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, and those expected this week.
Seplat Petroleum Development Company
Seplat Petroleum Development Company announced that it had obtained presidential approval for the renewal of its core OMLs 4, 38 and 41 till 2038.
The move is a key one, as the OMLs accounted for 92% of Seplat’s total oil production and 100% of its gas production.
The firm also disclosed that it had paid in full a renewal bonus of US$25.9 million, thus ensuring that all conditions for license renewal have been met.
The stock was also marked down, following the payment of a N15.31 interim dividend. Ex-dividend price was N652.69.
Stanbic IBTC Holdings makes key appointments
Tier two lender, Stanbic IBTC Holdings, last week announced several key appointments.
Mr. Wole Adeniyi, who until recently was the Executive Director, Operations, Stanbic IBTC Bank, has been appointed Executive Director, Personal and Business Banking, Stanbic IBTC Bank, following the appointment of Mr. Babatunde Macaulay, the erstwhile Executive Director, as Regional Head, Personal and Business Banking for Standard Bank West Africa, based in Johannesburg, South Africa.
The Chief Executive Officer, Stanbic IBTC Asset Management Limited, Mrs Bunmi Dayo-Olagunju, assumes a new role as Deputy Head, Operations, Stanbic IBTC Bank.
Mrs Binta Max-Gbinije has been named Head, Commercial Banking and Public Sector Group, Stanbic IBTC Bank. Prior to this, she was the Chief Executive Officer, Stanbic IBTC Trustees.
Mr Babatunde Akindele is Zonal Head, Lagos Island, Stanbic IBTC Bank. Mrs Nike Bajomo was appointed as Executive Director, Business Development, Stanbic IBTC Pension Managers Limited, while Ms Olusola Carrena and Mrs Oyinda Akinyemi were appointed Executive Directors of Stanbic IBTC Capital.
Regulatory approvals have been secured for all appointments.
Sunu Assurances Plc
Sunu Assurances Plc (formerly Equity Assurance Plc) has released its results for the third quarter ended September 30, 2018. The underwriter remains mired in losses.
Two denials
Tier two lender, Diamond Bank Plc, and one of the FUGAZ Banks, Access Bank Plc, denied media reports published last week that the latter was interested in acquiring the former.
Diamond had been dogged by several media reports last week, ranging from alleged poor liquidity to reports of investors interested in injecting fresh capital, with condition being the bank’s GMD stepping down.
Diamond has, however, issued a robust denial.
41 for 100
It’s not a new mathematical formula, nor alcohol. Prestige Assurance Plc has declared a bonus issue of 41 new shares for every 100 held. Qualification date is November 27, 2018, while closure of the shareholders’ register will take place from November 28, 2018 to December 5, 2018.
History made
Last week witnessed the opening of a Initial Public Offer for the year.
Skyway Aviation Handling Company Plc’s Initial Public Offering by way of an offer for sale of 406,074,000 ordinary shares of 50 kobo each at N4.65 per share was opened for subscription as shown below: offer opened on Monday, November 12, 2018, and closes on Wednesday, December 19, 2018.
Goldlink Insurance Plc
Goldlink Insurance Plc held an emergency board meeting to approve the company’s audited results for the 2017 financial year. The results will then be sent to the industry regulator, NAICOM for approval.
The company has been under NAICOM’s supervision in the last few years.
Offices unsealed
In a notice sent to the Nigerian Stock Exchange (NSE) this week, Nigerian Breweries Plc announced that its offices in Abuja and Lagos were briefly sealed by the National Lottery Regulatory Commission (NLRC).
The commission had demanded from the company, fees pertaining to consumer promotions it had held. The company had resisted, due to a pending suit filed against the NLRC by NECA challenging the commission’s right to regulate consumer promotions in the country.
DAAR gives an update
In a notice issued last week, the company announced that it would hold its 2017 and 2018 Annual General Meetings in the second quarter of 2019.
The firm also stated that it was restructuring its business and had concluded a staff audit and restructuring exercise.
Courteville Business Solutions
Last week, the company announced the appointment of Oladimeji Sanni as an independent Non-Executive Director, and the resignation of Ms Helen Emore from its board. Emore was appointed in December 2016.
Corporate Actions taking place this week
UPDC may hold AGM
UAC Property Development Company is scheduled to hold its Annual General Meeting on Tuesday, November 20, 2018. However, the AGM may be rescheduled in view of the public holiday declared by the Federal Government.
