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AMC Completes Share Offerings, Raises $587M

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AMC Entertainment-Investorsking

AMC Entertainment said it has completed its new stock offering announced just Thursday morning, raising $587.4 million in additional capital.

The company said it sold 11.55 million shares at an average price of approximately $50.85 per share in an at-the-market equity program launched earlier Thursday.

When AMC announced the offering, it said in a filing it may sell some of the 11 million shares “from time to time.” Apparently, that time was now as it completed the offering in about three hours.

In a curious move typical of the meme stocks, the shares rallied off their lows on news of the completed sale as retail investors cheered the capital raised and looked past the dilution of their stakes.

Shares of the movie theater chain reversed 4 percent higher after shedding more than 30 percent earlier Thursday.

“Bringing in an additional $587.4 million of new equity on top of the $658.5 million already raised this quarter results in a total equity raise in the second quarter of $1.246 billion, substantially strengthening and improving AMC’s balance sheet, providing valuable flexibility to respond to potential challenges and capitalize on attractive opportunities in the future,” AMC President and CEO Adam Aron said in a statement.

AMC, the star of the show in Reddit’s WallStreetBets forum, has soared more than 140 percent this week alone as retail traders continued to encourage each other to pile into the speculative name. The shares have skyrocketed more than 2,900 percent this year.

On Wednesday, the company announced a new portal to connect with individual investors and offered free popcorn, exclusive screenings and other perks to those who hold its stock. The shares rallied 95 percent that day.

So-called short covering could be contributing to AMC’s massive rally as of late. On Wednesday, short-sellers betting against the stock lost $2.8 billion, bringing their year-to-date losses to more than $5 billion, according to S3 Partners. Short sellers are forced to buy back the stock to cut their losses amid a sudden rally.

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Nigerian Stock Exchange

Nigerian Equities Market Establishes Bullish Trend

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stock bull - Investors King

The equities market in Africa’s largest economy, Nigeria, extended its bullish trend on Thursday as the Exchange closed in the green amid rising renewed interest in the market.

Investors traded 158.366 million shares valued at N2.236 billion in 3,330 transactions during the trading hours of Thursday.

The Nigerian Exchange Limited All-Share Index gained 0.10 percent to close at 39,210.1 index points while the market value of all stocks grew to N20.437 trillion on Thursday.

The renewed interest followed weeks of bearish trends that trailed the market amid a broad-based profit-taking that encompasses the market after a prolonged bullish trend recorded in 2020 and Q1 2021 despite COVID-19.

Link Assurance led gainers with 9.09 percent to settle at N0.60 per share. This was followed by PZ’s 7.14 percent to close the day at N6 per share. See the details below.

Top Gainers

Symbols Last Close Current Change %Change
LINKASSURE N 0.55 N 0.60 0.05 9.09 %
PZ N 5.60 N 6.00 0.40 7.14 %
CHAMS N 0.20 N 0.21 0.01 5.00 %
MAYBAKER N 4.00 N 4.20 0.20 5.00 %
UNILEVER N 12.10 N 12.70 0.60 4.96 %

Top Losers 

Symbols Last Close Current Change %Change
CWG N 1.25 N 1.13 -0.12 -9.60 %
CHIPLC N 0.78 N 0.71 -0.07 -8.97 %
ABCTRANS N 0.40 N 0.37 -0.03 -7.50 %
WAPIC N 0.59 N 0.55 -0.04 -6.78 %
MBENEFIT N 0.46 N 0.43 -0.03 -6.52 %

Top Trades

Symbols Volume Value
ZENITHBANK 27323705.00 629220680.00
STERLNBANK 22023242.00 35086591.92
UBA 21687325.00 154234967.20
TRANSCORP 9154104.00 8153516.30
CHAMS 8320326.00 1679156.18

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Nigerian Stock Exchange

Airtel Africa Announces Default Currency Exchange Rates for Final Dividend

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Airtel Financial Results - Investors King

Airtel Africa on Thursday announced the default currency and options on currency election for the proposed 2.5 cents per ordinary share final dividend recommended by the Board.

The leading telecommunications and mobile money services company said the currency exchange rates that will be applicable in determination of the final dividend payment to any shareholders that qualify for and have elected to receive the final dividend payment in U.S. dollars, GB pounds or Nigerian naira will be as follows:

Arrangements for Shareholders that hold their shares on the London Stock Exchange (LSE):

• Shareholders that hold their shares on the London Stock Exchange may elect to receive their entire dividend payment in GB pounds or U.S. dollars.

