Preline Limited acquires 61% stake in Eterna Plc.

Chidi Emenike Leave a comment

Preline Limited has announced the acquisition of 794,969,774 units of shares, representing about 60.98% of the total shareholdings in Eterna Plc.

The acquisition is following a unanimous decision by some substantial shareholders in Eterna Plc to sell their equity holdings in the company. The substantial shareholders who sold their equity holdings are; Lenux Integrated Resources Limited, Global Energy & Raw Materials Limited, Meristem Wealth Management Limited, Radix Capital Partners Limited, GASL Nominee Limited, GTI Capital Limited and Cardinalstone Partners Limited.

According to a statement signed by the company’s secretary, Bunmi Agagu, and made available on the website of the Nigerian Exchange Limited (NGX), the aforementioned substantial shareholders divested through a Sale and Purchase Agreement (SPA) that was executed to enable Preline Limited to become the new major shareholder.

Confirming the recent development, Eterna Plc in a notice filed with the Exchange stated that: ‘’We refer to Eterna Plc’s (“the Company”) public statement dated 21st December, 2020 in which we notified our Shareholders, The Nigerian Exchange Limited (“NGX” or “The Exchange”) and the general public that some of our substantial shareholders (Shareholders) have formally informed the Board of Eterna Plc (the Company) that they are in negotiations to sell equity holdings in the Company to a ‘New Investor’.

‘’Our substantial shareholders; Lenux Integrated Resources Limited, Global Energy & Raw Materials Limited, Meristem Wealth Management Limited, Radix Capital Partners Limited, GASL Nominee Limited, GTI Capital Limited and Cardinalstone Partners Limited have executed a Sale and Purchase Agreement (SPA) that enables Preline Limited acquire 794,969,774 (Seven Hundred and Ninety Four Million Nine Hundred and Sixty Nine Thousand Seven Hundred and Seventy Four) shares of Eterna Plc representing 60.98% in the Company.’’

The firm further added that it will file a formal application with the Securities and Exchange Commission (SEC) for an ‘’authority to proceed’’ with the transaction by the transacting parties. It also rationalized the announcement of the deal, noting that‘’ Is in fulfillment of our obligation to report such matters and we will continue to do so in line with Regulatory guidelines.’’

Back story: The aforementioned shareholders had earlier announced plans to divest their equity holdings to a new investor. Consequently, a Board of Directors meeting was convened to deliberate on the matter. Sequel to this, the Board on 21st of December, 2020, announced that it has ratified the decision by these shareholders to divest.

 

LivingTrust Mortgage Bank gets August 2023 deadline to increase shares held by public investors.

Chidi Emenike Leave a comment

LivingTrust Mortgage Bank has given update on its free float- which represents the portion of its shares in the hands of public investors as opposed to locked-in shares held by insiders or investors with controlling-interest.

In a recent notice signed by the company’s secretary, Timothy Gbadeyan, the mortgage bank revealed that it has secured a two-year grace period from the Nigerian Exchange Limited (NGX), valid till 20th of August 2023, to meet up with the statutory free-float requirements for listed companies.

The extension is to enable the firm meet up with the free float requirements of 20% issued and fully paid share capital or N20 billion free float market capitalization for companies listed on the NGX Main Board.

In a bid to address the free float deficiency, the firm also announced that its majority shareholders pledged to make available 750,000,000 ordinary shares of the company for trading to members of the public. In addition, the bank revealed that it will hold a ‘facts behind the figures session’ and an earnings call, among other activities to showcase the company’s performances during the grace period

In conclusion, it is pertinent to note that based on the provisions of Rule 3.1.4 of the Exchange’s Rules Governing Free Float Requirements for Listed Companies, NGX reserves the right to suspend trading in the company’s securities if it fails to achieve the required free float threshold within the extended period.

What you should know:

  • NGX had earlier given an extended timeframe to UACN Property Development Company Plc (UPDC Plc) and Prestige Assurance Plc to meet up with their free-float requirements.
  • LivingTrust Mortgage Bank closed trading today 24th of August, 2021 with a share price of 67 kobo per share.

NGX Gives Prestige Assurance Three Years Grace Period to Comply With Free Float Requirements.

Chidi Emenike Leave a comment

The Nigerian Exchange Limited (NGX) has granted a three-year grace period for Prestige Assurance Plc to meet up with its free-float requirements, effective till 20th of August, 2024.

The extension is to enable the firm meet up with the free float requirements of 20% issued and fully paid share capital or N20 billion free float market capitalization for companies listed on the NGX Main Board.

This is according to a statement signed by the company’s secretary, Chidinma Ibe-Louis, which partly reads: ‘’Prestige Assurance Plc (the Company) wishes to inform the Nigerian Exchange Limited (NGX or the Exchange), its shareholders and investing public that the NGX has granted an approva;l for a three-year extension of time to cure the Company’s free float deficiency, till 20th August 2024. This is to enable the company to comply with NGX’s free float requirements of 20% issued and fully paid share capital or Twenty Billion Naira free float market capitalization for companies listed on its Main Board.’’

