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.
All eyes on a Diamond
Diamond Bank popped in the news again. In its economic report for the half year ended June 2018 released last week, the CBN stated that three commercial banks had liquidity issues, but did not disclose their names.
Unconfirmed reports, however, alleged Diamond Bank, Keystone Bank and Heritage Bank are the banks in question. Diamond is yet to issue a rebuttal.
Unity Bank Plc
Unity Bank Plc was briefly suspended from trading by the NSE for failing to submit its results when due. The bank released the backlog of results on the same day, and the suspension lifted on Friday.
Guinness appoints a titan
Guinness Nigeria Plc announced the appointment of a legal titan, Fabian Ajogwu SAN, to its board as a Non-Executive Director.
UAC appoints HR Director and releases Q3 2018 results
UAC of Nigeria Plc announced the appointment of Vitalis Ezinwa as its Group Human Resource Director.
The conglomerate also released its results for the third quarter ended September 30, 2018. Revenue fell slightly, while profit before tax dropped sharply.
The company’s share price fell sharply to close last week’s trading at a 5 year low.
A new MD for Greif
Greif Nigeria Plc appointed Mr. David Olufemi Onabajo as the new Managing Director of Greif Nigeria Plc, with effect from November 1, 2018. This follows the retirement of Mr. Olukunle Obadina as Managing Director of the company effective from October 31, 2018.
Sovereign Trust Insurance
Sovereign Trust Insurance released its Q3 2018 results. While gross premium written increased, profit before and after tax declined.
Cornerstone Insurance Plc
Cornerstone Insurance Plc released its results for the third quarter ended September 30, 2018. Gross Premium written increased, while the company made a profit, as against the loss recorded in the comparative period of 2017.
NASCON is less salty
NASCON Allied Industries Limited released its results for the third quarter ended September 2018. The company saw a decline in both top and bottom lines.
NEM Insurance Plc
NEM Insurance Plc released its results for the third quarter ended September 30, 2018. While gross premium written increased, profit before tax dropped slightly. Profit after tax came in flat.
AIICO Insurance Plc
AIICO Insurance Plc released its results for the third quarter ended September 30, 2018. While gross premium written increased, profit before and after tax fell significantly.
GSK makes a positive turn
GSK Consumer Nigeria Plc released its results for the third quarter ended September 30, 2018. Quarterly performance (July-September) remains weak, with a N10 million loss. Year to date, the firm made a profit, as against a loss in 2017.
Continental Reinsurance Plc
Continental Reinsurance Plc released its results for the third quarter ended September 20, 2018. While gross premium written increased, profit before and after tax dropped.
Meyer Paints appoints MD
Meyer Paints Plc released its results for the third quarter ended September 30, 2018. The firm recorded a profit after tax of N186 million in 2018, as against a loss before tax of N156 million recorded in the prior year.
The company also announced the appointment of a new Managing Director.
Beta Glass Plc
Beta Glass Plc released its Q3 2018 results. The company recorded a significant increase in both top and bottom line.
11 releases stellar results
11 Plc (formerly known as Mobil Oil Nigeria) released its results for the third quarter ended September 30, 2018. The firm showed a significant increase in topline and especially bottom line.
FCMB moves CDL
FCMB Plc announced the retirement of a Non-Executive director, Martin Dicks from its board. The Group also announced the acquisition of Credit Direct Limited from its banking arm, First City Monument Bank Limited for N10 billion.
United Capital Dips
United Capital released its results for the third quarter ended September 30, 2018. The company recorded a slight drop in both gross earnings and profit.
Lafarge takes a Loss
Lafarge Africa Plc released its results for the third quarter ended September 30, 2018. While gross earnings increased slightly, the company recorded a loss before tax of N14 billion as at September 30,2018, against a profit made in the prior year.
Fidelity gets new Director
Fidelity Bank Plc appointed Chidi Agbapu as a non-Executive Director. His appointment follows the retirement of Robert Nnanna Kalu from its board.
Seplat’s bumper Q3 2018
Seplat Petroleum Plc has released its results for the third quarter ended September 30, 2018. The firm recorded a sharp increase in revenue and a profit after tax of N27.9 billion, as against a loss made in the comparative period of 2017.
Nestle declares an interim dividend
Nestle Nigeria Plc released its results for the third quarter ended September 30, 2018. Revenue and profit after tax rose, while the firm also declared an interim dividend of N20 per share.
NAHCO gets a new Chairman
NAHCO Aviance Plc appointed Mr. Seinde Fadeni Oladapo and Mr. Salman Taofeeq Oluwatoyin as the Board Chairman and a Non-Executive Director of the company respectively, with effect from October 25, 2018.
This follows the voluntary resignation of Arc Usman Bello and Mr. Ahmed T. Uwais as the Board Chairman and a Non-Executive Director of the company respectively, with effect from October 25, 2018.
Corporate Action taking place next week
Vetiva fund managers will be holding its Annual General Meeting (AGM) on the 8th of November 2018.
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