Corporate Actions: A Green Light and a new MD

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 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.  

Rumours dispelled 

PZ Cussons Nigeria Plc released a statement last week denying rumours that the company was shutting down operations in Nigeria.

The company has had a poor string of results, which have heavily affected the larger parent. PZ Cussons (the parent company) has thus issued several profit warnings.  

A green light 

At an EGM held last Thursday, shareholders of Forte Oil Nigeria Plc gave approval for the company to enter into discussions with its Chairman, Femi Otedola, who had expressed interest in buying the company’s power, upstream and Ghanaian assets.  

A shut down 

Earlier in the week, Greif Nigeria Plc issued a release highlighting why its full year results were delayed. The firm would later release them within the week, where it stated that it would suspend operations in Nigeria. The company attributed its decisions to several reasons: it had to operate below recovery costs, and had lost a major client. 

Overdue results 

Golden Guinea Breweries Plc released several 2018 quarterly results that were way overdue. The company is also yet to give a timeline for when it  will resume operations.  

Appointments and resignations 

Dangote Cement Plc  

Dangote Cement Plc announced the resignation of Olusegun Olusanya, an independent Non-Executive Director. > 

Guinness Nigeria Plc 

Guinness Nigeria Plc announced the resignation of Paul Gallagher, a non Executive Director, effective 29th of January, 2019. The move is as a result of his resignation from Diageo Plc after 25 years of service. Diageo is the parent company of Guinness Nigeria.  

NAHCO Plc  

NAHCO Plc announced the appointment of  Tajudeen Shobayo and Solagbade Afolabi as non Executive Directors. They replace Solomon Adeusi and Mrs Olatokunbo Fagbemi, the latter being the current Acting Group Managing Director/CEO. 

Olumuyiwa Olumekun has also been appointed as Executive Director effective February 11, 2019. 

Prestige Assurance Plc  

Prestige Assurance Plc announced the appointment of Funmi Oyetunji and Doyin Salami as non Executive Directors.> 

A new MD 

Sunu Assurances Plc announced the appointment of Sam Ogbodu as its Managing Director and Emmanuel Adeleke Hassan as Executive Director Technical. Their appointments took effect from the 1st of February, 2019.  

Closed period  

Regency Alliance Insurance has commenced a closed period from Tuesday the 5th of February, 2019. The company’s board of directors will also be meeting on the 20th of February to consider the firm’s full year 2018 results. In addition, it will consider a possible dividend payment and bonus. 

Dangote Cement Plc will commence a closed period from today, till 24 hours after the release of its 2018 full year audited results.  

Law Union and Rock Insurance Plc will have a board meeting on the 19th of February, 2019 to consider and approve its 2018 full year results. The company will commence a closed period from the 19th of February till 24 hours after the results have been released. 

 During a closed period, insiders and other related parties with access to sensitive information, cannot trade their shares. 

Corporate Actions taking place this week 

Nigerian Breweries Plc 

Nigerian Breweries Plc will hold a board meeting on February 15, 2019. On the agenda, among other things, is the consideration of the company’s audited results for the 2018 financial year, and a proposal for the payment of a dividend.  

United Capital Plc  

United Capital Plc will hold a board meeting on February 15, 2019. Issues for discussion include the consideration of the company’s full year audited results for the 2018 financial year.  

---

Download Nairametrics App for breaking news and market intelligence.