DEAL: TY Holdings Acquires Majority Stake in BOC Gases Nigeria Plc.

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TY Holdings Limited, a firm linked to former minister of defence and retired military general, Mr Theophilus Yakubu Danjuma, has acquired a majority stake in BOC Gases Nigeria Plc.

In a notice made available on the website of the Nigerian Exchange Limited (NGX) today, TY Holdings purchased additional 249,746,823 ordinary shares in BOC Gases Nigeria Plc, translating to 60% of the entire shares in the company. Prior to the recent transaction, the majority stakes were held by BOC Holdings UK (a member of the Linde Group).

This purchase is in addition to the existing 12% shares of the Company owned by TY Holdings Limited prior to this transaction, bringing the ownership of TY Holdings Limited in BOC Gases Nigeria Plc to 72%.

Sequel to the conclusion of the deal, a change in the ownership structure of BOC Gases Nigeria Plc has been approved to reflect the new reality, effective from the 13th day of August, 2021. To this end, BOC Gases Nigeria Plc assured its esteemed shareholders and the public that the company will make sure that it sustains the reputation and standing it has built for over the last 62 years.

Back story:  Recall that in November last year, BOC Holdings UK (a majority shareholder) had announced a proposed divestment of its controlling equity interest in BOC Gases Nigeria Plc. The move would see the major shareholder sell off its interest of about 249,746,823 ordinary shares, translating to 60% of the latter’s total shareholdings.

In light of this, the firm announced that it has entered into a binding share purchase agreement with TY Holdings Limited on November 16, 2020.

What you should know:

  • TY Holdings Ltd is a Private Limited Company established in 1989 and based in Lagos, Nigeria. The organization operates as a holding companies sector with 5 branches, subsidiaries and associated companies.
  • BOC Gases Nigeria is a renowned manufacturer and distributor of industrial, special and medical gases, welding and medical equipment. The firm currently have a total shares outstanding of 416,244,706 units with a market capitalization of about N3.83 billion. It closed trading today 17th of August, 2021 with a share price of N9.20.

Universal Insurance Plc set to hold 51st Annual General Meeting (AGM) on September 8.

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Universal Insurance Plc has announced that it will be hosting its 51st Annual General Meeting on the 8th day of September, 2021 at 9:00am prompt.

According to a statement signed by the company’s secretary, Chinedu Anthony Onyilimba, and made available on the website of the Nigerian Exchange Group Limited (NGX), the meeting will be held at Radisson Blu Hotel, Ikeja GRA-Lagos on the aforementioned date and time.

Sequel to this, the following topical 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.universalinsuranceplc.com.

For more information about the AGM, click HERE.

 

Secure Electronic Technology Plc set to hold Annual General Meeting on 16th of September.

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Secure Electronic Technology Plc has announced that it will be hosting its Annual General Meeting (AGM) in Lagos on the 16th of September, 2021.

According to a notice signed by the company’s secretary, Immaculata Mbaso and sent to the Nigerian Exchange Group Limited (NGX), the meeting will hold at The Events Warehouse, Ilupeju-Lagos on the aforementioned date and by 12:00pm prompt.

In light of 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.

In compliance with COVID-19 related directives and guidelines, attendance at the AGM shall be by proxy only. In light of this, the company named five individuals as proxies from which shareholders could elect from.

For more details about the AGM, click HERE.

Coronation Insurance Plc: Notice of Annual General Meeting.

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The Board of Coronation Insurance Plc has announced that it will be hosting its 62nd Annual General Meeting (AGM) in Lagos on the 3rd of September, 2021.

According to a notice signed by the company’s secretary, Mary Agha and sent to the Nigerian Exchange Group Limited (NGX), the meeting will hold at the head office of the insurance firm in Ikoyi-Lagos on the aforementioned date and by 10:00am prompt.

In light of 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.

For more details about the AGM, click HERE.

 

Bricklinks Africa Plc reports profit after tax of N0.34m in Q2 2021.

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Bricklinks Africa Plc released its unaudited financial statements for the second quarter ended June 30, 2021.

