Seplat Petroleum Development Company postpones Q1 2021 dividend payment date.

Seplat Petroleum Development Company has announced the amendment in its Q1 2021 dividend payment timeline.

This is according to a disclosure signed by the firm’s Chief Financial Officer, Emeka Onwuka and seen by Nairametrics. Key changes in the timeline include;

  • A shift of the qualification date from 12th to 26th of May, 2021.
  • Register of members will hence be closed on the 27th of May, from an initial date of 13th of May, 2021.
  • The proposed Q1 2021 dividend of US 2.5cents will now be paid on the 10th of June, from an initial date of 6th of June, 2021.
  • However, currency elections can only be made on the 2nd of June, 2021.

Why the change?

According to the disclosure, the key dates for the dividend was amended to allow the registrar facilitate Shareholders’ currency selection for the two dividends (FY 2020 and Q1 2021) which is running concurrently.

What you should know:

  • Recall that Seplat Petroleum had earlier announced currency exchange rates for proposed final dividend in FY 2020.
  • The firm had reported a 2020 FY loss of $80.2 million.

For more information about the changes in the dividend timeline, click HERE.

Ardova Plc confirms appointment of Oladeinde Nelson-Cole as secretary.

Ardova Plc, an indigenous and integrated energy company, has confirmed the appointment of Mr Oladeinde Nelson-Cole as its Secretary/ General Counsel effective from 1st of April, 2021.

According to a notice sent to the Nigerian Exchange Limited, Mr Nelson-Cole was first appointed as Secretary on 29th of July 2019, albeit in an acting capacity, in a bid to fill the vacuum left by the departure of his predecessor, Mr Akinleye Olagbende.

Sequel to his outstanding performance in an acting capacity, his appointment was finally ratified by the board. As the Company’s Secretary/General Counsel, Mr Nelson-Cole will continue to guide the Board of the Company in ensuring strict compliance with regulatory and statutory requirements.

Profile

Mr. Nelson-Cole is a lawyer with over 14 years of experience with proven expertise in company secretarial, corporate compliance and general legal practice. He is an alumnus of the Lagos State University. Prior to joining Ardova Plc, Mr. Nelson-Cole was a Senior Associate in the law firm of RouQ and Co.

For more information about the appointment, click HERE.

Seplat Petroleum Company announces currency exchange rates for proposed final dividend in FY 2020.

Seplat Petroleum Development Company has announced the exchange rates that will be applicable in determining the proposed final dividend for 2020.

According to a notice filed with the Nigerian Exchange Group Plc (NGX) and seen by the Nairametrics, the following rates are applicable to any shareholder that qualifies for and has elected to receive the FY 2020 dividend payment in Naira or Pounds;

  • 1 USD = 410.24 Naira
  • 1 USD = 0.7197 GBP.

According to the notice, the exchange rate for the Naira or Pound Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 30th April 2021.

It is pertinent to note that upon the satisfaction of pre-requisite conditions, qualified Seplat shareholders are entitled to receive their dividend either in the default local currency (Naira) or the US Dollar. In light of this, the closing date for dividend currency election to the company’s registrar is 18th of May, 2021.

The firm had earlier stated that Shareholders holding their shares on the Nigerian Exchange Group (NGX Plc) without a valid Nigerian Certificate for Capital Importation (“CCI”) will be paid their dividend in Naira as the default currency. On the other hand, Shareholders holding their shares on the NGX with a valid CCI will be paid their dividend in US dollars as the default currency.

The firm also noted that shareholders with a US Dollar default dividend payment scheme can opt to receive their entire dividend payment in Naira subject to the provision of CCI to Datamax Registrars Limited.

What you should know:

  • Seplat Petroleum Development Company Plc is a leading independent energy company listed on both the Nigerian Exchange Group and the London Stock Exchange.
  • The firm had earlier announced a FY 2020 final dividend of $0.05 per share payable to qualified shareholders’, whose names appear in the Register of Members as at close of business on 4th of May, 2021.
  • Within the period under review, the firm reported a loss of $80.2 million.

 

Ardova Plc posts profit after tax of N858.7 million in Q1 2021.

