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 rundown of corporate actions that took place last week and those expected this week.
Corporate Actions that held this week
Omoluabi Mortgage Bank Plc and Veritas Kapital Assurance Plc released their results this week. Omoluabi released its audited full year 2018 and first quarter 2019 results. Veritas released its audited results for the 2018 financial year.
Omoluabi had a decline in its full year 2018 and first quarter 2019 profit.
Veritas (formerly known as Unity Kapital) incurred a loss after tax for the second year running. The N695 million loss, was largely due to a 45% spike in management expenses to N2.9 billion in 2018.
Annual General Meetings (AGMS) held
AIICO Insurance, Caverton Offshore Support Group Plc, Consolidated Hallmark Insurance Plc, NCR Nigeria Plc, Pharmadeko Plc , Glaxosmithkline Consumer Nigeria, and Berger Paint Nigeria Plc all held their Annual General Meetings.
Cadbury Nigeria Plc’s share price was marked down by N0.25 this week. Ex dividend price was N10.25.
UAC of Nigeria Plc’s share price was marked down by N0.64 this week. Ex dividend price was N6.61.
Another Yhello Headache
MTN Nigeria, in a notice sent yesterday, disclosed that it had received a letter from the Economic and Financial Crimes Commission (EFCC) requesting documentation pertaining to its listing on the Nigerian Stock Exchange (NSE). The company however denied any form of wrongdoing. There had been media reports of a raid by the agency on the company’s head office located in ikoyi.
The telco and the NSE had issued press releases earlier in the week, explaining the reasons behind the illiquidity in the trading of the company’s shares.
The move adds to the burden of an ongoing court case against the office of the Attorney General of the Federation (AGF). The OAGF has accused MTN Nigeria of tax evasion— a charge it has denied.
A New ED
Conoil Plc has appointed Ismail Salam as acting Executive Director (ED) Finance.
Corporate Actions taking place next week
Annual General Meetings
Courteville Business Solutions Plc, Nestle Nigeria Plc, Portland Paints and Products Plc, May & Baker Plc, and Livestock Feeds Plc will all be holding their Annual General Meetings (AGMs) this week.
Courteville Business Solutions Plc, and Nestle Nigeria will be holding their AGMS on the 28th of May, 2019.
Portland Paints and Products Plc, and May & Baker Plc will hold theirs on the 30th of May, 2019.
Livestock Feeds Plc will hold its AGM on the 31st of May, 2019.
Facts Behind the Figures
Ikeja Hotel Plc will hold a Facts Behind The Figures session at the Nigerian Stock Exchange on Tuesday May, 28, 2019.
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