Academy Press Plc released its audited financial statements for the year ended 31st of March, 2021.
See link to results.
Red Star Express Plc has announced the appointment of Messrs Peter Aletor and Emeka Ndu into its Board as Directors, effective from 28th of June, 2021.
This follows the retirement of Mr Sule Umar Bichi and Alhaji Aminu Dangana as Directors from the Board, with effect from 29th of April, 2021.
According to a notification signed by the Company’s Secretary, Frances Ndidi Akpomka, the decisions were approved during the recently concluded board meeting of the company, held on the 28th of June, 2021.
Profile of the newly appointed Directors
Mr Peter Surulere Aletor is an accountant and capital market experts with over 25 years’ experience in stock broking, asset management, deal structuring, etc. He is currently the Managing Director/Chief Executive Officer of Apel Asset Limited. In addition, he is a fellow of the Chartered Institute of Stockbrokers and an alumnus of the Executive Programmes of the Lagos Business School.
Mr Chukwuemeka Ndu is a chartered accountant with over 35 years’ experience in accounting, money market and project finance, audit, tax and consulting. He is a fellow of the Institute of Chartered Accountants of Nigeria and an alumnus of the University of Nigeria, among others.
R.T Briscoe Nigeria Plc released its unaudited financial results for the first quarter of the Year (Q1, 2021) ended 31st of March, 2021.
See link to results.
Neptune Hill Company Limited, a significant shareholder has announced the acquisition of an additional 15.6 million units of Julius Berger Nigeria Plc shares, worth N315.06 million.
This is according to a notification signed by one of the company’s Director, Goni M. Sheikh, and sent to the Nigerian Exchange Group Limited.
In accordance with the NSE policy on insider transactions, Neptune Hill Company Limited through the disclosure revealed that a total of 15,643,579 units of Julius Berger Nigeria shares were purchased at an average price of N20.14, grossing N315, 061,681.06. It is pertinent to note that the deal took place in Lagos between 5th of March -2nd of June, 2021.
Given its antecedents over the years, the recent deal might be an indication of a continuous optimism in the capacity of Julius Berger Nigeria to continue to deliver good returns to its shareholders and other stakeholders.
What you should know:
Ellah Lakes Plc has announced the signing of a Memorandum of Understanding (MoU) with KJM Trading Limited Ghana (KTLG), in a bid to expand its frontiers and business interests beyond Nigeria.
The partnership will enable Ellah Lakes to kick off the process of securing 20,000 hectares of arable farmland in Ghana and will herald the emergence of its subsidiary in Ghana. In addition, the company is looking at leveraging on KTLG’s strong network across the West African market, given its diversified business interests.
According to a notice sent to the Nigerian Exchange Group Limited (NGX), the deal is part of the strategic plan by Ellah Lakes Plc to establish a presence in three other Anglophone countries in West Africa starting with Ghana.
What they are saying:
Commenting on the deal, the Chief Executive Officer/Managing Director of Ellah Lakes Plc, Mr Chuka Mordi said: ‘’Ellah Lakes is very pleased to commence this strategic partnership with KJM Trading Limited. This is the first stage of our planned West African dominance and Ellah Lakes Ghana, a subsidiary of Ellah Lakes Plc will be set up as a result of this partnership.
Under this partnership, Ellah Lakes will also kick off the process of securing 20,000 hectares of arable farmland in Ghana. We are certain that this partnership will strengthen and advance the transformation agenda of the company.’’
On the other hand, the CEO of KJM Trading Limited, Mr Emmanuel Kojo Jones-Mensah said: ‘’At KTLG, we aim to build a prosperous agriculture chain in Africa. We are excited to be part of this next chapter of Ellah Lakes growth and look forward to putting our expertise and experience to use for a successful partnership.
What you should know:
Chams Plc, a leading integrated identity management, payments system and solutions provider, has announced the successful completion of its balance sheet restructuring exercise.
This is according to a notification issued by the company which reads: ‘’ This is to inform the Nigerian Exchange Limited (The Exchange) and the investing public that following the receipt of regulatory approvals, the Balance Sheet Restructuring exercise by Chams Plc which was approved by a special resolution at the Extra-Ordinary General Meeting of the Company held on April 24, 2018 has been completed.’’
In light of the above, the exercise was executed in the following manner;
What you should know:
ABC Transport Plc released its earnings forecasts for the third quarter of the year (Q3, 2021).
See link to results.
The Board of Directors of Trans Nationwide Express Plc has resolved to postpone the date for its Annual General Meeting (AGM) by a week.
According to a notification filled with the Nigerian Exchange Group Limited, the AGM which is expected to hold on the 21st of July, 2021 by 11:00 am at Radisson Blu Hotel, Ikeja has been extended to 28th of July, 2021 at the same venue and time.
According to the notice, the change in the date of the AGM is as a result of the anticipated public holiday scheduled for 20th and 21st of July, 2021 (for the celebration of the Muslim Id El Kabir).
In light of this, all other details of the AGM, including resolutions to be proposed at the meeting remain unchanged.
What you should know:
For more information about the recent disclosure, click HERE.
11 Plc (formerly Mobil Oil Nigeria Plc) is in talks with Capital Hotels Plc over the purchase of 51% equity stake in the latter, at a premium price of N7 per share.
The deal was agreed at the recently concluded Emergency Meeting of the Board of Directors of Capital Hotels Plc held on the 14th of June, 2021.
According to a notice uploaded on the website of the Nigerian Exchange Group Plc, the decision to sell the stake in the aforementioned firm, partly depends on whether its core shareholder (Hans Gremlin Nigeria Limited), is ready to exit 50% of its stake at the same price, and on such other terms and conditions that the Directors deem fit, subject to obtaining regulatory approval.
Additionally, the Board of Capital Hotels Plc also agreed that in order to balance the interests of the parties involved, the transaction will be structured in two ways- Offer for sale and Offer for subscription. In this light, the board agreed that if the new investor accepts the pre-specified conditions, an extraordinary General meeting would be convened to get the approval of the shareholders for this transaction.
It is pertinent to note that the deal is in line with 11 Plc’s diversification plans. The firm had earlier reiterated its plans of investing in the real estate as an alternative source of revenue, with a significant potential of stimulating growth and offsetting the austere fuel margins.
In likewise manner, Nairametrics had earlier reported the acquisition of Lagos Continental Hotel by 11 Plc.
For more information about the recent disclosure, click HERE.
Learn Africa Plc released its third quarter earnings forecasts for the period ended 30 September 2021.
See link to forecasts.