Dangote cement announces board meeting, closed period.

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Dangote Cement Plc has notified shareholders and the investing public of its forthcoming Board of Directors meeting scheduled to hold on October 28, 2021.

This is according to a notice signed by the company’s secretary, Edward Imoedemhe, and filed with the Nigerian Exchange Limited (NGX).

According to the disclosure, the meeting is scheduled to enable Board members discuss matters affecting the company, including finalizing steps for the release of its financial statements.

Consequently, the company announced that it will be observing a closed period from October 1, 2021, until twenty-four (24) hours after the financial statements and details of the meeting are published via the NGX Issuers’ portal.

During the closed period, insiders and their connected persons are prohibited from either buying or selling the company’s shares.

For more information about the disclosure, click HERE.

Access Bank Plc set to issue additional 5-Year Tier 1 Eurobond.

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Access Bank Plc, a leading full service Nigerian commercial bank with presence in 11 African countries, has announced plans to issue additional 5-Year USD denominated Tier 1 Eurobond, in furtherance of its Global Medium-Term Note Issuance Programme.

To facilitate this, the tier-1 bank announced that it will be organizing a global investor call and series of fixed income investor calls. The global investor call slated for 27th of September 2021, will be hosted by Citi, J.P. Morgan, Renaissance Capital and Mashreqbank (Joint Bookrunners of the deal) in collaboration with Chapel Hill Denham and Coronation Merchant Bank (Financial Advisers of the deal).

Recall that Access Bank had earlier issued a $500 million unsecured Eurobond, part of its Global Medium-Term Note Issuance Programme. The deal drew huge interest from top-grade investors globally and was oversubscribed 3X, making it the highest orderbook for a Nigerian bank Eurobond transaction.

Buoyed by this success, the top lender in a notice made available on the website of the Nigerian Exchange Limited (NGX) today, revealed that it will further consolidate on its success by issuing a new 5-Year USD-denominated Regulation S/144A Tier 1 bond.

As at the period of reporting this, details about the size or amount of the bond and its coupon rate remains unknown. In light of this, further details about the Basel III-compliant bond will be subsequently communicated.

What they are saying:  Commenting on the recent development, a press statement issued by Access Bank and signed by its Secretary, Sunday Ekwochi, partly reads: ‘’Access Bank Plc (‘’Access Bank’’ or the ‘’Bank’’) announces today on the Nigerian Exchange Limited that it has mandated Citi, J.P. Morgan, Renaissance Capital and Mashreqbank as Joint Bookrunners and Chapel Hill Denham and Coronation Merchant Bank as Financial Advisers and Joint Bookrunners to arrange a global investor call on 27 September 2021 at 2PM UKT/9 AM NYT in addition to a series of fixed income investor calls. The issuance of an inaugural Basel III-based perpetual Non-Call 5.25-year benchmark USD-denominated Regulation S/144A Additional Tier 1 bond offering under the Bank’s Global Medium-Term Note Programme may follow, subject to market conditions.’’

Why it matters: Apart from helping the tier-1 bank to refinance its debt, the successful issuance of this bond is capable of acting as a great support and helping the CBN to manage its FX crisis, all of which will help to strengthen the exchange rate.

 

 

 

Presco Plc projects profit after tax of N14.5 billion in Q4 2021.

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Presco Plc released its earnings forecasts for the fourth quarter of the year (Q4, 2021) ending 31st of December, 2021.
• Turner is expected to hit N44.57 billion.
• Cost of sales is projected at N16.3 billion.
• Administrative expenses totalled N6.7 billion.
• Tax projection of N5.09 billion.
• Profit after tax is projected at N14.51 billion.

See link to results.

Meyer Plc: Notice of Board Meeting

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Meyer Plc has notified its shareholders, the investing public and other relevant stakeholders that it will be hosting a Board of Directors Meeting on Friday, October 8, 2021, by 10 am prompt.

This is according to a press statement signed by the company’s secretary, Kalu O. Kalu, and filed with the Nigerian Exchange Limited (NGX).

According to the notice, the board meeting is scheduled to enable the Directors consider and approve the company’s unaudited accounts for the third quarter of the year ending 30th of September, 2021.

Consequently the company will be observing a closed period from October 1, 2021 until 24 hours after the financial results have been released to the NGX and made public. During the closed period, all insiders and their connected persons are prohibited from trading (i.e buying, selling, transferring or otherwise dealing) in the company’s shares.

 

For more information about the disclosure, click HERE.

 

Guinness Nigeria set to hold Board Meeting on October 19.

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Guinness Nigeria Plc has notified shareholders, the Nigerian Exchange Limited (NGX), the investing public and other stakeholders that it will be hosting a Board of Directors Meeting on the 19th day of October, 2021.

This is according to a recent notice issued by the brewing giant and filed with the Nigerian Exchange Limited (NGX), as seen by Nairametrics.

According to the disclosure, the Board meeting was scheduled to enable the company consider and approve its financial results for the quarter ending 30th of September 2021, amongst other issues. If approved, the company’s result for the period is expected to be published on the NGX website on or before 20th of October, 2021.

Consequently, the Company will commence a closed period from 30th of September, 2021 until 24 hours after the outcome of the Board Meeting is announced to the investing public. During the closed period, no director, person discharging managerial responsibility and adviser of the Issuer and their connected persons shall deal in the securities of the Company.

