Nigerian Enamelware Plc to hold 61st Annual General Meeting (AGM) on December 9

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Nigerian Enamelware Plc has announced that it will be hosting its 61st Annual General Meeting on the 9th of December, 2021. The meeting will be held at Olokun Hall, Lagos Airport Hotel, Ikeja, by 11:00 am prompt.

This is according to a statement issued by the company and signed by its secretary, Oyetola Oluwafemi. Some of the issues to be discussed at the AGM include;

  • The audited financial statement for the year ended April 30, 2021, and the report of its Directors, auditor, and the audit committee.
  • Board appointments will also be considered and ratified.
  • To fix remuneration of managers and Directors in FY 2021.
  • To elect shareholders’ representatives of the statutory audit committee, among others.

In view of the directives on physical distancing and the restriction on maximum number of people at every gathering due to the COVID-19 pandemic, the meeting will hold by proxy in accordance with section 254 of the Companies and Allied Matters Act 2020 and as approved by the Corporate Affairs Commission.

Consequently, the register of members shall be closed from Monday, November 29, 2021 to Friday December 3, 2021 (both days inclusive) for the purpose of updating the register of members.

For more information about the AGM, click HERE.

 

Chellarams Plc reports loss of N186.1 million in Q2 2021

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Chellarams Plc released its unaudited financial results for the second quarter of the year ending 30th of September, 2021.

  • Revenue for the period was N5.19 billion. (+225.3% YoY)
  • Cost of sales of N4.22 billion. (+231% YoY)
  • Administrative expenses totalled N349.7 million. (+13% YoY)
  • Net assets during the period stood at N7.21 billion.
  • Loss after tax from continuing operations was N186.1 million

See link to results.

Prestige Assurance Plc: Notice of Board Meeting.

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Prestige Assurance Plc has notified its shareholders, the investing public and other relevant stakeholders that it will be hosting a Board of Directors Meeting on Thursday, November 25, 2021.

This is according to a notice signed by the Acting Company’s Secretary, Chidinma Ibe-Louis, and filed with the Nigerian Exchange Limited (NGX).

According to the notice, the board meeting is scheduled to enable the directors consider the company’s budget for 2022 financial year, as well as issues relating to the company’s recapitalization.

In line with the statutory provisions of the NGX, the company disclosed that it had already commenced a closed period from Monday, November 8, 2021. The closed period will last until 24 hours after the decisions taken at the Board meeting are made public

Consequently, all insiders and their connected persons, including but not limited to: directors, managers, employees, consultants and advisers to the company, are prohibited from trading (i.e. buying, selling, transferring or otherwise dealing) in the company’s shares.

 

For more information about the disclosure, click HERE.

 

Airtel Africa announces interim dividend currency exchanges rates

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Airtel Africa, a leading provider of telecommunications and mobile money services, has announced new interim dividend currency exchange rates for its shareholders. The firm also confirmed the default currency and options on currency election for the interim dividend

According to a statement signed by the Group Company Secretary for Airtel Africa, Simon O’Hara, and filed with the Nigerian Exchange Limited (NGX), the new interim dividend currency exchange rates are put at 1 US dollar= N414.55 and 1 US dollar=£0.7373.

The telecommunications giant also revealed that shareholders that hold their shares on the London Stock Exchange may elect to receive their entire dividend payment in GB Pounds of US dollars.

In addition, the teleco giant added that: ‘’ Holders electing to receive a dividend should specify a choice of currency by completing the Currency Election Form and returning this to Computershare Investor Services plc.

‘’Shareholders holding their shares on the LSE who do not indicate their currency of choice before 26 November 2021 will receive their dividends in U.S. dollars.

‘’The closing date for the dividend currency election to the Company’s Registrars Computershare Investor Services plc in the UK is 26 November 2021.’’

In addition, Airtel Africa revealed that shareholders that hold their shares on the Nigerian Exchange Limited (NGX), may either elect to receive their entire dividend payment in Nigerian naira or U.S. dollars. It warned that partial elections are not permissible.

Commenting further on Nigerian shareholders, the firm stated that: ‘’Holders electing to receive a dividend in U.S. dollars should complete the Currency Election Form and return this to Coronation Registrars Limited or email to [email protected]

Shareholders holding their shares on NGX who do not indicate their currency of choice before 26 November 2021 will receive their dividends in Nigerian naira.

The closing date for currency election as regards shareholders who hold their shares via the NGX is 26th of November, 2021.

Recall that Airtel Africa recently posted a 131% increase in its bottom line for the half year period ended 30th of September, 2021 to stand at $335 million. The top line figure of the firm also surged by 25% to close at $2.27 billion. Based on this, the Board recommended an interim dividend of 2 cents per ordinary share payable on 10th of December 2021 to shareholders on the register as at close of business on 12th of November, 2021.

AIICO Insurance Plc to hold 51st Annual General Meeting (AGM) on November 30

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The Board of AIICO Insurance Plc has announced that it will be hosting its 51st Annual General Meeting on the 30th of November, 2021. The meeting will be virtually held at Lagos Marriot Hotel, Ikeja, Lagos by 12:00 pm prompt.

