Services Archives - Page 7 of 14 - NAIRAMETRICS| COMPANY EARNINGS

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

28 August 202128 August 2021 Chidi Emenike Leave a comment

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.

ABC Transport to hold AGM on September 17th.

26 August 202126 August 2021 Chidi Emenike Leave a comment

The Board of ABC Transport Plc has announced that it will be hosting its 28th Annual General Meeting on the 17th of September, 2021.

According to a disclosure signed by the company’s secretary, Onyekachukwu Chigbo, the AGM will hold at Mayfair Suites and Conference Centre, Owerri-Imo State, on the aforementioned date and by 11:00am prompt.

The following issues will be addressed at the AGM;

The audited financial statement for the year ended December 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.

What you should know:

ABC Transport Plc had earlier reported a loss of N73.08 million in the first quarter of the year (Q1, 2021).
In line with CAC guidelines, attendance at the AGM will be by proxy. Sequel to this, a list comprising of six (6) representatives authorized to represent shareholders, have been made available.
The Annual General Meeting will be streamed live from the company’s website: www.abctransport.com and on the Registrars website: www.firstregistrarsnigeria.com

For more information about the AGM, click HERE.

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

23 August 202123 August 2021 Chidi Emenike Leave a comment

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%.

United Capital expands CP issuance programme to N50 billion, raises N19.7 billion.

20 August 202120 August 2021 Chidi Emenike Leave a comment

United Capital Plc has obtained regulatory approval from FMDQ Securities Exchange Limited to increase the size of its existing N20 billion commercial paper (CP) issuance programme to N50 billion.

According to a notice signed by the company’s secretary, Leo Okafor and filed with the Nigerian Exchange Limited (NGX), the validity period of the CP programme was also extended to 18th of October, 2022.

On the other hand, the firm also disclosed that it raised a total sum of N19.7 billion through its recently concluded Series 5, 6 and 7 issues. The 180-day and 270- day issuances were completed at between 11.9% and 13%, with firm commitments from a pool of institutional investors, including asset managers and pension funds. It is pertinent to note that FSDH Capital Limited, United Capital Plc, and UCML Capital Limited acted as Arrangers to the transaction, while Olaniwun Ajayi LP acted as Transaction Counsel.

What you should know:

United Capital Plc is a leading financial services group offering diverse services such as; Investment Banking, Asset Management, Trusteeship, Securities Trading, Wealth Management and Consumer Finance.
The firm closed trading for the week ended 20th of August, 2021 with a share price of N6.89.

UPDC Plc risks suspension over default on NGX’s free float requirements

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Trading in the securities of UACN Property Development Company (UPDC) risks been suspended on the platform of the Nigerian Exchange Limited (NGX) due to the inability of the company to comply with the Free Float Rules of The Exchange.

According to a notice sent to the NGX today, the company fell below the free float requirements of 20% of issued share capital or N20 billion free float for companies listed on the Exchange’s Main Board, due to its recent Mandatory Take Over (MTO) by Custodian Investment Plc.

Recall that Custodian Investment Plc had obtained regulatory clearance to take over UPDC Plc, following the acquisition of a 51% majority stake in the latter, translating to about 34,415,332 units of ordinary shares, purchased at 90 kobo each.

Sequel to the acquisition, UPDC fell below the free float requirements for listed stocks at the NGX. This prompted a series of consultations between the firm and the NGX Regulation Limited (NGX RegCo).

Consequently, a unanimous decision to grant the company a two (2) year grace period till 10th of August, 2023, in order to comply with NGX’s free float requirements was reached. However, the Exchange warned that it might suspend further trading in the company’s securities if compliance with the free float rules is not achieved within the two (2) years grace period.

In addition, the company in conjunction with the majority shareholder reiterated its commitment to achieving the free float requirement within the grace period.

UPDC Plc closed trading today 20th of August, 2021 with a share price of N1.32.

Airtel Africa receives $375 million in first closing of its mobile money deals.

20 August 202120 August 2021 Chidi Emenike Leave a comment

Airtel Africa, a leading provider of telecommunications and mobile money services, have received a total of $375 million from three investors-Qatar Investment Authority (QIA), Mastercard and The Rise Fund, in the first closing of its minority stake sales in the mobile money business segment.

This is according to a notification signed by the Group Company Secretary, Simon O’Hara, and sent to the Nigerian Exchange Limited (NGX) today.

The disclosure is following the disbursement of a first tranche of $150m by QIA for the secondary purchase of shares in Airtel mobile money arm popularly referred to as Airtel Mobile Commerce BV (AMC BV). Consequently, the QIA is expected to disburse a further $50m in the second tranche of the deal.

Recall that the QIA had pledged to invest about $200 million in Airtel Africa’s mobile money business which is valued at $2.65 billion on a cash and debt free basis. With the closing of the first tranche of the deal, QIA is now entitled to appoint a director to the board of AMC BV and will now exercise certain customary information and minority protection rights.

With the first closing of QIA deal, Airtel Africa disclosed that it has received a total of $375 million from three investors, and will further receive $125 million in the second tranche of the deal, taking cumulative proceeds from minority stake sales in Airtel Money to a total of $500 million

In conclusion, the telecommunication giants reiterated its earlier stance that the net proceeds from the transactions will be used to reduce the Group debt and invest in network and sales infrastructure in the respective operating countries.

Back story:

Recall that global payments provider, Mastercard and The Rise Fund had earlier announced plans to invest $100 million and $200 million respectively in Airtel Mobile Commerce BV (AMC BV)