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.
Corporate Actions that held this week
Value Alliance Fund (a collective investment scheme) held its Annual General Meeting on the 13th of December, 2018. The company is yet to issue any resolution following the AGM.
C & I Leasing to undergo share reconstruction
C & I Leasing Plc sent a notice to the NSE, informing it of a planned share reconstruction of its issued and paid up share capital from N808,505,000 being 1,617,010,000 ordinary shares of 50 kobo each to N202,126,250 being 404,252,500 ordinary shares of 50 kobo each, by consolidating every four ordinary shares currently held into one 1 new share in the company.
The share capital so reduced will be added the company’s share premium account.
The firm also stated in the notice, that the proposed reconstruction would allow the company to have enough unissued shares to accommodate future plans to raise capital through the equity capital market.
The stock was subsequently placed on full suspension, pending the conclusion of the exercise.
Stanbic IBTC Holdings lists additional shares
A total volume of 126,878,501 ordinary shares of Stanbic IBTC Holdings Plc were listed on the 11 December 2018.
The additional shares resulted from the scrip dividend offered to eligible shareholders of Stanbic IBTC who elected to receive new ordinary shares in lieu of cash dividends with respect to the N1.00 dividend declared for the half year ended 30 June 2018.
The total issued and fully paid up shares of the company has now increased from 10,113,674,444 to 10,240,552,945 ordinary shares.
Great Nigeria Insurance delisted
The NSE this week approved the application filed by MBC Securities Limited on behalf of Great Nigeria Insurance Plc for the voluntary delisting of the entire share capital of the company.
Trans-Nationwide Express Plc
Trans-Nationwide Plc (TRANEX) announced the retirement of its Managing Director, Chidinma Iheme, effective December 12, 2018. Iheme joined the company in 1998 and became MD in 2005.
The company also announced that Theodore Chikelu would be succeeding Chidinma Iheme as Acting Chief Executive Officer (CEO).
Capital Hotels Plc
The company sent a notice to the NSE concerning a court case with one of its erstwhile guests, Musa Abdullahi. Abdullahi had obtained a garnishee order to the sum of N503.6 million over its account with Guaranty Trust Bank.
The company has since obtained a court order for the sum to be deposited in an account opened in the name of the registrar of the FCT High Court, pending the determination of its appeal.
Cement Company of Northern Nigeria Plc
Cement Company of Northern Nigeria released its results for the nine months ended September 30, 2018, after trading hours. The company had earlier notified the NSE of a delay in the results due to a change in senior management.
Zenith Bank Plc
Zenith Bank Plc announced the retirement of Alhaji Baba Tella, an Independent Non-Executive Director, following the expiration of his tenure. Tella had served for 12 years.
NPF Microfinance Bank Plc
NPF Microfinance Bank released its results for the nine months ended September 20, 2018. While topline increased, profit dipped sharply due to an increase in administrative and general expenses.
The result was delayed due to challenges with a newly acquired banking software.
AXA Mansard Insurance
AXA Mansard Insurance Plc announced the resignation of Mr. Frederic Flejou, a Non-Executive from the board of the company with effect from November 30, 2018.
Continental Reinsurance Plc
Continental Reinsurance Plc released a revised notice of its court ordered meeting. The key amendment is a phrase which states
representatives of C-Re Holding Limited and all interested persons (the Board of directors of Continental Reinsurance Plc) shall abstain from exercising any voting rights at the court ordered
This is line with NSE’s rules governing transactions with related parties and interested persons.
Linkage Assurance Plc
Linkage Assurance Plc has announced the appointment of Okanlawon Adelagun as Executive Director, Technical. Adelagun’s appointment is however subject to NAICOM and shareholders approval.
Corporate Actions taking place this week
Unity Bank Plc
Unity Bank will be holding its Annual General Meeting on the 17th of December, 2018.
Continental Reinsurance Plc
Continental Reinsurance Plc will be holding a court-ordered meeting this week. Minority shareholders have to decide whether to accept an offer from the key investors, CRe Holdings, to either buy out their shares or exchange them for CRe Africa shares.