  • Revenue for the period was N27.37m. (+1.5% QoQ)
  • Cost of sales was N18.43 million. (+1.5% QoQ)
  • Operating expenses totalled N8.6 million. (+1.5% QoQ)
  • Profit for the year was N0.34million. (+200.4% QoQ)
  • Earnings per share of 3.44 kobo Vs 3.42 kobo QoQ.
  • Total assets for the period stood at N799.6 million.

See link to results.

Seplat pegs exchange rate for its interim dividend payment at N411.14/$

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Seplat Energy Plc, a leading dual listed energy company in Nigeria, has announced that an exchange rate of N411.14/$ will be applicable in the determination of its proposed Q2, 2021 interim dividend of 2.5 cents

According to a disclosure signed by the Chief Financial Officer of the company, Emeka Onwuka 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 of GBP.

The exchange rate for the Naira or Pound Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 11th August 2021.

Exchange rate

  • 1 USD=411.14 Naira
  • 1 USD=0.7224 GBP

It is important to note that the recent dollar exchange rate announced by the firm for Q2 2021 interim dividend payment, is slightly higher than the Q1 2021 rates by 0.21%, translating to a nominal increase of about 85 kobo.

For more information about the disclosure, click HERE

 

Shareholders authorize FTN Cocoa directors to raise N1.4bn capital.

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The shareholders of FTN Cocoa Processors Plc have given their consent to a proposed plan by the directors of the company to raise a capital of up to N1.4 billion, subject to regulatory approval. This is part of the resolutions reached during the recently concluded Extra-Ordinary General Meeting of the company.

Affirming this, a notice signed by one of the directors of the company, Mr Akin Laoye, and made available on the website of the Nigerian Exchange Limited (NGX) read: ‘’Subject to obtaining the approval of the relevant regulatory authorities, the Board of directors of the Company (the “Board”) be and is hereby authorized to raise capital of up to ₦1,400,000,000 (One Billion Four Hundred Million Naira), on such terms and conditions and at such time, as the Board may deem fit or determine (“the Capital Raise”).’’

According to the disclosure, the capital is to be raised through the combinations of different strategic means, such as; private placement, rights issue, public offering etc. Subject to regulatory approval, the notice stated that;

  • The Board will offer shares to its shareholders via a rights issue or any other method approved by the relevant regulatory authorities, in compliance with CAMA 2020.
  • The Board will apply amounts outstanding under any convertible loan, shareholder loan or other loan facility due to any person, from the Company, as may be agreed between the person and the Company, towards payment for any shares to be subscribed for and allotted to such person under the rights issue or any other method approved by the relevant regulatory authorities for the offer to the shareholders.
  • In a bid to liquidate some of its debt to OH Origins Global Commodities Inc., the firm stated that it will allot shares outstanding from the Capital Raise to the latter on a basis of private placement / debt to equity conversion. The deal will be executed at a price not below the one offered to the shareholders and on such terms and conditions approved by the Board.
  • Perhaps the entire capital is not raised by the shareholders and by OH Origins, the Board is at liberty to raise the outstanding capital by way of public offering or any other method(s) or combination of methods such as; issuance of shares, convertible or non-convertible securities, loan notes etc.
  • The Board was also charged to exercise its legitimate powers in carrying out actions that will bring the plans into fruition, including but not limited to hiring professional advisers, execute agreements, deeds, notices and other transaction documents, among others.

Back story: Nairametrics had earlier detailed the adverse financial conditions of FTN Cocoa Processors Plc and the efforts it had taken to correct the anomaly. According to the report, the company had been facing financial setbacks since 2014.

True to the observation, the company also reported a half year loss of N689.7 million in its recently released unaudited financial statements for the Half Year period ended June 30, 2021. To this end, the recent approval to raise N1.4billion is a right step towards the right direction with a lot of multiplier impact that can return the company back to its profit ways.

FTN Cocoa Processors Plc closed trading today 12th of August, 2021 with a share price of 40 kobo.

PZ Cussons Nigeria Plc: Notice of Board Meeting

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PZ Cussons Nigeria Plc has announced that it will be hosting a Board meeting in Lagos on the 26th of August, 2021.