• Partial elections are not permissible.

• Holders electing to receive a dividend should specify a choice of currency by completing the Currency Election Form and return to Computershare Investor Services plc.

• Shareholders holding their shares on the LSE who do not indicate their currency of choice before 12 July 2021 will receive their dividends in U.S. dollars.

• The closing date for the dividend currency election to the Company’s Registrars Computershare Investor Services plc in the UK is 12 July 2021.

• Currency election forms can be obtained by contacting the Company’s Registrars, Computershare Investor Services plc, on the Company’s dedicated telephone line: +44 (0)370 7030027.

Arrangements for Shareholders that hold their shares on the Nigerian Exchange Limited (NGX):

• Shareholders that hold their shares on the Nigerian Exchange Limited may elect to receive their entire dividend payment in Nigerian naira or U.S. dollars.

• Partial elections are not permissible.

• Holders electing to receive a dividend in U.S. dollars should complete the Currency Election Form and return to Coronation Registrars Limited or email to eforms@coronationregistrars.com.

• Shareholders holding their shares on the NGX who do not indicate their currency of choice before 12 July 2021 will receive their dividends in Nigerian naira.

• The closing date for the dividend currency election to the Company’s Registrars Coronation Registrars Limited in Nigeria is 12 July 2021.

• Currency election forms can found on the website of the Company’s Registrar www.coronationregistrars.com or this direct link: https://coronationregistrars.com/currencyelection-form/

The following currency exchange rate will be applicable in the determination of the final dividend payment to any shareholders that qualify for and have elected to receive the final dividend payment:

Exchange Rate

1 USD = 410.95 Nigerian naira
1 USD = 0.7068 GB pounds

The exchange rate for the Nigerian naira or GB pounds amounts payable was determined by reference to the exchange rates applicable to the U.S. dollar available on 9 June 2021.

 

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Nigerian Stock Exchange

MTN Shareholders to Receive N9.40k Dividend Per Share, 18.7% YoY Increase From 2019

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MTN

Nigeria’s largest mobile telecommunications operator, MTN Nigeria Communications Plc, has announced the payment of N9.40k as final dividend for the year ended December 31st, 2020. This year’s dividend witnessed an 18.7% increase from 2019.

MTN Nigeria’s Chairman, Dr. Ernest Ndukwe said “Despite the challenging operating conditions during the year, I am happy to report that our company recorded improved performance across all key metrics, creating the shareholder value achieved. This performance demonstrates the success of cost optimisation measures initiated during the year, the strong operational execution of our people and resilience in our business.”

“Following from our good operating results and in line with our dividend policy, the Board has recommended a final dividend of N5.90 kobo per share to be paid out of distributable net income. This brings the total dividend for the year to N9.40 kobo per share, representing an increase of 18.7%,” he added.

The dividend would be paid on Tuesday, 8th of June 2021 at the rate of N5.90 per every 2 Kobo ordinary shares and subject to appropriate withholding tax to shareholders whose names appear in the Company’s Register of Members at the close of business on Tuesday, 4th of May 2021.

Earlier in the fiscal year, the firm which joined the Nigerian Stock Exchange (NSE) in May, 2019, had paid an interim dividend of N3.50k, which now brings the total dividend for the year ended 31st December 2020 to N9.40k. The approval was obtained at the Annual General Meeting (AGM) that was held on June 7, 2021 at MTN Plaza, Ikoyi.

In the 2020 FY, MTN Nigeria grew its earnings before interest, tax, depreciation, and amortisation by 9.7% to N685.7 billion, while the pre-tax profit rose by 2.6% to N298.9 billion and profit after tax rose by 0.9% to N205.2 billion.

Its mobile subscribers increased by 12.2million to 76.5 million, while its active data users grew by 7.4 million to 32.6 million.

Karl Toriola, Chief Executive Officer, MTN Nigeria stated that “It’s a great starting point and we will continue to be dynamic and agile to deliver value for the future for our stakeholders, whilst aligning our priorities with national interests.”

Shareholders commended MTN Nigeria for the profit margin despite COVID-19 pandemic that characterized 2020

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