Home FEATURED Corporate Actions: Poor Results and New Appointments

Corporate Actions: Poor Results and New Appointments

-

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 rundown of corporate actions that took place last week, and those expected this week.

Corporate Actions that took place last week

A new MD

Neimeth International Pharmaceuticals Plc announced the appointment of Matthew Obi Azoji as Managing Director/Chief Executive Officer, effective 1st of February 2019.

The company also released its results for the first quarter ended December 30, 2018. Turnover dropped from N394 million in 2017 to N227 million in 2018. The firm also made a loss before tax of N139 million in 2018, as against a N13 million profit before tax made in 2017.

A new CFO

Interlinked Technologies Plc has appointed Adedoyin Ogundipe as its Chief Financial Officer. The immediate past CFO, Funke Ali, has been transferred to head the Internal Audit department.

Access Bank ED resigns

Access Bank announced the resignation of Titi Osuntoki, an Executive Director Business Banking division, effective March 18, 2019. Osuntoki, who also once worked in Guaranty Trust Bank, is leaving to pursue other interests.

Coronation Research

UBA non-Executive Director Retires

Coronation Research

Kola Jamodu, a non-Executive Director, retired from the board of tier one lender UBA Plc. The move is in line with regulatory requirements, having spent a total of 12 years in office. Jamodu, a former Managing Director of PZ Cussons, remains on the board of several firms including Nigerian Breweries Plc.

Staco delays 2018 AGM

Staco Assurance Plc obtained the approval of the Corporate Affairs Commission (CAC) to extend a delay in its 2017 AGM. Industry regulator, NAICOM, is yet to approve the company’s FY 2017 results. The firm has however expressed optimism that it would hold the AGM within the first quarter of 2019.

AXA commences a closed period

The board of AXA Mansard Insurance Plc will meet on the 13th of February, 2019 to consider among other items, the company’s audited results for the 2018 financial year.

Access Bank board approves FY 2018 results

The board of Access Bank Plc has approved the bank’s results for the 2018 financial year, following a board meeting held on January 28, 2019. The results will be forwarded to the Central Bank of Nigeria for approval before release.

NB to hold board meeting

Nigerian Breweries Plc will be holding a board meeting on the 13th of February, 2019. Items to be considered include the company’s FY 2018 results, and a proposal for the payment of a dividend.

Transcorp Plc to hold board meeting

Transnational Corporation Plc (commonly known as Transcorp Plc) will be holding a board meeting on February 13, 2019. Among the issues to be considered are the company’s audited results for the 2018 financial year.

United Capital Plc to consider FY 2018 results 

United Capital Plc will be holding a board meeting on February 15, 2019. Among the issues to be considered are the company’s results for the 2018 financial year.

Berger Paints Plc

Berger Paints Plc released the schedule for its board meetings in 2019.

Guinness Nigeria Plc releases HY 2018/2019 results

Guinness Nigeria Plc released its results for the half year ended December 30, 2018. Revenue fell from N70.5 billion in 2017 to N67 billion in 2018. However, profit before tax rose from N3.5 billion in 2017 to N3.7 billion in 2018. Profit after tax also rose from N2.1 billion in 2017 to N2.5 billion in 2018.

The company also held an investor conference call, following the release of the results.

John Holt Plc Q1 2018/2019 results

John Holt Plc released its results for the first quarter ended December 30, 2018. The firm made a N2 million profit in 2018, as against a N141 million loss in the comparative period of 2017.

Vitafoam Q1 2018/2019 results

Vitafoam Nigeria Plc released its results for the first quarter ended December 2018. They showed an increase in both top line and bottom line, continuing a decent performance from last year.

Flour Mills 9M 2018/2019 results

Flour Mills results for the nine months ended December 2018, showed a decline in both top line and bottom line. The same pattern was observed in the three months ended December 2018; a surprising fact given that the last quarter of the year is typically upbeat in terms of economic activities.

Honeywell toes the same line

Honeywell Flour Mills also posted disappointing results. Profit before tax dropped sharply from N3.4 million in 2017 to N143,000 in 2018.