This is according to a notice issued by the company and sent to the Nigerian Exchange Group Limited today.

According to the notice, the meeting will enable the Board Directors to consider the company’s audited financial statement for the year ended 31st of May, 2021. Decisions reached at the meeting will be subsequently communicated.

In addition, the firm also announced that it has commenced a closed period from 1st of June 2021 until 24 hours after the company’s financial statement and outcome of the board meeting have been made public in line with the Rulebook of the Nigerian Exchange Limited.

Here is a link to the notice.

International Breweries Director purchases additional 8.35m shares worth N41.7 million.

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International Breweries Plc has notified the Nigerian Exchange Group Limited that Mr. Michael Onochie Ajukwu, a Non-Executive Director in the firm, has acquired 8,346,021 additional units of its shares, worth ₦41.7 million.

The disclosure which is in line with The Exchange’s policy on insider dealing was signed by the company’s secretary, Muyiwa Ayojimi.

According to the notice, Mr. Ajukwu acquired additional 8.35 million units of International Breweries shares at ₦5.00 per share. This put the total consideration for the shares purchased by the non-executive director at ₦41,730,105.

The deal was finalized in two tranches on 4th and 5th of August, 2021. The breakdown of the deal shows that;

  • About 99.5% of the recent total acquisition, translating to about 8,308,421 units of shares were purchased on the first day of the transaction at the rate of N5 per share, amounting to N41,542,105.
  • On the last day of transaction (5th of August, 2021), 37,600 units were further purchased at N5 per share, totalling N188,000.

It is imperative to note that the disclosure is in line with the statutory requirements specified by the Exchange and needed to entrench transparency and confidence in the system. Trade by insiders, particularly purchases, often demonstrates confidence in the financial performance of the companies that they run.

What you should know:

  • As at June 2021, Mr. Michael Onochie Ajukwu holds about 62,000,000 units of International Breweries shares, translating to about 0.23% of the total shareholding in the company. The recent addition thereby raises his total shareholdings to 70,346,021 units.
  • International Breweries Plc’s share is currently trading at N5.00 on the floor of the Nigerian Exchange Limited (NGX).

 

Flour Mills of Nigeria Plc declares N6.8 billion as final dividend for 2020.

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The Board of a leading food and agro allied company, Flour Mills of Nigeria Plc (FMN), has announced the payment of N6.8 billion to its shareholders as the final dividend for the period ended 31st of March 2021.

According to a notice filed with the Nigerian Exchange Limited (NGX), Flour Mills of Nigeria Plc is expected to pay a final dividend of N1.65 per share on all the outstanding 4,100,379,605 ordinary shares of the company. This brings the total dividend pay out to qualified shareholders to N6.8 billion.

In addition, the notice also revealed that the dividend will be paid electronically to shareholders on the 9th of September, 2021, subject to appropriate withholding tax and approval at the Company’s Annual General Meeting scheduled to hold on 8th of September, 2021 at Eko Hotels and Suites, Lagos, by 2:00pm prompt.

To qualify for participation, shareholders must meet the following requirements;

  • Shareholders must have completed the e-dividend registration and must have mandated the Registrar (Atlas Registrars Limited) to pay their dividends directly into their bank accounts.
  • Only shareholders whose names appear on the Register of Members as at the close of business on 13th of August, 2021 will be considered
  • In light of the above, the Register of Members will be closed from Monday 16th of August to Friday 20th of August, 2021.

It is pertinent to note that the recent dividend declaration of N1.65 per share is 18% higher than the final dividend declared in corresponding period of last year (FY 2019: N1.40 per share).

What you should know:

  • Flour Mills of Nigeria Plc declared in its audited financial statements for 2020, that it made a profit after tax of N25.72 billion, indicating a surge of about 126% when compared with 2019 figures.
  • Consequently, the company’s earnings per share (EPS) during the period under review advanced by 183.6% YoY to print at N6.38.
  • As at the period of reporting this, Flour Mills of Nigeria Plc currently trades at N29.60 per share on the floor of the Nigerian Exchange Limited (NGX).