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 this week and those expected next week
A new Managing Director
MRS Oil Plc announced the appointment of Mrs. Priscilla Thorpe-Apezteguia as Director and Managing Director (Acting) of the company, following the resignation of Mr Andrew Gbodume.
Prior to her appointment, she was the Group Sales and Marketing Manager of MRS Oil and Gas Limited.
As a result of the transaction, Godsmart’s stake in the firm is now 26.95%, up from 16.7% held last year.
Multiverse Mining and Exploration Plc has announced the appointment of Olukayode Aina and Co as its external auditors. The previous audit firm, Sola Oyetayo, and Co, had served 10 years and stepped down according to corporate governance rules.
Abraaj goes big
C and I Leasing Plc, in a notice sent to the NSE, stated that following the maturity of a $10 million convertible loan obtained from Abraaj (through the Aureos Africa Fund) the private equity firm had opted to convert the loan to equity. In anticipation of this, the company had opted for a share reconstruction.
While C and I Leasing was silent on the shareholding structure, following the conversion, reports by Bloomberg suggest that Abraaj could end up with a 70% stake in the firm. C and I Leasing will, however, embark on an equity raise to dilute this.
The firm also stated that a technical suspension to reconcile shareholdings, earlier billed to end sometime in December, would be lifted soon.
Some analysts have however knocked the deal, due to the lack of transparency on the part of C and I Leasing Plc.
Corporate Actions expected to hold this week
eTranzact International Plc will be holding an Extraordinary General Meeting on the 17th of January at Colonades Hotel, 21, Alfred Rewane Road, lkoyi, Lagos.
The company intends to obtain shareholders’ approval to raise ₦7 billion either as equity, debt, or a mix of both.