Ardova Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Revenue for the period was N41.99 billion. (+0.8% YoY)
  • Cost of sales was N38.6 billion. (+0.5% YoY)
  • Administrative expenses totalled N1.5 billion. (+7.4% YoY)
  • Operating profit for the period was N1.4 billion.
  • Profit after tax was N858.7 million. (+1% YoY)
  • Earnings per share of 66 kobo Vs 65 kobo YoY.

See link to results.

BOC Gases Nigeria Plc records a 40% dip in profit to N60.2 million in Q1 2021.

BOC Gases Nigeria Plc released its unaudited results for the first quarter of the year (Q1, 2021).

  • Revenue for the period was N778.5 million. (-5.8% YoY)
  • Cost of sales was N427.6 million. (+5.3% YoY)
  • Operating profit of N107.6 million. (-6.01% YoY)
  • Administrative expenses totalled N142.5 million. (-10.7% YoY)
  • Profit after tax was N60.2 million. (-39.8% YoY)
  • Earnings per share of 14 kobo Vs 24 kobo YoY.

See link to results.

NSE approves delisting of 11 Plc shares.

Following an application to the Nigerian Stock Exchange (NSE) on the voluntary delisting of 11 Plc (formerly known as Mobil Oil Nigeria Plc), the NSE has approved the delisting application.

According to the NSE, the application was ratified subject to 11 Plc’s evidence of opening an escrow account in the registrar’s name and evidence that the shareholders who have accepted to exit have been paid.

The company had opened an escrow account with GTL Registrars and Data Solutions Limited and provided sufficient funds to shareholders, who as of March 15, 2021, have accepted the ‘Exit Consideration’ of N213.90 per share. The Exit Consideration is based on the highest price of N213.90 at which 11 Plc traded in the last 6 months preceding the date of the Annual General Meeting, where the decision to delist was passed in line with NSE guidelines.

The oil firm noted that the delisting process will enable it to strategize for better performance, minimize costs and stay competitive within the industry.

What you should know:

  • 11 Plc is a Nigerian-based petroleum products marketer which got listed on the Nigerian Stock Exchange in 1978. This implies that the firm has spent about 43 years on the Exchange.
  • The firm had earlier explained that the decision to voluntarily delist was recommended by the Board of Directors and supported by at least 75% of members present during the AGM.
  • By implication, over 360.6 million units of the firm’s shares will be delisted from the daily official list of the NSE.

For more information about the disclosure, click HERE.

2020 FY Results: Caverton Group Plc records 73% decline in profit after tax.

Caverton Offshore Support Group Plc released its full-year results for the year ended 31st December 2020.

  • Revenue from contracts with customers was N32.17 billion. (-8% YoY)
  • Cost of sales was N18.6 billion. (-8% YoY)
  • Administrative expenses totaled N6 billion. (-15% YoY)
  • Operating profit was N5.29 billion. (-50% YoY)
  • Profit after tax was N1.18 billion. (-73% YoY)
  • Earnings per share of 35 kobo vs N1.29 YoY.
  • A dividend of 10 kobo was proposed by the Board.

See link to results.

BOC Gases Nigeria Plc reports profit of N292.1 million in FY 2020.

BOC Gases Nigeria Plc released its full-year results for the year ended 31st December 2020.

  • Revenue for the year was N3.17 billion. (+3.3% YoY)
  • Cost of sales was N1.66 billion. (-0.5% YoY)
  • Administrative expenses totaled N648.9 million. (+6.2% YoY)
  • Profit for the year was N292.11 million. (+35.3% YoY)
  • Earnings per share of 70 kobo vs 52 kobo YoY.
  • A final dividend of 50 kobo was proposed

See link to results.

RAK Unity Petroleum Plc posts loss of N64.2 million in FY 2020.

RAK Unity Petroleum Company Plc released its full-year results for the year ended 31st December 2020.

  • Revenue for the year was N1.41 billion. (-68% YoY)
  • Cost of sales was N1.32 billion. (-68.8% YoY)
  • Operating expenses totaled N153.54 million. (-32% YoY)
  • Operating loss was N63.7 million. (-147.4% YoY)
  • Loss for the year was N64.2 million. (-61.4% YoY)
  • Loss per share of N1.13 vs 70 kobo YoY.

See link to results.