the company’s results for the third quarter ended September 30, 2018.

The Initiates Plc will be holding a board meeting on October 26, 2018. Key agenda include the consideration of the company’s results for the third quarter ended September 3,0, 2018 and the approval of the company’s 2019 annual budget.

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