NSE approves delisting of 11 Plc shares.

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Following an application to the Nigerian Stock Exchange (NSE) on the voluntary delisting of 11 Plc (formerly known as Mobil Oil Nigeria Plc), the NSE has approved the delisting application.

According to the NSE, the application was ratified subject to 11 Plc’s evidence of opening an escrow account in the registrar’s name and evidence that the shareholders who have accepted to exit have been paid.

The company had opened an escrow account with GTL Registrars and Data Solutions Limited and provided sufficient funds to shareholders, who as of March 15, 2021, have accepted the ‘Exit Consideration’ of N213.90 per share. The Exit Consideration is based on the highest price of N213.90 at which 11 Plc traded in the last 6 months preceding the date of the Annual General Meeting, where the decision to delist was passed in line with NSE guidelines.

The oil firm noted that the delisting process will enable it to strategize for better performance, minimize costs and stay competitive within the industry.

What you should know:

  • 11 Plc is a Nigerian-based petroleum products marketer which got listed on the Nigerian Stock Exchange in 1978. This implies that the firm has spent about 43 years on the Exchange.
  • The firm had earlier explained that the decision to voluntarily delist was recommended by the Board of Directors and supported by at least 75% of members present during the AGM.
  • By implication, over 360.6 million units of the firm’s shares will be delisted from the daily official list of the NSE.

For more information about the disclosure, click HERE.

Berger Paints Nigeria Plc reports a 67% decline in Profits in FY 2020.

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Berger Paints Nigeria Plc released its full-year results for the year ended 31st December, 2020.

  • Revenue for the year was N3.84 billion. (+7% YoY)
  • Administrative expenses of 01 billion (+7% YoY)
  • Profit for the year was N146.02 million (-67% YoY)
  • Earnings per share of N0.50 vs N1.55 YoY.
  • Gross margin was 37% (+945bps)
  • No dividend announcement was made

See link to results.

MTN Nigeria raises N73.5 billion from CP Issuance to finance operations.

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MTN Nigeria Plc has raised a total of N73.5 billion through its Series III and Series IV CP Issuance Programme, in a bid to meet its working capital requirements and for general corporate purposes.

This is according to a disclosure issued by the telecommunication giants and signed by its secretary, Uto Ukpanah, as seen by Nairametrics.

The company revealed that as part of its strategy in diversifying its financing sources, it obtained the approval of FMDQ Securities Exchange in November 2020 to increase its CP programme from N100 billion to N200 billion. This is sequel to the success recorded in its N100 billion inaugural Series I and Series II CP Issuances in June 2020, which have been redeemed.

On the other hand, the telecommunications giant also revealed that the company has obtained the approval of the Securities and Exchange Commission to launch a Bond Issuance Programme. Sequel to this, the company will issue a 7-Year Series I fixed rate bond under a debut N200 billion bond issuance programme.

What you should know:

  • The book build for the series III and series IV CP Issuances commenced on 11th of March, 2021 and closed on 19th of March, 2021.
  • The series III and series IV CP cleared at a discount rate of 6.7652% and 7.5546% respectively.
  • A total of N19, 765,447,000 was raised through series III CP Issuance, while series IV CP Issuance generated a total of N53, 742,807,000.
  • Collectively a total of N73, 508,254,000 was raised through the issuance of both series- series III and series IV.

For more information about the disclosure, click HERE.

Jaiz Bank proposes dividend worth N884 million for shareholders.

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The Board of Directors of JAIZ Bank Plc has proposed a sum of N884 million as dividend to be paid to shareholders for the period ended 31st of December 2020.

This is according to a disclosure signed by the company’s secretary, Rukayat Dahiru, and sent to the Nigerian Stock Exchange.

According to the notice, the approval of the proposed dividends will see the Non-interest bank pay out a dividend of 3 kobo for each of the outstanding 29,464,249,300 ordinary shares of the company, held by its shareholders.

Despite posting double-digit growth in most of its key financial metrics in FY 2020, such as; PAT (+19%), PBT(+45%), etc., it is pertinent to note that JAIZ Bank’s proposed dividend remained unchanged when compared with what it declared last year (FY 2019: 3 kobo)

It is also worthy to note that the proposed dividend if ratified will be disbursed to qualified shareholders’, whose names appear in the Register of Members as at close of trading on 10th of June, 2021.

In addition, shareholders are urged to complete the e-dividend registration and submit to the Registrar (Africa Prudential Plc) or their respective banks.

What you should know:

  • Jaiz Bank Plc earlier reported a profit after tax of N2.9 billion in FY 2020
  • It closed trading yesterday 8th of April, 2021 with a share price of 62 kobo

For more information about the proposed dividend, click HERE.

Access Bank Plc holds FY 2020 investors presentation.

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Access Bank Nigeria Plc held its FY 2020 results presentation to investors and analysts. Below are the facts to the figures;

  • The bank recorded a surge in its customers’ base, surpassing over 40 million customers in 2020- a number that puts the bank above 47 African countries (82%) in terms of population.
  • The Bank’s Return on Equity (ROE), CAR and Tier 1 ratios stood at 15.6%, 20.6% and 15.46% respectively.
  • Of its global 6,897 professional staff in 2020, 53% are male while 47% are female.
  • It raised a total of N15 billion in green finance sequel to its launch of the first Green bond in SSA. It also spent a total of N10.25 billion in community initiatives.
  • Cost to Income ratio declined to 63.4% in FY 2020 (-2.7% YoY)
  • The Bank explained that its strong and diversified revenue growth in 2020 has been driven by expansive retail banking growth, optimizing value chain for wholesale banking customers and well-executed trading strategy among others.

