Royal Exchange Plc appoints new company secretary.

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Royal Exchange Plc has announced the appointment of Mazars Ojike and Partners as its new company secretary, effective from 30th of May, 2021.

This is contained in an official disclosure sent to the Nigerian Exchange Group Limited (NGX) which reads: ‘’Royal Exchange Plc (the company) wishes to inform its shareholders and the investing public that the company has appointed Mazars Ojike and Partners as its new Company Secretary.’’

By the virtue of its appointment, Mazars Ojike and Partners will offer secretarial services and act as representative of Royal Exchange Plc.

About Mazars

Mazars Ojike and Partners is part of an international audit, tax and advisory firm. It has six distinct service lines which include; accounting and outsourcing solutions, audit, consulting, financial advisory, legal/corporate commercial and tax solutions. The firm was indigenously established in June 1975 and currently boasts of over 90 professionals (including 4 partners)

 

For more information about the recent disclosure, click HERE.

 

Prestige Assurance Plc projects profit after tax of N1 billion in Q3 2021.

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Prestige Assurance Plc released its earnings forecasts for the third quarter of the year (Q3, 2021).

  • Turnover was projected at N7.5 billion
  • Profit before tax was projected at N1.25 billion
  • Tax was projected at N250 million.
  • Profit after tax was projected at N1 billion.

The forecasts were made based on numerous assumptions, among which are;

  • There will be no serious Government restrictions of trade that will affect the insurance business.
  • The company will not suffer any major catastrophe which will necessitate reduction of investment portfolio for claims payment.
  • There will not be any considerable reduction in the level of interest rate.
  • The capital Market activities will improve significantly from the bearish position to the bullish.
  • The country political climate shall be stable for carrying out business activities across the nation.

For more information about the disclosure, click HERE.

 

Omatek Ventures Plc announces Board Meeting.

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Omatek Ventures Plc has notified stakeholders and the investing public of its imminent Board of Directors meeting, scheduled on July 19, 2021.

This is according to a disclosure signed by the Company’s secretary, Femi David Ikotun and sent to the Nigerian Exchange Group Limited.

The meeting will hold via zoom on the aforementioned date and by 3:00 pm prompt. Amongst other issues, the meeting is scheduled to consider the unaudited financial statements of the company for the second quarter ending 30th of June, 2021 (Q2, 2021).

In line with statutory provisions, the company will be observing a closed period from 1st of July, 2021 until 24 hours after the unaudited financial statements have been filled with The Exchange.

What you should know:

  • During the close period, no insider of Omatek Ventures Plc will be able to deal with its shares, whether directly or indirectly.
  • Omatek Ventures Plc had earlier reported a loss of N376.8 million in Q1 2021.

For more information about the notice, click HERE.

 

NGX Suspends Trading on GTB Shares ahead of Holdco listing.

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The Nigerian Exchange Group Limited (NGX) has suspended trading in the shares of GT Bank Plc, ahead of its listing as a holding company.

This was disclosed by the head of listings and regulation department of the NGX, Godstime Iwenekhai, through a bulletin issued on Friday.

Commenting on the recent development, Iwenekhai said: “Trading License Holders and the investing public are hereby notified that trading in the shares of Guaranty Trust Bank Plc (the Bank) was suspended today, Friday, 18 June 2021.

“The suspension is necessary to prevent trading in the shares of the Bank in preparation for the eventual delisting of Guaranty Trust Bank Plc from the Daily Official List of the Nigerian Exchange Limited (NGX) and listing of the Holding Company, Guaranty Trust Holding Company Plc on NGX.”

Recall that GTBank had earlier obtained a regulatory approval-in-principle (AIP) to restructure into a financial holding company (Holdco), following shareholders and investors approval. In line with the development, investors approved the transfer of 29,431,179,224 ordinary shares of 50 kobo each in the issued and paid-up share capital of the bank held by them to Guaranty Trust Holding Company Plc.

What you should know:

  • Given the recent development, GT Bank will join the growing list of financial holding companies in Nigeria, such as: FBN Holdings Plc, FCMB Group Plc , Stanbic IBTC Holdings Plc and Access Bank Plc (still in process)
  • With its new status as a holding company, the bank will be able to diversify into other allied businesses like asset management, insurance, payment service and even pension management.

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Seplat Petroleum Development Company changes name to Seplat Energy Plc.

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The Nigerian Exchange Limited has notified trading license holders, investors and other relevant stakeholders of the implementation in the change of name of Seplat Petroleum Development Company Plc (the Company) to Seplat Energy Plc.

The recent development is in line with the consensus reached at the recently concluded Annual General Meeting of the company held on 20th of May, 2021. At the aforementioned meeting, shareholders of the company voted in support of the change of name and consequently, a new certificate of incorporation was issued from the Corporate Affairs Commission.

