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 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 to hold this week.
Fines Paid
Tier two lenders, Stanbic IBTC and Diamond Bank, in statements sent to the NSE, disclosed that N1.88 billion and N250 million were deducted from their accounts with the Central Bank of Nigeria (CBN).
The amounts pertain to fines leveled on the banks following the repatriation of funds on behalf of MTN Nigeria. The banks also stated that no form of wrong-doing had been committed, and the fines would not affect their day to day operations.
Dangote Sugar appoints a COO
Dangote Sugar Refinery Plc has appointed Ravindra Singh Singhvi as Chief Operating Officer.
Singhvi has over 37 years of experience across Sugar, Cement, Textiles and Petrochemical Industries in India.
Universal Insurance hedges
Universal Insurance Plc’s Annual General Meeting (AGM) has been fixed for Wednesday, the 14th of November, 2018.
The company also disclosed that it firm would operate in the tier two cadre, according to the new capitalisation requirements by NAICOM. It, however, plans to meet tier one requirements in the shortest period possible.
Flour Mills of Nigeria Plc appoints new CFO
Flour Mills of Nigeria Plc has announced that its current Chief Financial Officer, Jacques Vauthier, will be resigning at the end of the year. Vauthier had spent seven years in office and will be replaced by Anders Kristiansson who has been appointed as his successor.
Meyer Plc MD resigns
Paint maker, Meyer Plc, this week announced the resignation of its Managing Director, Adeola Omosebi, effective August 25, 2018. While the company made no mention of a replacement or acting MD, it has appointed Kehinde Yusuf as its Chief Financial Officer (CFO).
Global Spectrum Services Plc
Global Spectrum Services Plc announced the demise of a Non-Executive Director, Ibitoye Babatunde, on Friday, June 15, 2018. Ibitoye was appointed in May 2016 and was chairman of the company’s audit committee till his death.
Nigerian Breweries appoints new Marketing Director
Nigerian Breweries has appointed Emmanuel Oriakhi as Marketing Director. He replaces Franco Maggi whose period of secondment from Heineken is over.
Red Star Express Plc
Red Star Express Plc released the resolutions passed during its Annual General Meeting (AGM) held last month. A dividend of 40 kobo per share was approved. Mrs. Chidinma Sideso and Suleiman Barau were appointed Non-Executive Directors. Barau is a former Deputy CBN Governor. Mohammed Dangana was also reelected as a director.
Members of the company’s audit committee were also reelected, and directors fee for the period ending March 31, 2019 fixed at N6,375,000.
Computer Warehouse Group CWG Plc
CWG Plc announced the signing of an agreement with three financial institutions including a tier one bank. The company will handle the bank’s ATM services. CWG, however, stated that this would not impact its existing line of ATM support, stating that both were distinct units.
Stanbic IBTC Plc interim dividend
Stanbic IBTC will be paying an interim dividend of N1 on the 26th of September, 2018.
Shareholders who wish to receive their N1.00 interim dividend by way of new ordinary shares, can download the Scrip Dividend Election form (“the form”) from their website, which should be completed and sent to their Registrars on or before the close of business on Wednesday 19 September 2018.
The company’s venture capital arm, Stanbic IBTC Ventures Limited, has obtained permission to cease operation as a venture capital manager.
An application had been made to the Securities and Exchange Commission (SEC) by the company, a request to which SEC granted no objection.
Custodian pays FY 2018 interim dividend
Custodian Investments paid an interim dividend on September 6, 2018.
Northern Nigerian Flour Mills
Northern Nigerian Flour Mills (NNFM), a subsidiary of Flour Mills of Nigeria Plc, held its Annual General Meeting (AGM) on September 4, 2018. The company which is a subsidiary of Flour Mills of Nigeria Plc is yet to release the resolutions passed.
Corporate Actions taking place this week
AG Leventis Plc
AG Leventis will be holding its Annual General Meeting (AGM) this week on 12 September 2018.
The event may be filled with fireworks, as the company has recorded losses over the last few years.
Global Spectrum Services Plc
Global Spectrum Services Plc will also be holding its Annual General Meeting on the 12th of September, 2018.
Tripple Gee and Company Plc
Tripple Gee and Company Plc will be holding its Annual General Meeting on the 13th of September, 2018.
