Red Star Express Plc announces Board Meeting.

Red Star Express Plc has notified stakeholders and the investing public of its imminent Board of Directors meeting, scheduled on June 28, 2021 by 2:00pm.

This is according to a disclosure signed by the Company’s secretary, Frances Ndidi-Akpomuka and sent to the Nigerian Exchange Limited.

The meeting is scheduled to consider and approve the audited financial statements of the company for the year ended 31st of March 2021, evaluate the proposed dividend for the aforementioned period (if any) and ratify the appointment of eminent individuals into the company board as Non-Executive Directors, amongst other issues.

In line with this, the company will be observing a closed period from 11th of June, 2021 until 24 hours after the unaudited financial statements have been filled with The Exchange. Under the closed period, the Directors and other insiders of Red Star Express Plc are restricted from dealing in the securities of the company.

What you should know:

  • Red Star Express Plc is a leading courier and package delivery company in Nigeria. It provides a portfolio of full logistic solutions in Nigeria which includes, but not limited to International and Domestic express delivery, Freight Forwarding, Integrated Logistics Solutions, etc.
  • The firm had earlier reported a loss after tax of N2.44 million in 9M 2020. This is 21% lower than a profit of N377.52 million it declared earlier in corresponding period in 2019.

For more information about the notice, click HERE.

 

eTranzact International Plc foresees N209.1 million profit in Q3 2021.

eTranzact International Plc released its earnings forecast for the third quarter of the year (Q3, 2021).

  • Revenue was projected at N5.93 billion.
  • Cost of sales was projected at N5.12 billion.
  • An operating expenses of N510.49 million was projected.
  • Operating profit projection of N293.24 million.
  • Tax was projected at N98.41 million.
  • Profit after tax was projected at N209.1 million.

See link to forecasts.

EkoCorp Plc approves sale of 110 million units of ordinary shares worth N440 million to a new investor.

The shareholders of EkoCorp Plc, a Nigerian based medical provider, has approved the sale of 110 million units of its ordinary shares to Geoff Ohen Limited, in a deal worth N440 million.

This is sequel to an approval granted by majority of the shareholders during the firm’s recently concluded Extraordinary General Meeting held on 3rd of June, 2021 at Victoria Island, Lagos. Specifically, 79.34% of the total shareholders present during the meeting, voted in support of the decision.

Corroborating this, an extract from the recent press release issued by the company read thus: ‘’It was resolved by the shareholders that the sale of 110,000,000(One hundred and ten million) units of ordinary shares of EKOCORP PLC at N4 per share to Geoff Ohen Limited be approved by the shareholders with 79.34% majority vote.’’

The recent action will enable the firm deliver adequate healthcare and contribute to solving some of the challenges bedeviling healthcare delivery in Nigeria.

What you should know:

  • EkoCorp Plc entered into a share purchase agreement with Geoff Ohen Limited to purchase 110 million units of shares at N4 each in August 2007. This is sequel to cashflow challenge experienced by the firm in 2006.
  • Geoff Ohen Limited paid the sum of N440 million as agreed to the company on the 3rd of August, 2007.
  • However, issues bordering on corporate governance raised its ugly head, prompting the litigation of the whole process, with various court cases instituted by interested persons. This explained why the deal protracted.
  • Therefore, the recent resolution is a big step towards finalizing the whole process as shareholders seem to have passed a vote of confidence in the deal.

Airtel Africa pegs exchange rate for its final dividend payment at N410.95/$

Airtel Africa Plc, a leading pan-African provider of telecommunications and mobile money services, has announced that an exchange rate of N410.95/$ will be applicable in the determination of its proposed final dividend of 2.5 cents

According to a disclosure signed by the Group Company Secretary, Simon O’Hara and published on the website of the Nigerian Exchange Group Plc (NGX Plc), the rates will be applicable to any shareholder that qualifies for and has elected to receive the dividend payment in Naira, Dollar or GBP.