 

See link to notice.

 

Prestige Assurance Plc gets new Director.

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Prestige Assurance Plc has announced the appointment of Mrs Rekha Gopalkrishnan into its Board as a Non-Executive Director, with effect from September 13, 2021. The appointment has been ratified by the National Insurance Commission (NAICOM).

This is according to a notice issued by the Insurance firm, which partly reads: ‘’Prestige Assurance Plc (the Company) wishes to inform the Nigerian Exchange Limited (NGX), its shareholders and the investing public that the National Insurance Commission (NAICOM) has approved the appointment of Mrs Rekha Gopalkrishnan as a Non-Executive Director with effect from September 13, 2021.’’

About Mrs Rekha Gopalkrishnan

Mrs Rekha Gopalkrishnan is an accomplished insurer and administrator with over 35 years of experience. She started her working career with The New India Assurance Company Limited, Mumbai in 1985, and worked in various capacities in the Divisional and Regional offices. Her services in the aforementioned firm cuts across technical and administrative functions, she was also in charge of the Reinsurance functions in 2010, having garnered international business exposures with expertise in arranging placements of the reinsurance programmes. She was later promoted to the rank of a General Manager, where she became responsible for corporate communication department, reinsurance, credit insurance, government audit, investment, foreign business department and internal audit portfolios with functions of financial advisor. In 2019, she was appointed as Nominee Director of Stock Holding by GIPSA.

Rekha holds a bachelor and Masters degrees in Commerce.

What you should know:

  • Prestige Assurance Plc is a subsidiary of The New India Assurance Company Limited, Mumbai and was founded in 1952, with its headquarters currently situated in Lagos, Nigeria. The Nigerian based insurance company provides non-life insurance services, some of its product offerings include; motor, marine, bond, engineering, fire, aviation, oil and gas, and general insurance. The insurance firm also provides all risk insurance and products for group personal accident, burglary, fidelity guarantee, workmen’s compensation, machinery breakdown, fire and allied perils, consequential loss insurance and liability insurance.
  • The insurance firm closed trading today 23rd of September, 2021 with a share price of 47 kobo per share.

AIICO Insurance Plc: Notice of Board Meeting.

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AIICO Insurance Plc has announced that its Board of Directors will meet on Thursday, 21st of October 2021, to review and approve cogent issues affecting the company.

This is according to a notice signed by the company’s secretary, Donald Kanu, and sent to the Nigerian Exchange Group Limited (NGX).

According to the notice, the meeting will enable the Board Directors to review and approve the company’s unaudited financial statement for the nine months period ending 30th of September, 2021.

In addition, the Board will seize the opportunity to fix a date for its 2020 (51st) Annual General Meeting of the Company. Consequently, decisions reached at the meeting will be duly communicated.

Finally, the firm also announced that it will commence its closed period from 1st of October, 2021 until 24 hours after the company’s unaudited financial statement and outcome of the board meeting have been made public in line with Rule 17:17 of the Closed Period, Rulebook of the Exchange, 2015 (Issuers’ Rule) as amended.

It is important to state that during the closed period, all insiders and their connected persons are strictly prohibited from transacting the shares of the company.

Here is a link to the notice.

 

ABC Transport projects profit after tax of N30.08 million in Q4 2021.

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ABC Transport Plc released its earnings forecasts for the fourth quarter ending 31st of December, 2021.

  • Revenue is expected to hit N1.17 billon.
  • Cost of sales is projected at N839.4 million.
  • Marketing, distribution and administrative expenses projections of N288 million.
  • Tax is projected at N20.05 million.
  • Profit after tax is projected at N30.08 million.

See link to forecasts.

Secure Electronic Technology Plc announces sudden death of its Managing Director.

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Secure Electronic Technology Plc has announced the sudden death of its Managing Director, Oloye Jonathan A.O. Olopade (OFR).

His death was confirmed in a press statement that was signed by the Vice Chairman of the Company, Dr Odunlami Kola-Daisi, made available on the website of the Nigerian Exchange Limited.

Until his death, Chief Olopade was a distinguished business leader and astute administrator, who was tireless and unreserved in his commitment towards promoting the affairs of the Company he co-founded and served right till the end.

According to some of his colleagues on the Board, the late Chief Olopade left an indelible impact in their lives and would be best remembered for his integrity, dedication and exceptional leadership qualities.

In a bid to fill the void left by the departing boss, the Board seized the opportunity to announce the appointment of Mr Olusoji Oyeyemi as the new Managing Director/Chief Executive Officer of the Company. He would superintend the day to day affairs of the company.

Mr Olusoji Oyeyemi is a certified information technology systems expert with over 25 years of cognate industry experience in technology, marketing and analytics. He has a track record of conceptualizing and implementing business, commercial and analytical solutions. In this light, he brings a wealth of knowledge and experience in IT systems development, management and strategy, with a firm understanding of the lottery and Gaming industry from both technical and operational perspectives.

Similarly, the Board also appointed Mrs Irene Attoe as the new company secretary, effective 1st of September, 2021. Her appointment is sequel to the resignation of the former secretary, Ms Immaculata Mbaso.

Irene would manage the company secretariat and oversee compliance advisory to the Board and Management.