Corporate Actions: 65 kobo and results in the pipeline

Corporate actions are decisions taken by companies’ boards of directors or management teams, that could have 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 last week and those expected this week. 

Corporate Actions that took place this week  

Results  

Tier one lenders, Access Bank Plc and UBA Plc, released their audited FY 2018 results. 

Access Bank grossed N528 billion in earnings and made a profit after tax of N94.9 billion. The lender declared a final dividend of N0.25 per share, bringing total dividends for the 2018 financial year to N0.50.  

UBA Plc recorded N464 billion as gross earnings and a profit after tax of N78.6 billion. The bank declared a final dividend of N0.65 per share, bringing total dividend for the 2018 financial year to N0.85 per share.  

Board meetings 

AIICO Insurance Plc held a board meeting on March 12, 2019. The company’s board approved its audited 2018 financial statements, as well as the payment of a dividend. The accounts have been forwarded to industry regulator, NAICOM, for approval and will thereafter be released to the NSE. 

Unilever Nigeria Plc also held a board meeting on the 14th of March, 2019. The audited FY 2018 results were approved, as well as a dividend subject to shareholders’ approval. The company will forward its results on or before the 29th of March, 2019.  

FBN Holdings held a board meeting on March 11, 2019 to consider the 2018 audited financial statements.  

A new MD  

NCR Nigeria Plc has announced the appointment of Christiana Yisa as Country Manager/Chief Executive Officer effective March 12, 2019. Her appointment comes on the heels of  the resignation of Harold Anumihe. Yisa has over 16 years experience in Leadership, Sales and Marketing and Business Development. Prior to her joining NCR, Yisa was the IBM Commercial Sector Leader for Central, East and West Africa (CEWA).  

Stepping down 

Bismarck Rewane retired from the board of FCMB Group Plc. The move comes having served the maximum tenure allowed by regulation.

One more stop 

Access and Diamond also sent a notice to the NSE, stating that they had obtained final approval from the Securities and Exchange Commission and CBN for their merger. The next and final step would be the court sanctioned approval.  

The banks began the merger process with a formal announcement in December last year, after a few weeks of speculation.

Hard times

FTN Cocoa Processors Plc attributed its inability to hold a backlog of annual general meetings, to the hard times it is facing.

Transmar Commodity USA (one of the firm’s foreign partners) had financial problems and went bankrupt. Staff are also being owed salaries, and many had resigned. Management is however hopeful its search for new investors would yield benefits.

Corporate Actions taking place next week  

Zenith Bank Plc 

Zenith Bank will be having its Annual General Meeting on Monday March 18, 2019.  

Results in the pipeline  

11 Plc (formerly known as Mobil Oil Nigeria Plc) will be releasing its full year 2018 results on Friday March 22, 2019. Cadbury Nigeria Plc will be releasing its audited 2018 results on March 20, 2019.  

Board meetings 

CAP Plc will be having a board meeting on Wednesday March 20, 2019 to consider its audited financial statements and other agenda items.  

Julius Berger Nigeria Plc will hold a board meeting on March 19, 2019 and March 20, 2019 to consider the company’s audited full year 2018 results.  

STACO Insurance Plc will hold a board meeting on Wednesday 20th of March, 2019, to consider a share reconstruction and capital raise.  

Berger Paints Plc will be holding a board meeting on March 19, 2019 to consider the company’s 2018 audited results. A dividend proposal may also be considered.