Additionally, shareholders’ on the London Stock Exchange and the Nigerian Exchange Limited who wish to receive their entire dividend in the currencies of their choice (other than the default currencies) are strongly advised to participate in the currency election, by obtaining, filling and returning the currency election form  to their respective company’s registrar domiciled in their countries. Investors are to check their respective  stock markets for more information as regards timeframe and other modalities.

Exchange rate

  • 1 USD=410.95 Naira
  • 1 USD=0.7068 GBP

The firm noted that the exchange rate for the Nigerian naira or GB Pounds amounts payable was determined by reference to the exchange rates applicable to the U.S dollar available on 9 June 2021.

For more information about the disclosure, click HERE

 

Fidson Healthcare Plc proposes dividend worth N521.6 million to shareholders.

The Board of Directors of Fidson Healthcare Plc has proposed a final dividend of 25 kobo for every share of 50 kobo held by shareholders, amounting to a total of N521.6 million for the year ended 2020.

This is according to a disclosure signed by the company’s secretary, J.A Adebanjo, and sent to the Nigerian Stock Exchange.

According to the notice, dividends will be paid electronically to qualified shareholders’ on 29th of July, 2021. The qualified shareholders are those, whose names appear in the Register of Members as at the close of trading on 7th of July, 2021.  Other qualifying conditions are;

  • Shareholders must have completed the e-dividend registration.
  • In addition, shareholders must have mandated the Registrar (Meristem Registrars and Probate Limited) to pay their dividend directly into their bank accounts.

What you should know:

  • The Bank is expected to discuss this proposed dividend in its Annual General Meeting scheduled to hold on 28th of July, 2021 at Conference Centre, 2nd Floor, Fidson Towers, Lagos.
  • The company had earlier reported a profit tax of N1.18 billion in FY 2020, indicating a surge of about 190% YoY.
  • The company currently has 2,086,360,250 units of shares outstanding.

For more information about the proposed dividend, click HERE

Airtel Africa Plc sells its Tanzanian towers for $175 million.

Airtel Africa Plc has announced the sales of its telecommunication tower companies in Tanzania, in a deal worth around $175 million.

The transaction is the latest strategic divestment of the Group’s tower portfolio as it focuses on an asset-light business model and its core subscriber-facing operations. The recent deal is sequel to the success recorded in the sales of the firm’s tower companies in Madagascar and Malawi to Helios Tower Plc for a gross value of about $93.7 million.

According to a notification signed by Airtel’s Group secretary, Simon O’Hara, the Airtel Tanzania tower was sold to a wholly-owned subsidiary of SBA Communications Corporation, a leading global owner and operator of wireless communications infrastructure.

The recently sold tower portfolio comprises approximately 1, 400 towers which form part of the Group’s wireless telecommunications infrastructure network.

Recall that Airtel Africa Plc was in the news recently when it secured a credit facility worth $500 million from a consortium of banks that include; Bank of America, JP Morgan, HSBC etc. The loan was meant to assist the teleco in partially refinancing its €750 million Euro dominated bond. Explaining how it intends to offset the credit facility, the teleco explained that it will optimize its free cash flows and cash receipts anticipated over the next 12 months from its tower sales and mobile money minority investments.

Will the transaction be settled once or by instalments?

According to the notice sent by the telecommunications giant, the payment for the towers will be made in tranches. In the first tranche, the sum of $157.5 million will be paid to Airtel during the second half of its current financial year. The balance will be paid in instalments upon the completion of the transfer of any remaining towers to the purchaser.

How will the proceeds be utilized?

Detailing how the proceeds from the sale of the towers will be utilized, Airtel Africa explained that about $60 million out of the gross sales value will be invested in the network and sales infrastructure in Tanzania and for distribution to the Government of Tanzania, as provided in the Airtel Africa IPO prospectus document published in June 2019.

