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.
Rocky results: Law Union and Rock Insurance Plc was the only firm to release financial statements last week. The company released its results for the 2018 financial year and first quarter ended March 2019. The two showed a weakness in bottom line.
Profit after tax fell by 71% to N263 million in the 2018 financial year, due to a 117% spike in net benefits and claims. The company however declared a 2 kobo dividend. Qualification date for the dividend is the 31st of May.
The insurance firm also struggled in the first quarter of 2019 with profit after tax declining by 41.9% to N65.3 million in 2019.
Appointments and resignations: AXA Mansard Plc announced the resignation of Mrs Karima Silvent a Non Executive Director, and the appointment of Sohail Ali as an Executive Director
Sohail will oversee the insurer’s actuary division.
Sterling Bank has appointed Femi Jaiyeola as Chief Compliance Officer. Prior to his appointment, Jaiyeola was the GM and Chief Compliance Officer at Diamond Bank.
African Alliance Plc appointed two Non Executive Directors Slyva Ogwemoh (SAN) and Ahmad Nahuche.
Annual General Meetings held: Unilever Nigeria Plc, AXA Mansard Plc, Champion Breweries Plc and Wema Bank Plc all held their AGMs this week.
AXA Mansard and Champion Breweries did not declare dividends.
Management of the insurance firm had stated that the move was in a bid to meet new NAICOM requirements, and assured shareholders that dividends would be paid next year.
Mark downs: Portland Paints Plc, Prestige Assurance Plc, CHI Plc, AIICO Insurance Plc, and Caverton Offshore Support Group (COSG) Plc were all marked down this week.
A mark down simply means that a dividend was subtracted from the stock’s share price.
Corporate Actions for next week
11 Plc (formerly known as Mobil Oil Nigeria), Infinity Trust Mortgage Bank, Seplat Petroleum, Nigerian Breweries and Newrest ASL will be holding their Annual General Meeting