Category: Conglomerate

 VFD Group set to raise additional capital of N9.01 billion through rights issue and private placement.

Chidi Emenike Leave a comment

The Board of Directors of VFD Group has announced that it will raise an additional capital of N9.01 billion through rights issue and private placement.

In a signing ceremony attended by Board members, the firm revealed that it will be raising the sum of N4.13 billion through rights issue to existing shareholders. To achieve this, the firm intends to issue a total of 7,452,054 ordinary shares of 50 kobo each at N556 per share on the basis of 1 new ordinary share for 16 ordinary shares held by existing shareholders.

On the other hand, the firm also announced that it will be raising the sum of N4.88 billion through private placement by issuing 7,985,090 ordinary shares of 50 kobo each at N612 per share to selected investors.

Cumulatively, a total sum of N9.01 billion will be raised from both actions, that is, Private placement and rights issue, strengthening the capacity of the Group to execute its key capital projects and further consolidate on its drive of being a pan-African institution.

Recall that VFD Group had earlier announced its intention to expand its operations to Ghana and other African countries, in a quest to be a pan-African financial powerhouse.

UACN Property Development Company Plc appoints Ojo Odunayo as new CEO.

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The Board of Directors of UACN Property Development Company Plc has announced the appointment of Mr Ojo, Odunayo Abiodun as the new Chief Executive Officer of the company effective from 3rd of May, 2021.

This is according to a disclosure signed by the company’s secretary, Folake Kalaro and sent to the Nigerian Exchange Group Plc (NGX Group).

Profile

Mr Ojo is a consummate real estate professional with a wealth of experience in property development, asset management, private equity and advisory services. Prior to his recent appointment, Mr Ojo had held various leadership positions including but not limited to, CEO of Alaro City, Vice President of Ocean and Oil Holdings among others.

Mr Ojo is an alumnus of the University of Lagos where he obtained a Bachelor’s degree and an MBA in Estate Management. He is a member of the Royal Institution of Chartered Surveyors (RICS), The Nigerian Institution of Estate Surveyors and Valuers (NIESV) and a Registered Surveyor and Valuer (RSV).

What you should know:

  • UACN Property Development Company (UPDC) Plc is an indigenous real estate and property development firm. It acquires, develops, sells, leases, and manages choice residential and commercial real estate.

See link to the recent announcement.

BUA Cement Plc announces Board Meeting

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BUA Cement Plc has notified stakeholders and the investing public of its imminent Board of Directors meeting, scheduled on April 28, 2021.

This is according to a disclosure signed by the Company’s secretary, Ahmed Aliyu and sent to the Nigerian Stock Exchange.

The meeting is scheduled to consider the unaudited financial statements of the company for the quarter ended 31st of March, 2021 (Q1, 2021) along with other corporate actions. In line with this, the company will be observing a closed period from 7th of April, 2021 until 24 hours after the unaudited financial statements have been filled with The Exchange.

What you should know:

  • During the close period, no insider of BUA Cement Plc will be able to deal with its shares, whether directly or indirectly.
  • BUA Cement Plc had earlier reported a Profit before tax of N72.3 billion in FY 2020.

For more information about the notice, click HERE.

Lotus Halal Fixed Income announces dividend of N20 per unit for Q1 2021.

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Lotus Capital Limited has declared its Q1, 2021 dividend distribution of N20/unit to unit holders in the Lotus Halal Fixed Income Fund whose names appear on the company’s register as at April 13, 2021.

According to a notification issued by the firm and seen by Nairametrics, the payment of the distribution will be made by the fund manager of the Lotus Halal Fixed Income on April 15, 2021.

It is pertinent to note that the firm had earlier paid its fixed income fund unit holders a dividend of N33 per unit for Q4, 2020 on 22nd of January, 2021.  Sequel to this, the recent declaration of N20/ unit indicates a decline of about 39.4% QoQ.

What you should know:

  • Lotus Capital is a full-fledged halal investment management company, specializing in Shari’ah compliant asset management, private wealth management and financial advisory services.

For more information about the disclosure, click HERE

Union Homes REIT proposes final dividend worth N465.03 million for shareholders.

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The Board of Directors of Union Homes Real Estate Investment Trust Plc has proposed a final distribution of N1.86 for every  unit held, amounting to a total of N465.03 million for the year ended 2020.

This is according to a disclosure made available on the website of the Nigerian Stock Exchange (NSE), as seen by Nairametrics.

According to the notice, the proposed dividend will be paid electronically to qualified unit holders on the 4th of May, 2021. Qualified shareholders are those, whose names appear in the Register of member as at the close of business on 14th of April, 2021. Other qualifying conditions are;

  • Unit holders must have completed the e-distribution registration.
  • Unit holders must have mandated the Registrar (Greenwich Registrars and Data Solutions Limited) to pay their distribution directly into their bank accounts.

On the other hand, the firm disclosed that there is no proposed bonus for the aforementioned period.

What you should know:

  • Union Homes Real Estate Investment Trust (REIT) is an actively-managed, close-ended Unit Trust Scheme geared towards achieving long-term capital appreciation through real estate investments such as rental properties, mortgage assets etc..
  • The firm had earlier posted a profit after tax of N389.7 million in FY 2020.
  • The qualification date is 14th of April, hence Register of unit holders will be closed from 15th to 16th of April, 2021.

 

For more information about the disclosure, click HERE

John Holt falls deeper into losses

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John Holt Plc released its first-quarter results for the period ending December 2020 showing revenue dropped 37.24% to N214 million compared to N341 million same period a year earlier.

  • Operating expense  – N139 million (-12.03% YoY)
  • Loss after tax of N367 million (-327% YoY)
  • Loss per share of 94.30 kobo (-326.7% YoY)
  • No dividend announcement was made in their press release.
  • The company share price of N0.50, down 196% YTD.

See link to results.