This is according to a statement issued by the company and made available on the website of the Nigerian Exchange Limited (NGX).

Some of the issues to be discussed at the AGM include;

  • Of special interest to the board is the allocation of bonus shares of 20,917,299,938 ordinary shares of 50k each to qualified members whose names appear in the Register of members at the close of business on the 23rd of November, 2021.The bonus shares worth about N10.46 billion will be distributed in the proportion of 12 shares for every 9 shares already held by such member on that date.
  • In addition, the audited financial statement of the firm for the year ended December 31, 2020, as well as the report of its Directors, auditor, and the audit committee will be considered.
  • Board appointments will also be considered and ratified.
  • Managers and Directors remuneration for FY 2021 will be considered.
  • To elect shareholders’ representatives of the statutory audit committee, among others.

In view of the directives on physical distancing and the restriction on maximum number of people at every gathering due to the COVID-19 pandemic, the meeting will hold by proxy in accordance with section 254 of the Companies and Allied Matters Act 2020 and as approved by the Corporate Affairs Commission.

Additionally, the AGM will be streamed live online, to enable shareholders and other relevant stakeholders who will not be attending the meeting physically to also be part of the proceedings. The link for the live streaming will be made available on the company’s website: www.aiicoplc.com.

For more information about the AGM, click HERE.

Zenith Bank obtains Mareva Injunction restraining Orjiako from Seplat Energy’s accounts and assets.

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A Federal High Court sitting in Lagos has issued a Mareva Injunction that temporarily restrains the co-founder of Seplat Energy Plc, Dr Ambrose Bryant Chukwuemeka Orjiako, popularly known as ABC Orjiako, and other firms linked to him, from accessing the accounts and assets of Seplat Energy Plc.

This is according to a statement signed by the Secretary of Seplat Energy Plc, Mrs Edith Onwuchekwa, and filed with the Nigerian Exchange Limited (NGX).

Seplat Energy Plc in the recent press release disclosed that the order has no impact on its operations. It linked the injunction to a court action instituted by Zenith Bank Plc against the aforementioned parties.

Recall that Zenith Bank Plc through its counsel, Mr Kemi Balogun (SAN) had dragged Dr Orjiakor, Shebah Exploration and Production Company Limited, Shebah Petroleum Development Company Limited and about six others before the Federal High Court, over an alleged debt of about $78,426,578.64.

Having accessed the merit of the case, Justice Yellin Bogoro of the Federal High Court in Lagos, issued an interim order restraining Orjiako, and the two firms, as well as their proxies in Nigeria and any jurisdiction worldwide, from receiving and or transferring assets and accounts of Seplat Energy Plc, pending the hearing and determination of the bank’s motion on notice.

What they are saying: A press release issued by the energy giant on the matter reads: ‘’ Seplat Energy has been made aware of the ex parte Interim Orders of Mareva Injunctions which were granted by the Federal High Court sitting in Lagos, Nigeria in a court action instituted by Zenith Bank PLC against Shebah Exploration & Production Company Limited and 8 others, with an additional 29 cited parties.

‘’The Interim Orders give an administrative mandate to Seplat Energy Plc and others not to deal with the assets of (or transfer funds to) Shebah Exploration & Production Company Limited, Shebah Petroleum Development Company Limited and Dr. A.B.C. Orjiako. The order has no impact on the operations of Seplat Energy. We understand the injunction relates to loans made by Zenith Bank PLC to Shebah Exploration & Production Company Limited in 2014.’’

Recall that similar issue played out between the firm and Access Bank Plc in the early parts of this year, after the Bank obtained an initial ex parte order to seal the assets of the energy firm, over the debt of a third party- Cardinal Services Limited.

Shebah Exploration & Production Company is owned by Dr. Orjiako. The company co-founded Seplat Energy Plc, in collaboration with Platform Petroleum Limited.

Med-View Airline Plc appoints new Company Secretary.

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The board and management of Med-View Airline Plc have announced the appointment of Messrs GFS Corporate Services Limited, as its new Company Secretary.

The decision was taken during the recently concluded Board of Directors meeting of the company held virtually by zoom on Monday 20th of September, 2021. The new appointment is sequel to the resignation of the erstwhile Company Secretary, Mr Abdullahi Adam Al-ilory of Abdullahi Adam Abdullahi Al-ilory & Co.

This is according to a statement issued by the firm, dated 3rd of November 2021, and made available on the website of the Nigerian Exchange Limited (NGX).

Excerpts of the press release reads: ‘’Notice is hereby given to the general public that at the Board of Directors meeting of Med-View Airline Plc, held virtually by zoom on Monday 20 September, 2021 a new Company Secretary, Messrs GFS Corporate Services Limited was approved for the company following the resignation of the erstwhile Company Secretary, Mr. Abdullahi Adam Al-ilory of Abdullahi Adam Abdullahi Al-ilory & Co.’’

