shares – Tech | Business | Economy

Airtel Africa Awards £2.3m in Shares to Top Directors

Justice Godfrey Okamgba — Wed, 05 Jul 2023 07:02:33 +0000

Airtel Africa Plc, a leading telecommunications company, has recently granted shares worth £2.3 million to two of its directors, Olusegun Ogunsanya and Jaideep Kishore Paul.

This significant allocation comes as part of the company’s Long-Term Incentive Plan (LTIP), aimed at rewarding directors for their exceptional performance over an extended period.

Under the LTIP, which entails executive share plans with a minimum vesting period of three years, CEO Olusegun Ogunsanya has been awarded 1,420,828 shares, while CFO Jaideep Kishore Paul has been granted 633,704 shares.

Currently valued at £1.1197 per share, these allocations amount to a total value of £2.3 million.

The shares will vest over five years, contingent upon the directors meeting specific performance targets.

These targets include achieving a 40% compound annual growth rate in net revenue, a 40% increase in underlying EBITDA margin, and a 20% ranking on the MSCI Emerging Markets Communications Service Index, a respected benchmark.

In a notice to the Nigerian Exchange Limited, Airtel Africa Plc declared, “On 27 June 2023, the Company granted the awards over Ordinary Shares under the terms of the Airtel Africa Long Term Incentive Plan (LTIP) to PDMRs at nil cost.”

According to Simon O’Hara, the Group Company Secretary, the number of awarded shares represents the maximum that may vest, typically after the third anniversary of the award date.

The actual number of shares that will vest is subject to the fulfillment of performance conditions.

Airtel Africa Plc further stated that the performance conditions for the 2023 Awards will be based on a 40% compound annual growth in Net Revenue (CAGR %) over three financial years commencing on 1 April 2023, a 40% increase in underlying EBITDA margin, and a 20% total shareholder return (TSR) ranking against the MSCI Emerging Markets Communications Service Index.

The 2023 Awards will also be subject to a holding period until the fifth anniversary of the grant date.

The allocation of shares to the top directors under the LTIP signifies the company’s commitment to incentivizing long-term performance and fostering sustained growth.

By aligning the directors’ interests with the company’s objectives, Airtel Africa Plc aims to drive strategic decision-making and enhance shareholder value.

Titan Trust may Close N13.5b Takeover Bid for Union Bank’s Minority Shareholders

Justice Godfrey Okamgba — Wed, 23 Nov 2022 08:13:35 +0000

To avoid delisting the first-generation bank from the Nigerian Exchange, Titan Trust Bank Limited may today conclude the application list for a N13.5 billion buyout attempt for minority shares in Union Bank of Nigeria (UBN) Plc (NGX).

According to the offering circular for the mandatory takeover offer (MTO), Titan Trust Bank is putting up N7 per share in exchange for 1.928 billion ordinary shares of UBN, valued at 50 kobo each and held by minority shareholders. Today is the deadline for the MTO application list.

Titan Trust Bank, which had bought 27.337 billion common shares, or 93.41 percent of the equity position in UBN, in May 2022, will have a 100% holding of the first-generation bank with the purchase of 1.928 billion shares under the MTO, according to the Nation.

The majority of UBN’s shareholders, including Union Global Partners Limited (UGPL), Atlas Mara Limited (ATMA), Standard Chartered Bank (SCB), Montane Partners West Africa Limited (Montane), and Mr. Emeka Emuwa, sold their shares to Titan Trust Bank in May 2022. As a result, 93.41 percent of Union Bank’s issued share capital was transferred to Titan Trust. In 2012, UGPL and ATMA took over the first-generation bank.

After acquiring all of the minority shares, Titan Trust Bank said over the weekend that it would delist UBN and reregister the institution as a private limited liability company, putting an end to the first-generation bank’s 52-year active listing and stock market trading history.

Re-registering UBN as a private business means that in addition to its shares being delisted from the NGX, they will also no longer be traded on the NASD OTC Securities Exchange, the market for shares of unlisted public limited liability companies. UBN, which was incorporated in 1969, debuted on the NGX in 1970.A

Reclaiming Your Lost Shares

Techeconomy — Fri, 14 Oct 2022 07:38:25 +0000

Prior to the advent of the “dematerialization” of share certificates, the proof of ownership of units of shares in any listed company was the issuance of “share certificates”.

A share certificate contains vital information on shares purchased such as the Name of the Holder, address, certificate number, units of shares, etc.

“Dematerialization, also known as “demat” is the process of converting securities held in physical forms (certificates) into electronic form credited to the CSCS accounts opened by licensed Stockbrokers.

Share certificates were issued by Registrars to all Shareholders for Rights or Bonus Issues or at the end of any type of Offer. It is therefore imperative that at the point of purchase of your shares, you impute legibly all your details on the application form.

Concerns on different fora have been raised by investors about the possibility of losing out on their investments due to non-receipt, misplacement, or mutilation of share certificates. It is therefore imperative that investors’ concerns are allayed.

The non-receipt of a physical certificate does not invalidate your ownership of shares bought in your name.

Every listed share on the Nigerian Exchange Limited (NGX) is warehoused with the CSCS (Central Securities Clearing System) depository.

Also, the Registrars keep the registered members of various listed companies updated daily. Therefore, without a physical certificate, your shares can be easily accessed through the CSCS or the Registrars.

To trace your alleged “missing shares”, a global search through CardinalStone Registrars Limited will give you access to all your shares in the Nigerian Capital Market.

A “global search” is a comprehensive search for an investor’s stocks across the capital market, brokerage firms, and Registrars. You must provide some vital information, such as your full name and present/past home addresses to aid the search.

A global search would not only reveal the list of shares, but it would also reveal your CHN (Clearing House Number), provided your shares were earlier registered with a Stockbroker.

Each register of members of all companies listed on the NGX is managed by various Registrars. You can also access information on your shares through the respective Registrars.

Since the discontinuation of the printing of physical share certificates by the SEC, every investor in the capital market is expected to migrate his/her investment to CSCS.

This directive implies that before you can invest in the capital market, you must contract the services of a Stockbroker such as CardinalStone Securities to open an account.

Existing investors are to migrate all their shares still in physical certificate form to CSCS through the dematerialization process.