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LASACO Assurance Plc completes share capital reconstruction

LASACO Assurance has completed its share reconstruction exercise of about 7.3 million ordinary shares.

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Fintech key to insurance penetration, processing of claims - LASACO MD

LASACO Assurance Plc has announced the completion of its share reconstruction exercise of about 7.3 million ordinary shares.

This is according to disclosure contained in the NSE weekly market report for 26th of February, 2021, seen by Nairametrics.

LASACO Assurance Plc had earlier announced obtaining regulatory approval to reconstruct 7,334,343,421 ordinary shares of 50 kobo each at N0.42 per share in the ratio one (1) new ordinary shares for every four (4) ordinary shares previously held by its shareholders.

In a bid to facilitate the reconstruction exercise, trading in the shares of LASACO Assurance Plc was initially placed on full suspension for two (2) weeks, and further extended by a week. Sequel to the completion of the share reconstruction exercise, the suspension was subsequently lifted on the 22nd of February, 2021.

Consequently, LASACO’s entire issued share capital of 7,334,343,421 ordinary shares of 50 Kobo each at N0.42 per share prior to the share capital reconstruction was delisted from the Nigerian Stock Exchange’s daily official list, while the 1,833,585,855 ordinary shares of 50 Kobo each at N1.68 per share arising from the share capital reconstruction were listed on the exchange’s daily official list on the same day.

What you should know:

  • Share Reconstruction otherwise known as a reverse stock split is a technical process whereby a company reduces the total number of outstanding shares it has by cancelling out shares it does not need.
  • Sequel to the completion of the company’s share capital reconstruction, the total issued and fully paid-up shares of LASACO Assurance Plc has now reduced from 7,334,343,421 to 1,833,585,855 ordinary shares.

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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Markets

Japaul Gold mines gold for investors, as shares return N751 million for investors in two days

Japaul Gold shares deliver 19.05% gains in two trading sessions on the floor of the NGX.

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ETF, stocks, shares, investment, equity,Gold loses some shine on hopes for COVID-19 vaccines

Japaul Gold continues to excite investors as the shares of the gold exploration company gained an additional 8.7% during today’s session on the Nigerian Stock Exchange (now NGX), to close higher at N0.75 per share.

The 8.7% increase in the company’s share price today extended the total returns to all shareholders from their investments in the company’s shares to N752 million in just two trading sessions.

These gains have seen the market capitalization of the rebranded company with a key focus on exploration increase from N3.95 billion to N4.70 billion in two days.

Data tracked on the NGX website (previously NSE), from the market close last week Friday till the close of trade today revealed that the share price of Japaul Gold and ventures surged by 19.05%, from N0.63 per share to N0.75 per share.

In case you missed it

Nairametrics reported last week that Japaul Gold took the market by surprise in the first active trading week in the month of April, as the shares of the rebranded company surged by a whopping 40%, to lift the company’s capitalization by about N1.38 billion.

  • Prior to the move up to N0.63 per share at the close of trade last week, the shares of Japaul Gold bottomed at N0.41 on the 31st of March 2021.
  • This move presented bargain hunters with the golden opportunity to benefit from the upward price swings in the company’s shares.

What you should know

  • The shares of the rebranded and restructured company with a new focus on Gold exploration as its new name suggests, rallied to a record 52-week high of N1.67 this year, on the 18th of January, 2021.
  • At the current price, shares of Japaul Gold are trading 20.97% higher than what the company’s shares sold for at the close of trading activities on the 31st of December 2021.

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Dividends

BUA Cement pays N129 billion in dividend in 2 years

BUA Cement has paid shareholders a dividend of N129 billion in 2 years.

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BUA Cement pays N129 billion in 3 years

BUA Cement Plc, one of Nigeria’s leading cement producers has recommended a total dividend payout of about N70 billion from the profits made in 2020.

The company will be paying shareholders a dividend of N2.067 per share for all the outstanding 33,864,354,060 ordinary shares of the company.

According to the figures contained in the company’s audited financial statement for the period ended December 31st 2020, the cement giant has now paid about a total of N129.26 billion to shareholders since 2019.

Africa’s 6th richest billionaire, Abdulsamad Rabiu is the majority shareholder of the company, with an ownership stake running in excess of 90% of the outstanding shares of the cement company.

The billionaire owns this stake directly, and indirectly through Damnaz Cement Company Limited, BUA International Limited and BUA Cement Company Limited.

In line with this, we estimate that over 90% of the dividends paid out over the last 2 years were paid to the billionaire industrialist.

The company’s dividend policy

BUA Cement Plc has maintained a dividend payout of more than N1.75 per share in the last two years, and a dividend payout ratio that averages 97.3% over the last two years, with 2019 being the highest with about 98% in the dividend paid out of profits.

  • However, the defunct Cement Company of Nigeria (CCNN) that was acquired by BUA Cement, paid shareholders a dividend of N5.3 billion in 2019, which translates to a dividend of 40 kobo per share.
  • The dividend payout ratio for 2020 was 96.76%, meaning it retained a meagre 3.24% from the profits it earned during the year.
  • Total profits earned since 2019 is about N132.96 billion. Thus, over the last 2 years, it has paid out 97.2% of all its profits as dividends.
  • BUA Cement Plc is currently valued at about N2.46 trillion, this valuation is 34x (thirty-four times) the company’s earnings of N72.344 billion in 2020.
  • Despite paying out almost all its profits in the last 2 years, the cement manufacturer boasts strong retained earnings of N159.92 billion.

What you should know

  • Focusing on price appreciation, the shares of BUA Cement from the price of N35.30 per share on April 1st 2020, are worth about 106% more in recent times, as the market value of the shares of the leading cement maker is currently put at N72.70 per share.
  • BUA Cement’s topline revenue rose from N175.52 billion in 2019 to N209.44 billion in 2020, the company’s profits also increased from N60.61 billion to N72.34 billion between 2019 and 2020.
  • BUA Cement’s total installed production infrastructure of 8 million MTPA, in line with the cement maker’s strategic midterm expansion program is expected to expand to 20 million MTPA by the end of 2022.

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