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.
Ikeja Hotels Plc, last week, responded to an article by Nairametrics, concerning a large share sale. According to the firm, Oma Investments Limited had purchased a stake that had been hitherto owned by UBA Trustees. Oma, which is now the largest individual shareholder, is an investment vehicle controlled by Maiden Ibru. Mrs Ibru took charge following the death of her husband, Alex Ibru.
UPDC holds AGM
UAC Property Development Company held its Annual General Meeting (AGM) last week. The meeting, earlier scheduled for Tuesday, was shifted due to a public holiday declared to mark the Eid El Maulud holiday.
The company is yet to issue a notice concerning resolutions achieved, but the meeting was bound to be a difficult one due to the losses incurred by the company, in the last few years.
Back to business
11 Plc (formerly known as Mobil Oil Nigeria Plc) this week announced its reentry into the aviation fuel business, in partnership with Air BP. The company last operated in the sector five years ago, and the move appears to be one of several taken to revitalize 11 (pronounced double one) Plc following NIPCO’s acquisition of a majority stake.
$200 million in the bank
Tier two lender, Ecobank Trans International, announced the successful close of a USD 200 million syndicated loan facility.
The facility was oversubscribed at USD 268.5 million, with ETI increasing Deutsche Bank’s mandate as the arranger from USD150 million to USD200 million. The loan will be due for repayment in November 2019.
UAC appoints Non-Executive Director
UAC of Nigeria Plc has appointed Bolaji Odunsi as a Non-Executive Director. He replaces Mrs. Funke Ighodaro who exited the board following her taking up an executive position in South Africa.
Interlinked Technologies Plc, in a notice to the NSE, stated that there was a change of ownership in its key shareholder, Boussole Limited. Boussole will be wholly owned by Eunisell Limited, after a reorganisation. The firm will, however, remain the key shareholder in Interlinked Technologies Limited.
Goldlink Insurance Chairman Resigns
Goldlink Insurance this week announced the resignation of its Chairman, Mohammed Bintube. His resignation was effective 5th of November, 2018.
Cornerstone Insurance appoints ED
Cornerstone Insurance Plc appointed Chidiebere Nwokeocha as an Executive Director.
Corporate Actions taking place next week
Consolidated Hallmark Insurance Plc
Consolidated Hallmark Insurance will be holding an Extraordinary General Meeting on the 28th of November. While the agenda is to obtain shareholders’ approval to raise funds through a private placement, it remains to be seen if the company will suspend the move due to NAICOM canceling the tier based recapitalisation programme.
RT Briscoe Plc
RT Briscoe Plc will be holding its Annual General Meeting on the 29th of November. The meeting is bound to be a feisty one, going by the company’s string of losses.
Cement Company of Northern Nigeria Plc
Cement Company of Northern Nigeria Plc will be holding a Court Ordered Meeting on the 29th of November, The company intends merging with Kalambaina Cement.