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 release of quarterly and full year results, 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.
A new MD
Goldlink Insurance made a few board changes this week. Kenneth Egbaran was appointed as Managing Director. Naheem Abe Ibrahim, Adeyinka Ologuntase, and Farouk Lawal Yola were also appointed board members.
Access and Diamond give merger update
Access Bank was in the news for most of last week. The bank canceled an Extraordinary General Meeting scheduled for next month. The meeting was meant to obtain shareholders’ approval for a N75 billion rights issue.
At an investor call few days after the notice was issued, management of the bank shed light behind the move and provided updates pertaining to its merger with Diamond Bank.
Access Bank GMD, Herbert Wigwe, stated that there was no longer need for an equity raise. The bank will draw down on tier two (debt capital) raised, as well as conserve capital.
The two banks will also hold their court-ordered meetings on the 5th of March. At the meeting, they will obtain shareholders’ approval for the merger.
Flour Mills of Nigeria Plc
The company, in a notice, sent this week, disclosed its intentions to transfer its existing assets in one of its divisions, Golden Penny Fertilizer, to its wholly-owned agro company, Golden Penny Fertilizer Company Limited.
Upon approval by SEC, and following the completion, Golden Penny Fertilizer Company Limited, will be the holding company for all agro-allied businesses.
Redstar Express Plc releases 9M 2018/2019 results
Redstar Express Plc has released its results for the nine months ended December 2018. Turnover increased to N6.2 billion in 2017 to N7.5 billion in 2018. Profit before tax increased from N428 million in 2017 to N534 million in 2018. Profit after tax also rose from N291 million in 2017 to N363 million in 2018.
A Billion Naira loss
Chellarams Plc released its results for the nine months ended December 2018. The company recorded a loss after tax of N1.2 billion, as against a profit after tax of N2.4 billion in 2017.
Tripple Gee releases 9M 2018 results
Tripple Gee Plc, a small company into the printing of security documents, released its results for the nine months ended December 30, 2018. There was an increase in turnover, as well as profit before tax and profit after tax.
May and Baker Plc lists new shares
745,234,886 additional ordinary shares of May & Baker Plc (May & Baker) were listed on the Daily Official List of The Nigerian Stock Exchange. The additional shares listed arose following the conclusion of its rights issue, which was 76.04% subscribed.
The total issued and fully paid up shares of May & Baker has now increased from 980,000,000 to 1,725,234,886 ordinary shares.
United Capital appoints CFO
United Capital Plc announced the appointment of Shedrack Onakpoma as its Chief Financial Officer (CFO). The move follows the appointment of Mrs Odiri Oginni as Chief Executive Officer of United Capital Asset Management.
Corporate Actions taking place this week
Guinness Nigeria Plc
Guinness Nigeria Plc will be holding an investor conference call pertaining to its H1 2018/2019 results.
UBA’s board will be meeting today to consider the bank’s audited full year 2018 results and other matters.
Guaranty Trust Bank
Guaranty Trust Bank’s board will be meeting this Wednesday to consider the bank’s full-year results