Corporate Actions, NSE

Corporate actions are decisions taken by companies’ boards of directors or management teams, that could have impacts 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.

A Second Coming

Last week, Ekocorp Plc (parent company of the popular Eko Hospital) announced the appointment of Olusola Babalola as Chief Financial Officer (CFO) and Dr Ifeanyi Obiora as Chief Operating Officer (COO). The duo will work hand in hand with the Acting CEO, Dr Ogunmokun, pending the appointment of a substantive CEO.

Obiora is the son of Dr Amechi Obiora (one of the three co-founders of the hospital) and began his medical career at the institution, before moving on to management consulting with Accenture, as well as various HR roles with ExxonMobil and UBA.

United Capital appoints non-executive directors

United Capital Plc announced the appointment of two Non-Executive Directors, Sir Stephen Nwadiuko and Sonny Iroche, effective October 2, 2018. Their appointments come on the heels of the retirement of Ambassador John Shinkaiye from the board.

Meyer Paints released Q3 2018 results

Meyer Paints released its results for the third quarter ended September 30, 2018. While revenue dipped slightly from N778 million in 2017 to N752 million in 2018, the company made a profit before tax of N186 million, as against a loss before tax of N156 million recorded in 2017.

Wole Abegunde steps down from Berger Paints board

Berger Paints Plc has announced the resignation of one of its Non-Executive Directors, Wole Abegunde. Abegunde is the Group Managing Director of Meristem Securities Limited and is stepping down due to his demanding schedule and other commitments.

Academy Press remains mired in losses

Academy Press released its results for the second quarter ended September 30, 2018. Revenue dropped slightly, while loss after tax jumped from N4.3 million in 2017 to N85 million in 2018.

Lafarge Africa Plc

Lafarge Africa Plc announced the resignation of Ms Sylvie Rochier as a Non-Executive Director of Lafarge Africa Plc with effect from October 30, 2018.

Ms. Sylvie Rochier joined the board of the company on July 26, 2012 and was appointed as Vice-Chairman of the board in April 2018. She had since served in the capacity of a Non-Executive Director till her resignation.

Guinness Nigeria appoints Non-Executive Directors

Guinness Nigeria Plc announced the appointment of Professor Fabian Ajogwu, SAN and Mr. Paul Gallagher as Non-Executive Directors effective November 1, 2018.

Red Star Express opens another office

Last week, Red Star Express Plc announced its opening of a new office, Red Star Express Burkina Faso. The company seems to be on an expansion drive, as it opened an office in the Republic of Benin in October.

CHI Plc joins the race for capital

Consolidated Hallmark Insurance (CHI) Plc announced its intentions to hold an Extraordinary General Meeting (EGM) on November 28, 2018. The company intends raising N734 million through a private placement.

The move comes barely a year after the underwriter raised N500 million through a rights issue.

CCNN to release Q3 2018 results in December

Cement Company of Northern Nigeria (CCNN) announced a delay in the release of its results for the third quarter ended September 30, 2018. The company attributed the delay to an internal review, occasioned by changes in its senior management team.

Preparation of the results is ongoing and will be concluded on or before December 15, 2018.

NEM Insurance to hold fresh AGM

The Securities and Exchange Commission (SEC) has instructed NEM Insurance Plc to reconvene its 48th Annual General Meeting and give adequate notice to shareholders in accordance with the provisions of the Corporate And Allied Matters Act (CAMA) and SEC Corporate Governance Code.

The move follows a petition written by aggrieved shareholders who did not receive notice of the meeting on time.  A fall out of the order may be a delay of a planned N2.64 billion private placement.

Pardons Granted

The Nigerian Stock Exchange (NSE) last week lifted the suspension placed on Premier Paints Plc, Ekocorp Plc, Austin Laz & Company Plc, Academy Press Plc and FTN Cocoa Processors following submission of their results.

Coronation Research

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