About GFS Corporate Services Limited:

GFS Corporate Services Limited is the corporate service unit of G. Elias & co. The company was incorporated in August 2016 to provide top-notch service to her clients. The firm has one of the finest lawyers and chartered secretaries who are vastly experienced, passionate and focus on providing timely and practical solutions to the needs of her clients. Presently, it provides company secretarial services to over a hundred clients.

 

Click HERE to access the announcement

UBA plans to issue new 5-year bond, set to redeem outstanding Eurobond worth $500m.

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United Bank for Africa Plc (UBA) has announced plans to issue a 5-year Fixed Rate Senior Unsecured Note, as part of its global medium term note programme.

To facilitate the issuance of the 5-year unsecured note whose value is yet to be ascertained as at the period of reporting this, the financial giant stated that a series of global investor and fixed income investor calls will be held from today, 8th of November, 2021. The calls will be organized by the joint lead managers of the offer, namely: Citigroup Global Markets Limited, Mashreqbank psc, Renaissance Securities (Cyprus) Limited, Standard Chartered Bank and United Capital Plc.

This is according to a notice signed by the Group’s Secretary, Bili Odum, and filed with the Nigerian Exchange Limited (NGX).

The net proceeds that will be generated from the proposed 5-year fixed rate benchmark USD-denominated Regulation S/144A Senior Unsecured offering is most likely to complement the lender’s stable funding base and support the growth of its balance sheet and overall business.

In addition, the tier-1 bank proposed to redeem its outstanding $500 million Eurobond due June 2022, issued at a coupon rate of 7.75%. Consequently, the bank is expected to announce a cash tender offer for all of the outstanding bonds today. Citigroup Global Markets Limited, Mashreqbank psc, Renaissance Securities (Cyprus) Limited, and Standard Chartered Bank are dealer managers for the Tender Offer.

Recall that UBA had in 2017 issued its debut $500 million Eurobond which was oversubscribed by 240%. The offer attracted investors around the world, including the United Kingdom, Asia, the Middle East, Europe and the United States. The bond was listed on the Irish Stock Exchange.

It is imperative to note that Nigerian banks have been leveraging on the international debt market to boost their capital buffers amidst tight FX liquidity and the country’s macroeconomic challenges.  Similarly, recall that Fidelity Bank had recently announced plans to raise about $500m from the international debt capital market through the issuance of 5-Year unsecured notes. The firm intends to list the Notes on the Irish Stock Exchange, with the expectation that the Notes will be traded on its regulated market.

In its 2021 9M financial results, UBA reported that its profit after tax grew by about 36% to N104.6 billion. Its net interest income marginally grew by 1.7% to N229.3 billion, while deposits from customers grew to N6.08 trillion during the period.

As of press time, UBA is currently trading N8.50 per share on the floor of the Nigerian Exchange Limited (NGX).

CWG Plc appoints Cordros Registrars as its new registrars.

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CWG Plc, a leading information and communication technology company, has appointed Cordros Registrars Limited as its new Registrars. The newly appointed Registrars will provide share registration and data management services to the company (CWG Plc).

According to a notice signed by the company’s secretary, DCSL Corporate Services Limited, and filed with the Nigerian Exchange Limited (NGX), the appointment of Cordros Registrars Limited takes effect from today, 8th of November, 2021.

The press release issued by the company read: ‘’In accordance with Nigerian Exchange Limited’s (NGX) Rule Book, we hereby notify the NGX and the investing public of the appointment of Cordros Registrars Limited as REGISTRARS – SHARE REGISTRATION AND DATA MANAGEMENT SERVICE provider to CWG Plc (the Company).’’

‘’The appointment of Cordros Registrars Limited as the new Registrars of the Company takes effect from 8th November 2021.’’

About CWG Plc

CWG is a leading provider of information and communication services, with about three decades of immense contributions in Nigeria. The company commenced operations in Nigeria, on 26th of September 1992, as Computer Warehouse Limited, principally to cater for hardware projects. It (the company) ceased to be a Private Limited Company and became a Public Company in February 2013.

Additionally, on the 15th of November 2013, CWG Plc listed its shares on the defunct Nigerian Stock Exchange (now known as the Nigerian Exchange Limited). The listing boosted the Market Capitalization of the NSE by about N14 billion, making CWG PLC the highest capitalized security in the ICT sector as at then.

 

2021 9M Results: Global Spectrum Energy Services Plc records a 33% slump in PBT to N153.7 million.

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Global Spectrum Energy Services Plc released its financial results for the nine months period ended 30th of September, 2021.

  • Revenue for the period was N1.29 billion. (-28% YoY)
  • Direct cost of N934.7 million. (-30.8% YoY)
  • Administrative expenses totalled N209.6 million. (-4.6% YoY)
  • An operating profit of N158.1 million was recorded. (-32.5% YoY)
  • Profit before tax was N153.7 million. (-32.9% YoY)
  • Total assets during the period stood at N5.64 billion.

See link to results.