The change of name is a reflection of the recent efforts by the organization geared towards ensuring a seamless transition into a full energy solutions company. It is in line with its (the organization) goal of being a key player in promoting and operationalizing a low carbon environment in the nearest future.

It is pertinent to note that despite the change in name, the Company’s trading symbol remains the same.

What you should know:

  • Seplat announced a total dividend of $0.10 for the 2020 financial year. The breakdown of the total dividend showed that an interim dividend of $0.05 was first announced in October 2020, and subsequently followed by a final dividend of $0.05.
  • Speaking at the recently concluded 8th AGM of the company, the Chairman of the board, Mr. ABC Orjiako noted that following a capital injection of about $535 million raised through the firm’s IPO launched in May 2014, the company has since returned $344 million to shareholders in the form of dividends.

 

 

Trans Nationwide Express Plc postpones Annual General Meeting by a week.

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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:

  • On the 27th of May 2021, Trans Nationwide Express Plc announced that it will be hosting its AGM on 21st of July at the aforementioned venue. Among other things, the firm’s audited financial statements for the year ended, together with the reports of the Directors, independent auditors and the audit committee were to be reviewed.
  • Trans Nationwide Express Plc is a leading logistics and courier service company in Lagos, Nigeria. It offers Courier services, Cargo, Cold chain, Air cargo nationwide and internationally.

For more information about the recent disclosure, click HERE.

 

 

 

CAP Plc appoints Vitus Ezinwa as Non-Executive Director.

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The Board of Directors of Chemical and Allied Products Plc, has announced the appointment of Dr. Vitus Ezinwa as Non-Executive Director of the company effective from 17th of June, 2021.

According to a notification signed by the company’s secretary, Ayomipo Wey, the appointment of Dr. Ezinwa is subject to the approval of shareholders at the firm’s next Annual General Meeting.

Recall that Ezinwa had recently resigned from the Board of Portland Paints and Products Nigeria Plc, as a Non-Executive Director. The resignation became effective on 28th of May, 2021.

About Dr. Vitus Ezinwa

Vitalis is an accomplished business manager and human resource professional with long term career experience in leading multinational corporations like; Promasidor Africa, Coca-Cola, British American Tobacco etc.

Vitus holds a Bachelor’s degree in Sociology/Anthropology from the University of Nigeria, Nsukka, MBA in Management from Lagos Business School, a Masters in Applied Business Research and a Doctorate in Business Administration, both from Swiss Business School, Zurich, Switzerland

 

See link to the recent announcement.

Lafarge Africa Plc redeems 5-Year fixed rate Series 2 bond worth N33.6 billion.

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Lafarge Africa Plc has announced the redemption of its matured N33.6 billion Series 2 bond due on June 15, 2021.

This is according to a notice signed by the company’s CFO, Lolu Alade-Akinyemi, and sent to the Nigerian Exchange Group Limited.

According to the notice, the redeemed bond was issued on June 15, 2006 with a 5-year tenor and a fixed coupon of 14.75%. Sequel to this, the firm has announced the redemption of the matured bond. Affirming this, a part of the recently issued notice read thus: ‘’ The Company leveraging on its performance and its recently concluded Management strategic plans to systematically deleverage the Company, has redeemed the Series 2 Bond from internally generated cash flow.

‘’In view of this, the Company has no outstanding issued Bond under the N100 Billion Bond issuance Programme.’’

What you should know:

  • Lafarge Africa Plc had registered a N100 billion Bond Issuance Programme in June 2016, out of which the sum of N60 billion was issued in Series 1 and 2 of the programme.
  • The Series 1 bond was issued on June 10, 2016 with a 3-year tenor and at a fixed coupon of 14.25%. This bond has since been redeemed.
  • In addition, the Series 2 bond which was due to mature on June 15 2021, has now been fully redeemed.

For more information about the recent disclosure, click HERE.

11 Plc set to acquire 51% equity stake in Capital Hotels Plc.

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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.

 Mutual Benefits Assurance Plc reports loss after tax of N1.97 billion in Q1 2021.

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Mutual Benefits Assurance Plc released its unaudited interim results for the first quarter of the year (Q1, 2021).

  • Net premium income was N5.45 billion. (+27.1% YoY)
  • Net benefits and claims of N1.35 billion. (+70.5% YoY)
  • Underwriting profit was N3.17 billion. (+23.9% YoY)
  • Loss after tax was N1.97 billion. (-312% YoY)
  • Loss per share of 19 kobo. (-311% YoY).
  • Total shareholders fund for the period was N21.4 billion

See link to results.