Flour Mills Vice-Chairman, Chief Emmanuel Ukpabi, has acquired 120,448 additional units of the company’s shares.
This was stated in a notification sent to the Nigerian Stock Exchange from Flour Mills of Nigeria Plc.
In line with the policy of the Nigerian Stock Exchange on insider dealing, the formal disclosure was made by the Company Secretary of the bank, Mr Umolu Joseph.
According to the disclosure, Chief Ukpabi purchased 120,448 additional units of the company’s shares at ₦27.6 per units on November 5, 2020.
This put the consideration for the additional shares bought by Chief Ukpabi at ₦3.32 million.
Why this matters
Dealings by insiders of listed companies are corporate actions to be disclosed, as required by the Nigerian Stock Exchange, which aids transparency.
Nigerian stocks plunge, as WEMA, CHAMPION, MANSARD slump
The market breadth closed negative as LASACO led 17 Gainers as against 23 Losers topped by CHAMPION at the end of today’s session.
Nigerian stocks wrapped up the week on a bearish note after the benchmark index registered its third negative close in the last five sessions.
- Sentiments notably picked up where they left off yesterday, as selloffs persisted in bellwether ticker – ZENITHBANK (-1.55%) as well as in Telco giant – MTN Nigeria (-3.28%).
- The 74 basis points pullback recorded today kept the All Share Index return firmly rooted in the red and also lowering the Year date returns to -1.88%.
- Save for the Oil and Gas (+0.25%) index lifted by sustained interest in OANDO (+2.99%), all other sectors closed in the negative territory.
- The Insurance (-2.32%), Banking (-0.48%), Consumer Goods (-0.40%), and Industrial Goods (-0.19) indices declined following price dips in MANSARD (-5.36%), ZENITHBANK (-1.55%), INTBREW (-3.65%), and WAPCO (-2.94%) respectively.
- The market breadth closed negative as LASACO led 17 Gainers as against 23 Losers topped by CHAMPION at the end of today’s session
- LASACO down 9.82% to close at N1.23
- MBENEFIT down 8.11% to close at N0.37
- COURTVILLE down 5.00% to close at N0.21
- OANDO down 2.99% to close at N3.45
- NAHCO down 2.70% to close at N2.28
- WEMABANK down 10.00% to close at N0.63
- CHAMPION down 10.00% to close at N2.52
- SUNUASSUR down 9.59% to close at N0.66
- AFRIPRUD down 5.74% to close at N5.75
- MANSARD down 5.36% to close at N1.06
Nigerian stocks ended the last trading session of the week on a bearish note amid profit-taking across the market spectrum.
- Downtrend was driven by price depreciation medium capitalized stocks amongst which are; WEMA, CHAMPION, MANSARD.
- That being said, Nairametrics envisages cautious buying on the account that certain market indicators reveal investors are taking some of their gains across the market spectrum.
CBO Capital Partners, Blackman & Co. move to sell 25% of shares held in Ellah Lakes
Substantial shareholders of Ellah Lakes have resolved to sell 25% of their stakes in the company.
Ellah Lakes Nigeria Plc has announced plans to sell down a fraction of its shares held by substantial shareholders of the company
The company made this announcement via a press statement published on the website of the Nigerian Stock Exchange.
The statement revealed that three major shareholders of the company have each undertaken to sell down 25% of their shares held in Ellah Lakes on or before the 15th of March, 2021.
In 2019, following the acquisition of Telluria, the free float of Ellah Lakes was reduced to 13% as the majority of the company’s shares were consolidated. However, the free float of the company currently stands at 14.55%, below the regulatory threshold of 20%.
In a bid to bring the Company into compliance with the 20% free float requirements of the Nigerian Stock Exchange, CBO Capital Partners, Blackman & Co, Osaro Oyegun who are substantial shareholders of Ellah lakes have resolved to sell down 25% of their holdings in the company.
Noting that the decision will help to put more shares of the company in the hands of the public, and resolve the lack of liquidity in the shares of Ellah lakes.
What they are saying
While speaking on this development the CEO of Ellah Lakes Plc, Chuka Mordi explained that the company needs to have more of its shares in the hands of the public, which is one of the reasons why Ellah Lakes is a publicly listed company.
He said: “We are working towards compliance, and we fully expect that we can achieve this by the deadline of 15th March 2021, so as to galvanize and encourage liquidity in the shares of Ellah lakes Plc.”
What you should know
- CBO Capital Partners Limited and Blackman & Co. Limited who are substantial shareholders with more than 15% stakes in Ellah Lakes Plc recently acquired additional shares of the company.
- Ellah lakes maintain a free float rate of 14.55%.
- According to figures contained in the Company’s 2020 Annual report, CBO Capital and Blackman & Co. Limited held 28.20% and 16.92% of the issued share capital of the company respectively, as of 31st July 2020.
- While Enotie Ogbebor and Osaro Oyegun, who are both directors in the company held 18.8% and 4.7% of the company’s shares respectively.
Nairametrics | Company Earnings
- 2020 FY: WEMA Bank posts N5.06 billion profit after tax as earnings per share prints at N13.1.
Wema Bank Plc released […]
- 2020 FY: Zenith Bank post N230.6 billion profit after tax
Zenith Bank Plc released its […]
- Mutual Benefits Assurance Plc boosts post tax profits by 25.9%
Mutual Benefits Assurance Plc released […]
- 2020 FY Results: Prestige Assurance Plc reports a 50.44% increase in profit.
Prestige Assurance Plc released its […]
- John Holt falls deeper into losses
John Holt Plc released its […]