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Companies

Neimeth Pharmaceuticals to raise N5 billion in additional equity

The Board of Neimeth is set to raise N5 billion additional equity upon the approval by shareholders of the company at the AGM.

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Neimeth Pharmaceuticals
The Board of Directors of Neimeth Pharmaceuticals has revealed plans to raise N5 billion in additional equity upon approval by shareholders of the company.
The information was contained in a press release published on the NSE and signed by the Company Secretary, Mrs. Florence Onhenekwe.

The disclosure is part of the resolutions reached at the Board of Directors meeting of 15th January 2021. At the end of the meeting, it was resolved that the company would raise additional equity to the tune of N5 billion.

In line with this development, a board resolution proposing to raise equity will be presented at the Annual General Meeting of the Company scheduled to hold on 9th March 2021.

What you should know

  • The Board of the Company is yet to disclose if the additional equity would be a rights issue or a private placement, as the details of the additional N5 billion equity set to be raised are yet to be finalized.
  • The fund will help the company’s management to execute key strategies that will reposition the company as a leader in the healthcare industry, with the hope to deliver better returns on investment to shareholders.
  • The additional equity financing will also increase Neimeth’s outstanding shares, which will dilute earnings and impact the Company’s stock value for existing shareholders.
  • The move has the potential to trigger a sell-off of the company shares on the Nigerian Stock Exchange.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

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Companies

Africa Prudential Plc declares N1 billion dividend for shareholders

The Board of Directors of Africa Prudential Plc has proposed the payment of N1 billion as dividend to qualifying shareholders.

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Obong Idiong, Africa Prudential Plc

The Board of Directors of Africa Prudential Plc, Nigeria’s leading registrar and a key player in the capital market, has proposed the payment of N1 billion as dividend to qualifying shareholders of the company.

This is in line with the resolution made at the Company’s Board meeting which held on Thursday, February 18, 2021, as the Board resolved to pay a dividend of 50 Kobo per ordinary share, amounting to N1,0000,000,000 (One billion Naira only).

It is essential to understand that the dividend recommended by AfriPrud’s Board is subject to appropriate Withholding Tax, and the approval of shareholders at the Company’s Annual General Meeting.

What you should know

  • The dividend recommended by the board of AfriPrud in 2020 is 28.57% lower when compared to the total dividend of 70 kobo per share paid to shareholders last year for 2019.
  • It is important to note that the dividend declared is subject to appropriate withholding tax and the approval of shareholders at the Company’s next Annual General Meeting.
  • However, with a share price of N7.3 per share at the close of trading activities on the floor of NSE for last week, the dividend yield of the company stands at 6.85%.

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Companies

United Capital earmarks total dividend of N4.2 billion for shareholders

United Capital Plc announced a payment of a total of N4.2 billion as dividend to shareholders for 2020.

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Commercial paper, United Capital Asset Management explains mutual funds’ positive performance

The Board of Directors of United Capital Plc, Nigeria’s financial and investment services powerhouse, has announced the payment of a total N4.2 billion as dividend to shareholders for 2020. The resolution was made at the Board meeting which held on Wednesday 17, 2021.

This information was contained in a notification dated 18 February 2021, which was signed by the Company’s Director Peter Ashade, and sent to the floor of the Nigerian Stock Exchange.

According to the notification, the dividend declared by United Capital on a per-share basis was pegged at 70 kobo per share, this put the total dividend to be paid to shareholders at N4,200,000,000.

READ: 6 Questions to consider when evaluating a job offer

What you should know

  • The dividend declared for 2020 is 40% higher when compared to the total dividend of 50 kobo per share paid by the company to its shareholders last year for 2019.
  • It is important to note that the dividend declared is subject to appropriate withholding tax and the approval of shareholders at the Company’s next Annual General Meeting.
  • The dividend will be paid to only shareholders whose names appear in the Register of Members as at the close of business on Friday, March 5, 2021.
  • However, with a share price of N5.98 per share at the close of trading activities yesterday on the floor of NSE, the dividend yield of the company stands at 11.7%.

READ: Why Nigerian stocks are getting pummeled

What to Expect: The Audited Accounts of United Capitals Plc will be published on or before Monday, February 22, 2021, on the website of the Nigerian Stock Exchange. This is in line with the option by the Company to submit its audited accounts within 60 days of the year-end.

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