Sovereign Trust Insurance 2018 claims 

Sovereign Trust Insurance Plc gave a breakdown of the N12 billion in claims it paid last year. Energy accounted for 50% of claims paid for, while fire insurance ranked second, with claims of N664 million. Motor Insurance took third place with N567 million in claims.

Chams Plc makes board changes 

Chams Plc announced several changes to its board. Very Rev. Ayo Richards has resigned as non-Executive Director and Board Chairman. Dr. Mrs. Dere Awosika is now the new Board Chairman of Chams Plc. Pastor Ituah Ighodalo and Alhaji Yusuf Modibbo have been appointed as non-Executive Directors. Mayowa Olaniyan and Funke Alomooluwa have been appointed as Executive Directors.

Notore records Q1 loss

Notore Chemical Industries Plc released its results for the first quarter ended December 2018. The company recorded a loss before tax of N93 million.

Ellah Lakes settles a debt

Ellah Lakes Plc announced that it had commenced a restructuring of its balance sheet, with the payment of a debt owed its key shareholder, JW Ellah and sons Limited. The company defrayed the debt, by handing over a plot of land located in Obrikom, Ahoada local government to its creditor.

Telluria Limited, a firm owned by Chuka Mordi, may emerge a key shareholder following the conclusion of a private placement.

Meyer Plc recovers 

Meyer Plc released its unaudited results for the 2018 financial year. The company has returned to profit, with a profit after tax of N218 million in 2018, as against a loss of N202 million recorded in 2017.

Niger Insurance full-year profit dips

Niger Insurance Plc released its results for the 2018 financial year. Gross premium written declined sharply, while profits before and after tax also fell.

Newrest shareholders approve delisting

At an EGM held last week, shareholders of Newrest ASL Plc approved the voluntary delisting of the company from the Nigerian Stock Exchange (NSE).

Africa Prudential board meeting

Africa Prudential Plc will hold a board meeting on February 25, 2019. Main item on the agenda is to consider the company’s full year results. The company will commence a closed period this week. During this time, insiders and those with access to sensitive information cannot trade their shares.

Interlinked releases HY 2018 results

Interlinked technologies Plc released its results for the half year ended December 2018. Revenue fell slightly, while the company’s losses worsened.

Academy’s losses worsen

Academy Press Plc released its results for the half year ended December 2018. Revenue dipped slightly while the company’s loss after tax worsened to N178 million in 2018.

NNFM’s losses worsen

NNFM released its results for the nine months ended December 2018. While volumes milled and revenue increased, the company’s losses worsened to N169 million in 2018.

Caverton clears the air

Caverton Offshore Support Group Plc (parent company of Caverton Helicopters) yesterday released a statement following the crash landing of one of its helicopters. The company attributed the crash to poor weather conditions.

Corporate Actions taking place this week

Neimeth International Pharmaceuticals 

Neimeth International Pharmaceuticals Plc will be holding its Annual General Meeting this week.

 Scoa Plc 

Scoa Plc will be holding its Annual General Meeting (AGM) this Thursday.

Forte Oil EGM

Forte Oil will be holding an Extra Ordinary General Meeting (EGM) this week. The company will be seeking shareholders approval to enter into transactions with its Chairman Femi Otedola.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Popular

Understanding Mutual Fund Fees

INSIGHT: Why you really should consider investing in mutual fund today

A Mutual Fund is a Trust or Company that pools money from many investors and invests in a specified class of securities such as stocks, bonds, real estate or a balanced mix of asset classes.
Ellah Lakes appoints new Managing Director, Ellah Lakes appoints Chuka Mordi, Ellah Lakes acquires Telluria Limited, Nigerian Stock Exchange NSE

NSE has placed these 34 companies on red alert

Authorities of the Nigerian Stock Exchange (NSE) has placed red alerts on some 34 quoted companies as a disciplinary measure for breaching some of its extant rules.
Union Bank shareholders endorse N54.4bn balance sheet reduction

Union Bank’s shareholders approve N54.5 billion capital restructuring

Union Bank of Nigeria shareholders recently approved the proposal to cancel N54.46 billion accumulated permanent losses in the books of the commercial bank.