Home FEATURED Corporate Actions: New MDs and a rights issue

Corporate Actions: New MDs and a rights issue

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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 expected this week.

UAC of Nigeria Plc

UAC of Nigeria Plc announced the retirement of its Group Chief Executive Officer, Abdul Bello, effective January 1 2019, following thirty years of service.

Bello, who joined UAC in October 1989, stepped into office as Group CEO, in January this year, following the retirement of his predecessor, Larry Ettah.

Mrs. Omolara Elemide, the Executive Director, Corporate Services, is acting Group CEO with effect from January 1 , 2019. The search for a substantive Group CEO has also commenced.

Lafarge releases proposed rights issue terms

Cement giant, Lafarge Africa Plc, released the share ratio and other terms for its proposed rights issue. A Facts Behind the Figures session, which was supposed to take place on Monday, has been postponed following an emergency board meeting that held the same day.

Lafarge Africa intends raising N89.21 billion by issuing 6 new shares for every 7 shares held by shareholders at the qualification date, which will be announced. The rights issue price is N12 per share.

Coronation Research

FCMB Group Plc

FCMB Group Plc held an investor conference call last week. Highlights of the call were the bank’s confirmation that it had received a part payment of $3 million pertaining to a loan granted telecommunications firm 9Mobile, and an increasing deepening of its mobile and digital banking platforms.

Coronation Research

For now, the group has no plans for a capital raise next year, but could consider a tier two raise if the need arises.

Nigerian Breweries Plc

Nigerian Breweries held a board meeting following which two non-Executive Directors, Mr. Oluseyi Bickersteth and Mrs. Adeyinka O. Aroyewun, were appointed. Samuel Bolarinde also retired from the company’s board.

Afromedia Plc

Afromedia Plc announced the retirement of its Managing Director, Otunba Akin Olopade, effective on the 29th of November, 2018. He will, however, remain on the company’s board as a non-Executive Director.

Olufemi Olaiya has been elevated to the office of the Managing Director effective same date.

SCOA Nigeria Plc

SCOA Nigeria, in a notice released last week, announced that it would hold its 50th Annual General Meeting (AGM) on Wednesday the 16th of January, 2019.

Sterling Bank Plc

Sterling Bank Plc announced the retirement of Rasheed Kolarinwa, an Independent Non-Executive Director.

Flour Mills of Nigeria Plc 

Flour Mills of Nigeria Plc, Friday listed its N10,110,000,000 Series 1 and N10,000,000,000 Series 2 senior unsecured fixed rate bonds.

The proceeds of both issuances, amounting to N20.1 billion were used entirely to refinance the company’s existing debt obligations.

Corporate Actions taking place this week

Multiverse Resources Plc

Multiverse Resources Plc will be having its Annual General Meeting on the 11th of December, 2018.

Interlinked Technologies Plc

Interlinked Technologies Plc will be having its Annual General Meeting on the 13th of December, 2018.

Value alliance Fund

Value alliance Fund ( a collective investment scheme) will be holding its Annual General Meeting on the 13th of December, 2018.te

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