Corporate Actions: 6 red cards and an exit from sugarland

Corporate actions are decisions taken by companies’ boards of directors or management teams, that could have an impact 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 scheduled for this week.

Corporate Actions that took place last week

LASACO Assurance Plc

LASACO Assurance Plc held an Extraordinary General Meeting (EGM) on the 10th of October. Shareholders approved an increase in the company’s share capital.

An exit from Sugarland

Dangote Sugar Refinery Plc announced the resignation of its Group Managing Director, Abdullahi Sule. Few weeks ago, Nairametrics had reported that Sule might step down following his clinching the APC gubernatorial ticket for Nassarawa State.

Six red cards

The Nigerian Stock Exchange (NSE) placed the shares of DN Tyre & Rubber Plc, FTN Cocoa Processors, International Energy Insurance Plc, Thomas Wyatt Nigeria Plc, Union Dicon Salt Plc and Unic Diversified Holdings Plc on suspension.

The companies were suspended for failure to submit their results as at when required. Union Dicon and Thomas Wyatt have since responded with the release of most recent results.

A N10 billion raise

Eterna Oil Plc this week announced the proposed issuance of a N10 Billion 270 – day Commercial Paper (CP). Funds raised in the CP will be used for working capital and general corporate purposes.

Corporate Actions taking place this week

PZ Cussons Nigeria and Royal Exchange Plc will be holding their Annual General Meetings (AGMs) on the 18th of October 2018.

A week full of board meetings

RT Briscoe, Transcorp Hotels Plc will be holding their board meetings on October 16, 2018.

Guaranty Trust Bank and Royal Exchange Plc will be holding board meetings on October 17, 2018.

Diamond Bank and Africa Prudential Plc will hold board meetings on October 18 2018.

Chemical and Allied Products Plc and Dangote Cement Plc will hold their board meetings on October 19 2018.

Main agenda is to consider Q3 2018 results.

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