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.
A review of corporate actions that took place last week
Dangote Cement Plc released its results for the financial year ended December 2018. The company witnessed an increase in topline and bottom line, with revenue of N901 billion, and profit after tax of N390 billion.
Managing Director of the firm Joseph Makoju, at a conference call held following the release of the results, said that it was the company’s best so far.
Africa Prudential FY 2018 results
Africa Prudential released its results for the 2018 financial year. Gross earnings increased by 33%, but profit after tax rose by a much slimmer margin of 11%. The company has declared a dividend of N0.50 per share, up 25% from the previous year.
A Little Sugar
McNichols Plc, a penny stock in the fast moving consumer goods segment, released its results for the 2018 financial year. Turnover dipped slightly, while profit after tax rose minutely. The company will be paying a dividend of N0.05 per share.
Cutix Plc, a small firm into the production of wires and cables released its 9M 2018/2019 results. Revenue rose by about 7% to N4.1 billion, but profit after tax declined by 9.39% to N300 million.
Grief at Greif
Greif Nigeria Plc which suspended operations last month released its first-quarter results for the first quarter ended January 2019. The company made a loss after tax of N22.7 million.
A new ED
Stanbic Ibtc Holdings announced the appointment of Adekunle Adedeji as an Executive Director. Prior to his appointment, he was the bank’s CFO and will continue in that capacity.
Dangote Cement has appointed a new CFO in the person of Guilliame Moyen. He replaces Brian Egan who will be returning to his home country of Ireland to spend more time with his family.
Cutix Plc, has announced the appointment of Mrs Favour Oti as its new Chief Financial Officer (CFO) following the exit of Chima Nwosu. Until her appointment, she was the Assistant Head, Accounts Department.
A New Non-ED
MRS Oil Nigeria Plc announced the appointment of Mrs Mrs. Priscilla Ogwemoh as a non executive director of the Company. Ogwemoh, is currently the Managing partner of Ken Ogwemoh and co, and until recently worked with Olisa Agbakoba Legal.
Chellarams Plc announced the introduction of a new product, Real Active Malt Group, to its line up. Chellarams is home to several products such as Real Milk and Oldenburger Milk.
Union Dicon Salt Plc seems to have done an about–turn as it announced its intentions to resume salt production. A cassava project at Edo State could not take off because the land was revoked due to the firm not paying ground rent.
Chuka Mordi was removed as Managing Director and resigned from the board. Bex Nwawudu however remains on the board. Col. Henry Mgbemena has been appointed as Acting Managing Director.
Corporate Actions for next week
Access Bank Plc and Diamond Bank Plc will be holding their Extraordinary General Meetings on March 6, 2019. The two lenderswill be seeking shareholders approval to merge, in what could result in Nigeria’s largest bank.
Vitafoam Nigeria Plc will be holding its Annual General Meeting on the 7th of March, 2019.
Seplat Petroleum Development Company will be releasing its full year audited results on Wednesday March 6, 2019. The company will be holding an investor call shortly after.
Glaxosmithkline Consumer Nigeria will be holding a board meeting on Thursday 7th of March, 2019. The board will consider the company’s audited results for the 2018 financial year, a proposed dividend and fix a date and time for its Annual General Meeting.
Union Bank of Nigeria Plc will be holding a board meeting on March 8, 2019 to approve the bank’s results for the 2018 financial year.
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