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, and those expected in the week ahead.
Corporate actions from last week
Oando drama continues
The tussle between Oando Plc and the Securities and Exchange Commission (SEC) continued this week. SEC, in its argument, maintained that the company’s Annual General Meeting had been suspended following the court suit filed by Wale Tinubu and Mofe Boyo against the commission.
The court instructed both parties to maintain the status quo.
In its response, Oando Plc maintained that:
The actions contained in the SEC’s letter to the Company dated Friday, May 31, 2019 was effectively put in abeyance by the Ex-parte Order of the Federal High Court, which was granted on Monday, June 3, 2019.
Later in the week, the company provided an update to its court case. The court directed that the duo’s preliminary objection and the substantive application for enforcement of fundamental rights should be taken together at the next adjourned date fixed for the 24th of June, 2019.
A New MD
Ellah Lakes Plc has appointed Mr. Chuka Mordi as Managing Director, effective June 12th, 2019. Mr. Mordi takes over from Mr. Frank Ellah, who moves on to new pursuits. The appointment was made at a board meeting of the company held on the same date.
Mordi is a partner at CBO Capital, which has had limited success with Union Dicon Salt Plc.
The firm also announced the acquisition of Telluria Limited. Telluria was the investing vehicle that Mordi used to take a stake in the agricultural firm.
In the notice, Ellah Lakes stated that the move was in a bid to diversify its products in the Agribusiness space. Telluria is into the development of cassava and oil palm plantations.
News from Lafarge
In a notice sent to the Nigerian Stock Exchange, Lafarge Africa Plc provided guidance as to the release date of its FY 2018 results.
The cement giant attributed the delay to pending actions required for the resolution of key matters relating to the closure of the company’s Annual Audited Financial Statement for the year ended 31st December, 2018. It expects to submit the results not later than the 28th of June, 2019.
A Greenlight
Shareholders of Union Bank of Nigeria Plc at an Extra Ordinary General Meeting held within the week gave approval for the bank to write off N54.4 billion in retained losses using its share premium account.
Corporate Actions taking place this week
Facts Behind the Listing
Ellah Lakes Plc will hold a Facts Behind the Listing presentation on Monday, June 17, 2019. The company had listed 1.8 billion shares, a few months ago. The shares were issued to shareholders of Telluria Limited following its acquisition.
Annual General Meetings
Dangote Cement Plc kicks off the group’s Annual General Meetings (AGMs) scheduled for this week, with it holding on the 17th of June. Sister company, Dangote Sugar Refinery, is next with its AGM taking place on the 18th of June. Greif Nigeria Plc, Regency Alliance Insurance, Veritas Kapital Assurance Plc and Japaul Oil and Maritime Plc will hold theirs on the same day.
Stanbic IBTC Holdings and Linkage Assurance Plc will hold their AGMs on the 19th of June. Julius Berger Nigeria Plc, CAP Plc, BOC Gases Nigeria Plc, and Meyer Paints Plc will have theirs on the 20th of June , 2019.
Cadbury Nigeria Plc rounds up the AGMs for the week, as its AGM will hold on the 21st of June.
Extraordinary General Meeting
FBN Heritage Fund will hold an EGM on the 20th of June.