In addition, based on the provisions of Rule 3.1.4 of the Exchange’s Rules Governing Free Float Requirements for Listed Companies, NGX reserves the right to suspend trading in the company’s securities if it fails to achieve the required free float threshold within the extended period.

What you should know:

  • NGX had earlier given UACN Property Development Company Plc (UPDC Plc) a 2 year grace period to meet up with its free-float requirements.
  • Prestige Assurance closed trading today 24th of August, 2021 with a share price of 47 kobo per share.

Resort Savings & Loans Plc appoints six new directors.

Chidi Emenike Leave a comment

Resort Savings & Loans Plc has announced the appointment of six (6) new Non-Executive Directors into its Board. This is following a unanimous decision reached at a Board meeting earlier convened on 18th of August, 2021.

According to a notice signed by the company’s secretary, Mrs Benedicta Sadare, and sent to the Nigerian Exchange Limited (NGX), the newly appointed Non-Executive Directors are; Mr. Andrew Chikwelu Nweke, Mrs. Kudi Badmus, Mr. Peter Adejoh, Mrs. Abimbola Joy Komolafe, Mr. Anthony Edeh, Mr. Ahmed Dahiru Modibbo.

Profile of newly appointed directors

Andrew Nweke is the Founder and Managing Director of Amborg Global Resources (AGR) Limited, a leading Engineering Company offering Integrated Construction Solutions and related services across Nigeria and Dubai. He has technical expertise in policy development, community development, project management and optimization. He also sits on the Board of several companies such as Norrenberger Securities Limited, Blue Phoenix Marine, etc.

Mrs. Kudi Badmus is a chartered accountant and currently the MD/CEO of Fort Capital Limited. She has occupied several executive and leadership positions and sits on the board of various companies. Her experience spans banking operations, treasury, finance and much more.

Mr. Peter Adejoh is an accomplished entrepreneur with profound knowledge and experience in information technology, banking, project management and consulting. He is currently the Executive Chairman/CEO of Camey & Rock Platform Holdings, a diversified pan-African investment company. He also serves as the Executive Chairman/CEO of Prime Luxury Address Limited, an exclusive real estate development and investment company and Vintage HUbb, where he doubles as both the co-founder and CEO.

Mrs. Abimbola Komolafe is a finance guru with over 30 years of experience in various sectors which include banking, Oil and Gas and consulting. She is a fellow of the Chartered Institute of Bankers of Nigeria (CIBN) and a fellow of the Institute of Chartered Accountants of Nigeria (ICAN). She retired from Shell Petroleum Development Company of Nigeria (SPDC) in 2017, after twenty (20) years of meritorious service. She is currently the MD/CEO of Threshold of Trust Nigeria Limited.

Mr. Tony Edeh is an experienced business leader with competencies in global financial management. He is currently the CEO of Norrenberger Financial Group; a multi-regulated financial services group. Tony previously worked as Executive Director and Chief Investment Officer (CIO) in New Frontiers Developments, a venture capitalist firm.

Mr. Ahmed Modibbo is a lawyer with over 30 years of post-call to bar experience. He has technical expertise in administration, corporate transformation, strategy and corporate governance among others. He is a Non-Executive Director of First Bank Holdings and currently the Managing Director of Highland Disco Acquisition Company Limited.

Transcorp Plc appoints Oliver Andrews as Independent Non-Executive Director.

Chidi Emenike Leave a comment

The Board of Directors of Transnational Corporation of Nigeria Plc (Transcorp Plc) has announced the appointment of Mr. Oliver Andrews as an Independent non-Executive Director of the company, with effect from 20th of August, 2021.

This information was disclosed by the leading diversified conglomerate in a notice signed by its secretary, Kofo Olokun-Olawoyin, and sent to the floor of the Nigerian Exchange Limited (NGX) today.

The notice partly reads: ‘’We write to formally notify the investing public and the Nigerian Exchange Limited that pursuant to the provisions of the Companies and Allied Matters Act and Article 31 of the Articles of Association of Transnational Corporation of Nigeria Plc (“the Company”), the Board of Directors of the Company on August 20, 2021, approved the appointment of Mr. Oliver Andrews as an Independent Non-Executive Director on the Board of the Company effective August 23, 2021.’’

Profile of the newly appointed director

Mr. Andrews is an accomplished leader, consultant and development expert with over thirty-five (35) years of relevant experience in infrastructure development, investing, public-private partnership and strategic advisory work. He was formerly Executive Director and Chief Investment Officer at the Africa Finance Corporation (AFC) and also served as CEO of TCI Infrastructure and the Gambian Ports Authority. This is in addition to various Board and leadership roles that he actively participated in.

During his career, in differing senior roles, he has overseen the investment of approximately US$10bn and originated US$100bn of infrastructure deals across the African continent on behalf of investee institutions.

Mr. Andrews holds an MBA from the University of Wales, is an Electrical and Electronic Engineer, a Chartered Marketer and also a Fellow of the Chartered Institute of Transport and Logistics.

 

 

 

 

Nestlé S.A invests additional N484.9 million in shares of its Nigerian subsidiary.