The remaining balance of the proceeds will be used to reduce the debt at Group level.

 

Caverton Offshore Support Group Plc declares FY gross dividend of 10 kobo per share.

The Board of Caverton Offshore Support Group Plc has approved a dividend payment of 10 kobo per share to shareholders who currently hold the 3,350,509,750 fully paid ordinary shares of the company.

This notice is part of the resolutions reached at the recently concluded 12th Annual General Meeting of the company held on 27th of May, 2021.

In light of this, a total of N335.05 million will be disbursed as dividend for the aforementioned period.

Recall that Caverton Offshore Support Group Plc suffered a dip in its key financial metrics for the year ended 2020. Profit after tax declined by 73% to N1.18 billion. Others like revenue, earnings per share, etc., all dipped during the aforementioned period.

Consequently, a lower dividend of 10 kobo per share was proposed. This is about 50% less than the proposed figure of 20 kobo in corresponding period last year (FY 2019)

 

 

CHAMS Plc set to hold 37th Annual General Meeting (AGM) on June 22.

The Board of CHAMS PLC has announced that it will be hosting its 37th Annual General Meeting on the 22nd of June, 2021.

This is according to a notification signed by the company’s secretary, Yetunde Emmanuel and seen by Nairametrics. Sequel to this, the following issues will be discussed;

  • The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
  • The firm’s proposed dividend will be considered and officially declared.
  • 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.

What you should know:

  • CHAMS PLC had earlier reported a loss after tax of N944.9 million in FY 2020.
  • In line with CAC guidelines, attendance at the AGM will be by proxy. Sequel to this, a list comprising of eight (8) representatives authorized to represent shareholders, have been made available.
  • The link for the Annual General Meeting will be made available on the company’s website: http://www.chamsplc.com/

For more information about the AGM, click HERE.

Custodian Investment Plc gets regulatory clearance to take-over UPDC.

Custodian Investment Plc has obtained a regulatory approval to proceed with a Mandatory Takeover (MTO) offer to minority shareholders of UACN Property Development Company (UPDC).

According to a notice signed by the secretary of Custodian Investment Plc, Adeyinka Jafojo, the MTO offer to minority shareholders of UPDC will involve the purchase of up to 34,415,332 Ordinary shares of 50 kobo each, at a price of 90 kobo per share.

In addition, the offer is expected to be open by 31st of May, 2021 and close by 2nd of July, 2021. The qualification date was 14th of May, 2021, implying that shareholders whose names appear on the Register of Members as at the aforementioned qualification date are eligible to participate.

What you should know:

  • Nairametrics had earlier reported that the duo (Custodian and UPDC) had agreed to a sale of 51% of UPDC in a transaction that will occur in two phases.
  • Sequel to the completion of the deal, UAC will still retain part ownership of the company but will cease to have it as a subsidiary of UAC.

 

 

FMDQ Exchange lists BUA Cement Plc’s N115 billion Series 1 bond

FMDQ Exchange has announced the listing of BUA Cement Plc’s N115 billion Series 1 fixed rate bond on its platform, as part of a N200 billion bond issuance programme.

This is according to a disclosure by FMDQ which reads: ‘’ FMDQ Exchange is pleased to welcome the listing of the largest corporate bond in the Nigerian debt capital markets, the BUA Cement PLC ₦115.00 billion Series 1 Fixed Rate Bond under its ₦200.00 billion Bond Issuance Programme, on its platform.’’

Recall that FMDQ Exchange had recently admitted a host of corporate bonds and commercial papers on its platform. Nairametrics had earlier reported the listing of Flour Mills, NMRC bonds worth N39.9 billion and the admittance of FG’s Sukuk bond worth N162.6 billion.

By the virtue of the listing of its bond on FMDQ platform, BUA Cement alongside other securities will be availed global visibility, transparency, governance and continuous information disclosure, amongst other value-added services.

 

For more information about the recent disclosure, click HERE