Category: Consumer Goods

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AGM Watch: Flour Mills of Nigeria Plc N6.76 billion Dividend Approved By Shareholders.

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The shareholders of leading Nigerian food and agro allied company, Flour Mills of Nigeria Plc, have approved the N6.76 billion recommended by the company as final dividend for the year ended 31st of March, 2021. This amount translates into a final pay out of N1.65 per share to shareholders.

A notice sent to the Nigerian Exchange Limited (NGX) today, acknowledged by the company’s secretary, Umolu Joseph,  said the decision was made during the recently concluded Annual General Meeting (AGM) of the company which held at Eko Hotels & Suites, Adetokunbo Ademola Street, Victoria Island, Lagos.

Recall that Nairametrics reported that the company announced in August that it intends to pay a dividend of N1.65k per 50 kobo share for the period ended March 31st 2021. Initially, the company had erroneously exempted the dividend from applicable withholding tax on the notion that the dividend will be paid from accumulated pioneer profit.  However, in response to this error, the firm swiftly and subsequently sent another notice to the NGX and the investing public, stating: ‘’The correction is that the dividend shall be paid from the Company’s accumulated profit and therefore subject to withholding tax.’’

In addition, the company confirmed the appointment of Mrs. Juliet Anammah and Mr. Muhammad Ahmad, as Independent Non-Executive Directors of the company. It also re-elected Mr. John G. Coumantaros, Prof. Jerry Gana and Mr. Alfonso Garate, as its Directors during the AGM.

Note that the board of the company had earlier in its last AGM recommended Mrs. Juliet Anammah and Mr. Muhammad Ahmad for the aforementioned positions.

Other resolutions the company made in the course of the meeting were;

  • Non-Executive Directors remuneration for the year ending March 31, 2022 were fixed at N39 million. In addition, sitting allowances will be paid at standard agreed rates for each meeting attended.
  • Directors were authorized to fix the remuneration of the independent auditors of the company- KPMG Professional Services.
  • The following individuals were elected into the Statutory Audit Committee; Mr. Adeshina Olalekan Oladebo, Mr. Sekoni Nurudeen Adebayo and Mr. Adeshina Tajudeen Imram (representing the Shareholders) and Mr. Foluso Philips and Alhaji Olalekan A. Saliu (representing the Board).

Highlights of the firm’s Full Year Result

Recall that Flour Mills of Nigeria Plc had reported a profit after tax of N25.7 billion for the year ended 31st of March, 2021, indicating a surge of 126% YoY. The firm’s revenue also grew by 34% to N771.6 billion, while earnings per share printed N6.38, compared to N2.25 posted in corresponding period of last year. Consequently, the firm declared a dividend of N1.65 per share, which is up by 18% YoY.

It is pertinent to note that the impressive topline growth for the year was aided by gains from the firm’s Agro-allied turnaround strategy. The expansion of the firm’s backward integration program across all value chains, including strategic partnerships with smallholder farmers were all pivotal in achieving a revenue growth of 34%.

Flour Mills of Nigeria Plc is currently trading at N29.35 on the floor of the NGX

 

Ellah Lakes set to consider listing its shares on the London Stock Exchange in forthcoming Annual General Meeting (AGM).

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Ellah Lakes Plc has announced that it will be considering listing its shares on the London Stock Exchange (LSE) in the forthcoming Annual General Meeting scheduled to hold on the 8th of October, 2021.

According to a statement signed by the company and sent to the Nigerian Exchange Limited (NGX), the AGM will hold at No. 7 Ibiyinka Olorunbe Close, Victoria Island, Lagos, by 11:00 am prompt,

Other cogent issues to be discussed include;

  • The audited financial statement for the year ended July 31, 2020, 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.

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 at least 48 hours before the scheduled date for the AGM.

The register of members and transfer books of the Company would be closed from Monday, September 20, 2021 to Friday, September 24, 2021 (both dates inclusive) to enable the registrar to make necessary preparations for the AGM.

What you should know:

  • As at the period of reporting this, Ellah Lakes Plc is currently trading at N4.25 on the floor of the Nigerian Exchange Limited (NGX).

 

 

CBO Capital Partners Limited sells off additional 5 million units of Ellah Lakes shares worth N21.3 million.

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CBO Capital Partners Limited, a substantial shareholder, has divested some of its equity holdings in Ellah Lakes Plc, following the recent sales of about 5 million of its shares in the latter.

The recent move is part of a strategic arrangement reached by three substantial shareholders in Ellah Lakes Plc (inclusive of CBO Capital Partners Limited),  to sell down 25% of their holdings, in a bid to satisfy the NGX’s free float benchmark of 20% and resolve the lack of liquidity in the shares of the company.