Chidi Emenike Leave a comment

Nestlé S.A, a renowned Swiss multinational food and beverage company, has invested an additional N484.9 million in shares of its Nigerian Subsidiary (Nestlé Nigeria Plc).

This is according to a notification signed by the Company’s Secretary, Bode Ayeku, and made available on the website of the Nigerian Exchange Limited (NGX).

According to the notice, Nestlé S.A acquired additional 346,334 units of Nestle Nigeria Plc shares at a price of N1, 400 per share. This puts the total consideration for the shares purchased by the parent company at N484, 867,600.

Additionally, it is imperative to note that the recent transaction which took place on the floor of the Nigerian Exchange Limited, were effected in two tranches on the following dates; 20th and 23rd of August, 2021.

Breakdown of the deal

  • In the first tranche which took place on the 20th of August 2021, the parent company purchased additional 48,795 units of its Nigerian subsidiary shares at N1, 400 per share, totalling N68, 313,000.
  • In the second and  last tranche which took place on 23rd of August 2021, the firm purchased a further 297,539 units of shares at N1, 399.86, totalling N416,512,944.54
  • In light of this, a total of 346,334 units of Nestle Nigeria’s share were purchased at an average price of N1, 400, totalling N484.9 million.

This disclosure is a regulatory requirement that must be reported to the Nigerian Exchange Limited (NGX), especially when a major shareholder or director of a publicly quoted company purchases or sells shares in the company they own. The move will further cement the position of Nestlé S.A as the majority shareholder in its Nigerian subsidiary (Nestlé Nigeria Plc).

As at the period of reporting this, Nestle Nigeria Plc is currently trading at N1400 per share.

 

BOC Gases Nigeria Plc announces resignation of two directors.

Chidi Emenike Leave a comment

BOC Gases Nigeria Plc has announced the resignation of two Independent Non-Executive Directors and representatives of BOC Holdings Uk, Messrs. Hendrik Mentz de Waal and Joseph Ramashala, from the company’s Board.

According to a notice signed by the Company Secretary, Mrs. Aderonke Segun-Alabi, and made available on the website of the Nigerian Exchange Limited (NGX), the resignation of the aforementioned individuals became effective from 10th of August, 2021.

It is also important to note that following their resignations, the duo ceased to be members of the Risk and Audit Committees of the Board.

Back story: Recall that TY Holdings Limited had recently acquired a majority stake in BOC Gases Nigeria Plc, following the purchase of an additional 249,746,823 ordinary shares in the latter. This move raised the total equity stake of TY Holdings Limited in the company to 72%.

Following the conclusion of the deal, the firm announced that there will be changes in the ownership structure of BOC Gases Nigeria Plc in a bid to reflect the new reality. In light of this, it is anticipated that some Board members especially those representing the defunct majority shareholder- BOC Holdings, UK, will have to give way for new directors to emerge.

Additionally, the firm thanked both directors for the outstanding efforts and contributions during their tenure as Independent Non-Executive Directors of the company, and wished them the greater success in their future endeavours.

BOC Gases Nigeria Plc closed trading today 23rd of August, 2021 with a share price of N11.10

 

 

Dangote Cement launches new N150billion Commercial Paper Programme.

Chidi Emenike Leave a comment

Dangote Cement Plc, Africa’s largest cement producer, has announced the launching of a new N150 billion Commercial Paper (CP) programme.

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

According to the disclosure, the new CP programme combined with an existing N300 billion multi-instrument issuance Bond programme will help broaden the firm’s funding sources and further ease access to capital market funding.

In addition, the cement manufacturing giant stated that the new commercial paper will be used to match working capital requirements and meet up with general corporate obligations.

Commenting on the recent development, the Chief Executive Officer of Dangote Cement Plc, Michel Puchercos said: ‘’The establishment of a new ₦150 billion Commercial Paper confirms Dangote Cement Plc’s ambition to maintain its long and successful track record of accessing the Nigerian debt capital market. Dangote Cement has issued an aggregate of ₦450 billion in Commercial Papers since 2018.

‘’I want to thank our stakeholders and investors who contributed to the success of all the previous issuances of the commercial paper programme. We look forward to the same warm reception as we engage with fixed income investors under this new programme. Thank you again for your continued trust in Dangote Cement.”

What you should know:

  • It is pertinent to note that the new CP has been registered on the platform of FMDQ Securities Exchange.
  • As at the period of reporting this, Dangote Cement Plc is currently trading at N245 per share.

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

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%.

 

 

Arbico Plc set to hold Annual General Meeting (AGM) on September 9.

Chidi Emenike Leave a comment

Arbico Plc has announced that it will be hosting its Annual General Meeting on the 9th day of September, 2021 at 11:00am prompt.

According to a statement signed by the company’s secretary, Olaniwun Ajayi, and seen by nairametrics, the meeting will hold at Ilupeju, Lagos on the aforementioned date and time.

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.
  • 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.

Furthermore, due to the COVID-19 pandemic, attendance of the AGM will be by proxy. Additionally, the firm also announced that the AGM will be streamed live online for shareholders and other stakeholders who will not be attending physically. The link for the AGM online live streaming will be made available on the company’s website at www.arbico.ng

For more information about the AGM, click HERE.