For more information about the investors’ presentation, click HERE.

BUA Cement Plc holds FY 2020 investors presentation.

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BUA Cement Plc held its FY 2020 results presentation to investors and analysts. Below are the facts to the figures;

  • The cement company attained 60% capacity utilization, dispatching over 5.1mmt volume of cement in 2020.
  • The company closed with a market capitalization of N2.6trillion as at December 2020.
  • It also emerged as the largest cement producer in the North-West, South-South and South-East regions of the country.
  • Profit before and after-tax rose by 19.1% and 19.4% to N78.9 billion and N72.3 billion respectively.
  • EBITDA increased by 18% YoY to N96.8 billion as at FY 2020.
  • The cement company issued a total of N115 billion corporate bonds, the largest in the history of the Nigerian Debt Capital Market.
  • The company also revealed that it is currently expanding output capacity from 11mmtpa in 2021 to 20 mmtpa with the construction of new lines at Adamawa, Edo and Sokoto states.

For more information about the investors’ presentation, click HERE.

Presco Plc proposes dividend worth N2 billion for shareholders.

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The Board of Directors of Presco Plc has proposed a dividend of N2 for every share of 50 kobo held by shareholders, amounting to a total of N2 billion for the year ended 2020.

This is according to a disclosure signed by the company’s secretary, Patrick Uwaida, and sent to the Nigerian Stock Exchange.

According to the notice, dividends will be paid electronically to qualified shareholders’ on the 26th of July, 2021. The qualified shareholders are those, whose names appear in the Register of Members as at close of trading on 6th of July, 2021.  Other qualifying conditions are;

  • Shareholders must have completed the e-dividend registration.
  • In addition, shareholders must have mandated the Registrar (First Registrars and Investor Services Limited) to pay their dividend directly into their bank accounts.

What you should know:

  • The company is expected to discuss this proposed dividend in its imminent Annual General Meeting scheduled to hold on 21st of July, 2021 at the Dura Club, Obarentin Estate, Benin Sapele Road, Edo State.
  • The Company had earlier recorded a 37.1% surge in profit after tax, after it posted the sum of N5.26 billion as PAT for FY 2020.
  • The Company’s share price currently trades at N72, while its outstanding shares as at the period of reporting this stands at 1 billion units.

For more information about the proposed dividend, click HERE.

Wema Bank Plc announces Board meeting.

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Wema Bank Plc has notified stakeholders and the investing public of its imminent Board of Directors meeting, scheduled on April 23, 2021.

This is according to a disclosure signed by the Company’s secretary, Johnson Lebile and sent to the Nigerian Stock Exchange.

The meeting is scheduled to consider the unaudited financial statements of the company for the quarter ended 31st of March, 2021 (Q1, 2021) along with other corporate actions. In line with this, the company will be observing a closed period from 7th of April, 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 Wema Bank Plc will be able to deal with its shares, whether directly or indirectly.
  • Wema Bank Plc had earlier reported a Profit before tax of N6.96 billion in FY 2020.

For more information about the notice, click HERE.

Dangote Cement Plc announces Board meeting.

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Dangote Cement Plc has notified stakeholders and the investing public of its imminent Board of Directors meeting, scheduled on April 29, 2021.

This is according to a disclosure signed by the Company’s secretary, Edward Imoedemhe and sent to the Nigerian Stock Exchange.

The meeting is most likely to consider the unaudited financial statements of the company for the quarter ended 31st of March, 2021 (Q1, 2021) and a host of other germane issues. Sequel to this, the company will be observing a close period from 14th of April, 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 Dangote Cement Plc will be able to deal with its shares, whether directly or indirectly.
  • Dangote Cement Plc had earlier reported a Profit of N276.07 billion in FY 2020.

For more information about the notice, click HERE.

Fidelity Bank Plc announces 33rd Annual General Meeting.

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Fidelity Bank Plc has announced that it will be hosting its 33rd Annual General Meeting on the 30th of April, 2021.

According to a notice sent to the Nigerian Stock Exchange platform, the meeting will hold at the Africa-Asia Meeting Room at Eko Hotels & Suites, Lagos at 10:00 am. The following will be discussed;

  • The audited financial statements of the company for the year ended 31st December 2020.
  • The proposed final dividend for the aforementioned period will be formally declared and subsequently paid.
  • Appointment into the company’s Board will be duly scrutinized and ratified.
  • The remuneration of board members in FY 2021 will be discussed and ratified. A proposal to pay Non-Executive Directors N20 million each and the Chairman of the Board N27.5 million was muted.
  • The remuneration of the company’s managers and auditors will also be considered and discussed.

What you should know:

  • Fidelity Bank Plc had earlier reported a profit after tax of N26.7 billion for the year ended 31st of December, 2020. Sequel to this, it declared a dividend of 92 kobo per share.
  • In line with CAC guidelines, attendance of the AGM will be by proxy only.

For more information about the AGM, click HERE.