In a statement signed by the company’s secretary, Kenechi Ezezika, and sent to the Nigerian Exchange Limited (NGX) today, the company disclosed that it sold 5,000,000 units of Ellah Lake’s shares in its portfolio, at a unit price of N4.25, amounting to N21, 250,000.

In the same vein, recall that on the 19th of August, 2021, CBO Capital Partners Limited had sold about 26.62 million units of Ellah Lakes Plc shares worth N113.16 million.

It is imperative to note that these disclosures are in line with The Exchange’s policy on insider dealings, aimed at ensuring transparency in the capital markets and maintaining public confidence or trust in the markets.

Ellah Lakes Plc closed trading today 31st of August, 2021 with a share price of N4.25

 

 

 

Juli Plc reports a loss of N26.9 million in FY 2020.

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Juli Plc released its unaudited financial statements for the period ended 31st of December, 2020.

  • Revenue for the period was N247.45 million (-30.3% YoY)
  • Cost of sales was N176.8 million. (-33.4% YoY)
  • Administrative expenses totalled N97.55 million (-25.7% YoY)
  • A loss of N26.9 million was incurred during the period.
  • Total assets during the period stood at N172.4 million

See link to results.

R.T Briscoe confirms Sunday Nwosu as Chairman, appoints new company secretary.

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R.T. Briscoe Nigeria Plc has confirmed the appointment of Sir Sunday Nnamdi Nwosu as substantive chairman of the company, with immediate effect.

In a statement filed with the Nigerian Exchange Limited (NGX), the firm revealed that the decision to confirm his appointment was taken during the recently concluded Board meeting of the company, held on the 26th of August, 2021.

The confirmation comes four (4) years after he was first appointed to the Board as an Acting Chairman on April 27, 2017. Confirming the recent development, the firm in a notice said: ‘’At the meeting of the Board of R.T. Briscoe (Nigeria) PLC (“the Company”) held on August 26, 2021, the Board, appointed Sir Sunday Nnamdi Nwosu who had previously served in acting capacity, as the Chairman of the Company with immediate effect. Sir Sunday Nnamdi Nwosu, Kss, GCOA, MIoD was appointed to the Board of R.T. Briscoe on March 27, 2014, and as acting Chairman on April 27, 2017.’’

In a similar development, the firm in a separate disclosure announced the appointment of Mr Michael Olabode as an acting Secretary of the Company. Mr Michael was appointed to replace the outgoing Secretary, Mr Olukayode Adeoluwa who recently announced his retirement from the firm, effective from the 31st of August, 2021.

Mr. Michael Olabode holds bachelor and masters’ degrees in law from the Obafemi Awolowo University, Ile-Ife and the Lagos State University, Ojo respectively. He is an Associate Member of the Chartered Institute of Arbitrators of Nigeria and had worked in private legal practice and some real estate companies before joining the Company in 2009 as Manager, Legal Services. He was appointed the Legal Adviser in 2012.

 

Golden Guinea Breweries Plc announces death of its Managing Director, Ifeanyi Idika.

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Golden Guinea Breweries Plc has announced the death of its Managing Director, Mr Ifeanyi Godfrey Idika, who passed away after a brief illness.

His death was confirmed in a press statement that was signed by the company’s secretary, Udo Ogaranya, and made available on the website of the Nigerian Exchange Limited (NGX).

An excerpts of the recent press statement read: ‘’Golden Guinea Breweries Plc. (the Company) wishes to inform its shareholders about the demise of its Managing Director, Mr Ifeanyi Godfrey Idika. He died on Tuesday, 10th August, 2021 in Umuahia, Abia State.’’

Consequently, in a bid to fill the void created by the sudden demise, the Board of Directors appointed Engr. Okechi N. Ndukwe as Acting Managing Director of the company. According to the notice, Engr. Ndukwe has been with the company for many years, occupying key positions such as the Technical Director.

What you should know about late Mr Idika

Mr Ifeanyi G. Idika is a seasoned Brewer and Manager. He was previously the Managing Director of Vitamalt Plc and served on the Board of Lawsons Corporation. He is a product of Kings College, the University of Lagos and the Graduate School of Business Administration of Harvard University, Boston USA. The late Mr Idika had extensive training attachments with various international brewing groups like the Whitbread Group in the UK, the Pripps Group in Sweden, the Stella Artois Group in Belgium and the Cerekem Group in Denmark.

Mr. Idika was appointed as Managing Director of Golden Guinea Breweries Plc on June, 2018. He is survived by his wife and children.

May his gentle soul rest in perfect peace.

Nestlé S.A invests additional N484.9 million in shares of its Nigerian subsidiary.

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Nestlé S.A, a renowned Swiss multinational food and beverage company, has invested an additional N484.9 million in shares of its Nigerian Subsidiary (Nestlé Nigeria Plc).

