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Conoil Declares Final Dividend of 200 Kobo for 2019 FY

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Conoil filling station

Conoil Announces a  Final Dividend of 200 Kobo per 50 Kobo Ordinary Share

Conoil Plc, Nigeria’s indigenous oil marketing company, on Wednesday declared a final dividend of 200 kobo per 50 kobo ordinary share for the financial year ended 31, December 2019.

In a statement published by the company on the Nigerian Stock Exchange website, the company said registration of shareholders will be closed between Tuesday 14th to Friday 17th of July, 2020. Therefore, the qualification date is Monday 13, July 2020.

Conoil stated that the dividend would be disbursed electronically ‘on a date to be announced’ soon. However, the company said the dividends would only be paid directly to the bank accounts of those whose names appeared on the mandated Registrar.

“Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on the website: https://meristemregistrars.com/wp-content/uploads/2019/07/MeristemRegistrars_bank-Mandate-Form.pdf complete and submit to the Registrar or their respective Banks. The link to view Annual reports from their website is https://meristemregistrars.com/annual-reports/

Also, “Shareholders with dividend warrants and share certificates that have remained unclaimed, or are yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the Registrar,” Conoil stated.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Bonds

FG To Auction Three Bonds Worth 50B Each This Week

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Bonds- Investors King

The Debt Management Office has said that the Nigerian government will offer N150 billion bonds for subscription in June.

The bonds comprised three bonds worth N50bn each, a circular said Friday.

The DMO said the bonds will be auctioned on June 23 and all three have the same date for settlement.

The bonds are a 10-year re-opening bond to be offered at the rate of 16.2884 percent and to mature in March 2027; a 15- year re-opening bond to be offered at 12.5 percent with the maturity date of March 2035; and a 30-year re-opening bond to be offered at 12.98 percent and mature in March 2050.

FGN Bonds are “backed by the full faith and credit of the Federal Government of Nigeria”, the DMO said, adding that they are equally charged upon the general assets of Nigeria.

The debt office explained further that FGN bonds qualified as liquid assets for liquidity ratio calculation for banks.

For re-openings of previously issued bonds where the coupon is already set, the circular said successful bidders would pay a price corresponding to the yield to maturity bid that cleared the volume being auctioned, plus any accrued interests on the instrument.

Last month, the DMO offered similar bonds of N150bn bonds for a subscription which comprised three bonds worth N50bn each.

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Stock Market

NGX Suspends Trading in GTBank’s Shares Ahead of Guaranty Trust Holding Listing

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GTBank -Investors King

The Nigerian Exchange (NGX) Limited last Friday placed a full trading suspension on the shares of Guaranty Trust Bank(GTBank) Plc.

According to the NGX, the suspension was necessary to prevent trading in the shares of the bank in preparation for the eventual delisting of GTBank to pave way for the listing of the holding company(Holdco), Guaranty Trust Holding Company Plc on NGX.

Shareholders of the GTBank had ratified the plan to adopt a Holdco structure and the Group Managing Director of the bank, Mr. Segun Agbaje, had told them the development would see a new corporate entity, Guaranty Trust Holding Plc, take the place of GTBank on the London and Nigerian Stock Exchanges.

He explained that change would entail a 1:1 share transfer while the Holdco would serve as the parent company and corporate center for GTBank Nigeria, all GTBank African subsidiaries and all other new businesses that will be created following the transition.

“Our transition into a Holdco is a necessary step to future-proofing our leadership position, sustainably growing our earnings and achieving our long-term goal of becoming one of the top five financial institutions in Africa. It is also a critical part of our response to the seismic shifts in customer expectations and changes in business models,” Agbaje had said.

He noted that as a Holdco, they will compete more effectively with non-banks in the new competitive landscape; pairing their strength in financial services with an aggressive focus on creating value in every aspect of their customers’ lives.

“We will create a new payments business to deliver the innovative solutions that will deepen and extend digital financial services across Africa. We also believe that we are in a better position to drive an asset management business and a pension fund business, given our strong retail base and digital-first approach to financial services, which we have honed over the past decade. Taken together, our entry into these new growth areas will allow us to maximize our potential in a way that banks were restricted from and enhance the value we create as a platform for enriching lives,” he said.

According to him, following a decade of birthing innovative ideas and nurturing them into businesses, the Holdco structure would he bank to unleash the power within, in ways that allow us to thrive in spaces banks were excluded, build out the full value of the innovations they have nurtured over the years and deepen the value we can create stakeholders.

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Nigerian Stock Exchange

Presco Plc to Hold Emergency Meeting to Recommend Acquisition of Private Company to Shareholders

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Presco Plc - Investors King

Presco Plc, an agro-industrial company, has notified shareholders of the company, the Nigerian Exchange Group and the investing public that the Board of Directors of Presco Plc will hold an emergency meeting on Thursday 24th June, 2021 to recommend for the shareholders to consider the acquisition of an existing private company through shares.

The existing private company, according to a statement signed by Patrick Uwadua Esq., Company Secretary, Presco Plc, is in the same line of business with Presco Plc.

Presco said once considered, a resolution will be passed at the company’s next General Meeting to authorise the acquisition of all the shares of the existing private company.

Meanwhile, the company commenced its closed period on today, Wednesday 16 June 2021 until 24 hours after the decisions taken at the Board Meeting are released to the public.

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