Chemical and Allied Products Plc – NAIRAMETRICS| COMPANY EARNINGS

CAP Plc appoints UACN GMD, Folasope Aiyesimoju as Non-Executive Director.

6 October 20216 October 2021 Chidi Emenike Leave a comment

Chemical and Allied Products Plc (‘’CAP Plc’’) has appointed Mr Folasope Aiyesimoju into its Board as a Non-Executive Director, effective from October 5, 2021.

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

According to the disclosure, the appointment is subject to the approval of the company’s shareholders at its next Annual General Meeting (AGM).

About Mr Folasope Aiyesimoju

Mr. Aiyesimoju is a finance expert with cross-national experience spanning corporate finance, principal investing and private equity. He is currently the Group Managing Director of UAC of Nigeria Plc (“UACN”), and also the founder of Themis Capital Management, an investment firm focused on concentrating capital and talent on high-potential opportunities in Sub-Saharan Africa.

Prior to founding Themis, he worked with Kohlberg Kravis Roberts, a leading global investment firm. His experience also includes working with the Standard Bank Group, where he led mergers and acquisitions in Nigeria. He spent the early part of his career with Ocean and Oil Holdings Limited, a principal investment firm in Nigeria and ARM Investment Managers, one of Nigeria’s leading investment advisory and wealth management firms.

Mr. Aiyesimoju co-founded Foodpro Limited, a nutritional snacks business focused on edible nuts, where he currently serves as a non-executive director. He also sits on the Boards of MDS Logistics Limited, Grand Cereals Limited, UAC Foods Limited and UPDC Plc.

Mr. Aiyesimoju holds a B.Sc. (Hons) degree in Estate Management from the University of Lagos, where he was awarded a Certificate of Excellence in Real Estate Development and Finance, and earned the right to use the CFA designation in 2006

Federal High Court Approves Merger Between CAP Plc and Portland Paints.

1 July 20211 July 2021 Chidi Emenike Leave a comment

The Federal High Court has granted an order sanctioning the merger between Chemical and Allied Products Plc (CAP Plc) and Portland Paints and Products Nigeria Plc, effective from 1st of July, 2021.

This is according to a disclosure signed by the Managing Director of Portland Paints, Bolarin Okunowo and sent to the Nigerian Exchange Group Limited (NGX).

The merger is sequel to the approval granted at the respective court-ordered meetings of Portland Paints and CAP held on 18th of February, 2021. In light of this, the Federal High Court of Nigeria on 29th of June, 2021 granted the approval to proceed with the merger of the aforementioned firms.

Affirming this, a part of the recent notice read: ‘’ Portland Paints and Products Nigeria PLC (“Portland Paints”) hereby notifies Nigerian Exchange Limited (the “Exchange”), our shareholders and the general public that following the approval of the scheme of merger between Portland Paints and Chemical and Allied Products Plc (“CAP”) (the “Merger”) at the respective court-ordered meetings of Portland Paints and CAP held on February 18, 2021, the Federal High Court of Nigeria, on June 29, 2021, granted an order sanctioning the Merger. The Merger will become effective on Thursday, July 1, 2021 (the “Effective Date”).’’

Mr. Okunowo noted that subject to the approval of the Exchange, the shares of Portland Paints will be placed on full suspension a day before the effective date, that is, from the close of business on 30th of June, 2021. This is to enable the company update its register of members for the purpose of determining the shareholders eligible to receive the scheme consideration.

What this means:

By the virtue of the merger, it is imperative to note that CAP and Portland Paints will from the effective date (today) operate as one entity, with CAP being the surviving enlarged entity. Portland Paints will be dissolved without being wound up.

In addition, the merger provides a unique opportunity to help drive growth and expansion within the Nigerian paints and coatings landscape, creating more value for shareholders and relevant stakeholders.

Finally, the merger is expected to create an ‘’Enlarged CAP’’ which will dominate the Nigerian paints market, printing the industry’s largest market share estimated to be around 14.9%. The enlarged entity will float an enlarged product portfolio with strong brands and a rich product mix of CAP and Portland Paints in the standard, premium, industrial and marine/protective segments.

What you should know:

To effectively conclude the deal, Nairametrics had earlier reported that CAP Plc had been authorized to receive all the assets, liabilities, product offerings and property rights of Portland Paints and Products Nigeria Plc.
In view of the merger, CAP Plc was authorized to pay cash consideration of N2.90 to the Scheme shareholders for each ordinary share of N0.50 held in Portland Paints as at close of business on the terminal date.

CAP Plc appoints Vitus Ezinwa as Non-Executive Director.

18 June 202122 June 2021 Chidi Emenike Leave a comment

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.

CAP Plc appoints Yomi Adenson as new Chief Financial Officer.

3 June 20213 June 2021 Chidi Emenike Leave a comment

The Board of Directors of Chemical and Allied Products Plc, has announced the appointment of Mr. Yomi Adenson as the new Group Chief Financial Officer of the company effective from 1st of June, 2021.

This is according to a disclosure signed by the company’s secretary, Ayomipo Wey and sent to the Nigerian Exchange Group Plc (NGX Group).

As part of his responsibilities, Yomi will support the Board in driving the Group’s strategic vision and harnessing greater wealth building opportunities for shareholders.

Profile

Yomi is a Chartered Accountant with over 15 years of professional experience and technical competence in treasury management, financial control, process improvement, financial planning, tax and regulatory compliance, among others. Prior to joining CAP Plc, he worked with Promasidoe Nigeria Limited as a Senior Manager/General Manager, Finance. He also worked in reputable brands like May and Baker Plc and Dunlop Nigeria Plc.

Yomi has a master’s degree in Finance and a certificate in Leadership programme from the prestigious Manchester Business School. He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), and a serving board member of the Taxation and Fiscal Committee of ICAN.

What you should know:

Chemical and Allied Products Plc is a subsidiary of UAC of Nigeria Plc. It specializes in the manufacturing and distribution of paints, personal and household products, crop protection and public health products. It also provides decorating and renovation services.

See link to the recent announcement.