This is according to a notification signed by the Company’s Secretary, Bode Ayeku, and made available on the website of the Nigerian Exchange Limited (NGX).

According to the notice, Nestlé S.A acquired additional 346,334 units of Nestle Nigeria Plc shares at a price of N1, 400 per share. This puts the total consideration for the shares purchased by the parent company at N484, 867,600.

Additionally, it is imperative to note that the recent transaction which took place on the floor of the Nigerian Exchange Limited, were effected in two tranches on the following dates; 20th and 23rd of August, 2021.

Breakdown of the deal

  • In the first tranche which took place on the 20th of August 2021, the parent company purchased additional 48,795 units of its Nigerian subsidiary shares at N1, 400 per share, totalling N68, 313,000.
  • In the second and  last tranche which took place on 23rd of August 2021, the firm purchased a further 297,539 units of shares at N1, 399.86, totalling N416,512,944.54
  • In light of this, a total of 346,334 units of Nestle Nigeria’s share were purchased at an average price of N1, 400, totalling N484.9 million.

This disclosure is a regulatory requirement that must be reported to the Nigerian Exchange Limited (NGX), especially when a major shareholder or director of a publicly quoted company purchases or sells shares in the company they own. The move will further cement the position of Nestlé S.A as the majority shareholder in its Nigerian subsidiary (Nestlé Nigeria Plc).

As at the period of reporting this, Nestle Nigeria Plc is currently trading at N1400 per share.

 

UACN Plc announces Court Ordered Meeting; set to consider transfer of units held in UPDC REIT to shareholders.

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A Federal High Court has ordered that a meeting between UAC of Nigeria Plc (UACN Plc) and its shareholders be convened for the purpose of considering, and if thought fit, approving a Scheme of Arrangement that will see the company transfer its entire units in UPDC Real Estate Investment Trust (UPDC REIT) to its eligible shareholders on a pro-rata basis.

According to a notice filed with the Nigerian Exchange Limited (NGX), the Court-Ordered Meeting will be held virtually, on the 20th of September at 10:00 am prompt.

It is pertinent to note that the transfer of the units held by the company in UPDC REIT to its eligible shareholders will be implemented through a scheme of arrangement under Section 715 of the Companies and Allied Matters Act (CAMA), 2020 as amended, incorporating a reduction in share capital under Section 131 of CAMA (the Scheme). By implication, these units will be transferred to shareholders, pro-rata to their shareholding in UAC.

What this means.

If the scheme is approved and implemented, this implies that UAC of Nigeria Plc will cease to be a unit holder in UPDC REIT. Consequently, UAC shareholders will hold UPDC REIT units in addition to their existing shares in the company.

Sequel to this, the company’s share capital account will be reduced by the sum of N3, 896,355,966, being the monetary value of the transferred units through the reduction of its share premium account. This amount will be transferred into the UPDC REIT Unbundling Liability Account.

Back story: Recall that UACN Plc had earlier announced its intent to divest from UPDC, after it sold a 51% stake to Custodian Investment Plc. The firm announced the mandatory takeover of UPDC by Custodian Investment, after the successful sale of 34,415,332 units of ordinary shares of 50 kobo each, at a price of 90 kobo per share to the latter. This move diluted UACN Plc stake in UPDC REIT from 93.86% to 42.85%.

 

 

Nestlé S.A buys additional shares of Nestlé Nigeria worth N1.26 billion.

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Nestlé S.A, Switzerland, the parent company of Nestlé Nigeria Plc, has increased its stake in the Nigerian subsidiary with the purchase of 900,887 additional units in the shares of the company.

This was disclosed by the company in a notification sent to the Nigerian Exchange Limited (NGX), which was seen by Nairametrics.

The purchase according to the notification signed by the Company’s Secretary, Bode Ayeku, was made on the bourse in two tranches on 18th and 19th of August, 2021. The breakdown of the transactions is succinctly captured below;

  • In the first tranche, Nestlé S.A purchased 842,439 units of its Nigerian subsidiary’s shares at a unit price of N1, 400, amounting to N1, 179,414,600.
  • In the second tranche, the firm purchased an additional 58,448 at the same unit price of N1, 400 per share, totaling N81, 827,200.

Cumulatively, the Swiss multinational firm purchased a total of 900,887 additional units of Nestlé Nigeria Plc shares at a unit price of N1, 400, amounting to N1, 261,241,800.

This disclosure is a regulatory requirement that must be reported to the Nigerian Exchange Limited (NGX), especially when a major shareholder or director of a publicly quoted company purchases or sells shares in the company they own.

What you should know:

  • The Parent company had earlier splashed a total of about N2.61 billion on the purchase of additional 1,870,348 units of its Nigerian subsidiary’s shares.
  • As at the period of filing this report, Nestlé Nigeria Plc currently trades at N1,400 per share.