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Nigerian Stock Exchange Market Pick Alerts - Investment (7273) - Nairaland

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Re: Nigerian Stock Exchange Market Pick Alerts by BabsO2(m): 3:00pm On Sep 22, 2023
onegentleguy:
On OANDO...

As I stated earlier, a price of N20--25 is feasible though not without "bumps" every now and then as the stock pricing looks to respect technicals.
Pricing of assets in the financial markets does not necessarily respect Newtons 1st law of motion.

Technically, trend remains positive across key time-frames. (DWM)

Week 25-29 will be key. As long as pricing reproduces a W&M candle close above the red line as indicated, the probability of a short term trend reversal would be near zero, so long term holders have nothing to worry about.

Next trading activity (Monday) will likely herald the "battle for survival" as buyers wait around that support zone of btw N10--11.
I'd love to see a bounce to btw N10.35--10.50 post rejection at the low band of support then... and from where it could witness a few days of consolidation before another push up to within and then above that N13.3--14.6 now resistant range.

A close at or above the green line as indicated (ref: N12.10) may result in a bit of hesitation on the part of sellers while buyers will need to markup their bargain next week.

It is well.

Similar read out with the TA from BullBearMkt.

In my own words:
High probability for target accumulations from dumpers may occur between 10-11. Depending on size of bid forces and offer forces that play in this range a fall further to about 8.4 possible or a rise to +13

1 Like

Re: Nigerian Stock Exchange Market Pick Alerts by onegentleguy: 3:04pm On Sep 22, 2023
On CHAMS...

Fundamentally healthy with many pockets of prospects yet untapped!
FVE most likely in line for a great mark-up ahead of Q3 to YE, 2023 guidance.

Technically, trend remains absolutely bullish as what appears to be a new support forms around the N1.19 to N1.31 (today's close and previous resistance) range, with the upper band almost of the same strength as the lower.

The asset appears to be building a "shock absorber" against further sell pressure as today's activity re-established a candle close same as that of it's previous YtD high of N1.31 after bouncing off near the low support band to go above the low of Tuesdays crucial bullish breakout with what seemed like a "dragonfly doji"... again given us a clue of where momentum lies.

Interestingly, today's low was also the equivalent of it's 20D VWMA.

I'd like to see a W/M close above N1.35 next week, possibly with a retest around the support zone in-between, before it recaptures that N1.46+ now resistant range for a bullish continuation.

I'll consider the the shaded part a good entry zone... with a trade setup to average down at the lower support range of N1--1.10 if it ever drops to that level.

Selah

3 Likes

Re: Nigerian Stock Exchange Market Pick Alerts by BabsO2(m): 3:26pm On Sep 22, 2023
lancee:
Access bank .. Ahead of uba now ..Is result coming soon

With respect to Access and even FBNH,

UBA closed higher at N17.45

Perhaps in readiness for dividend markdown next week.

3 Likes

Re: Nigerian Stock Exchange Market Pick Alerts by thebargainhunte: 3:39pm On Sep 22, 2023
Re: Nigerian Stock Exchange Market Pick Alerts by jideflash(m): 3:47pm On Sep 22, 2023

2 Likes

Re: Nigerian Stock Exchange Market Pick Alerts by mikeapollo: 3:52pm On Sep 22, 2023
austinkenneth:


Are you aware that in the court-ordered meeting (an EGM actually), a 75% positive vote among those present is what is required to push this kind of decision through? Are you also aware that four shareholders hold 74% of the total shareholding?

That means the entire decision is dependent on what these four majority shareholders decide. That decision is whether to buy you out at N7.07 or higher. Of course they would prefer to buy you out at N7.07.

The other thing is the time of the buy-out. N7.07 today is not N7.07 in six months or 1 year. They would not only buy-out at N7.07, the payment date wouldn't be anything earlier than June 2024 (my guess).

What you said are mostly correct.
However, all minority shareholders are to vote at the EGM and decide on whether they agree with the 14 shareholders that went to court and requested for the buyout because those 14 litigants claimed they are embarking on the action on behalf of all minority shareholders. Once their action is rejected by the majority of minority shareholders at the EGM, this particular action/buyout issue is dead. But Oando can then start another fresh buyout process but based on different terms if they still want to delist in the future.
The court is trying to ensure that the 14 shareholders are truly acting in the interest and on behalf of all minority shareholders, as they claim in their writ.
Re: Nigerian Stock Exchange Market Pick Alerts by SetrakusRa(m): 3:56pm On Sep 22, 2023
Has Fidelity dividends dropped?

3 Likes

Re: Nigerian Stock Exchange Market Pick Alerts by Frangel: 4:28pm On Sep 22, 2023
mikeapollo:


What you said are mostly correct.
However, all minority shareholders are to vote at the EGM and decide on whether they agree with the 14 shareholders that went to court and requested for the buyout because those 14 litigants claimed they are embarking on the action on behalf of all minority shareholders. Once their action is rejected by the majority of minority shareholders at the EGM, this particular action/buyout issue is dead. But Oando can then start another fresh buyout process but based on different terms if they still want to delist.
The court is trying to ensure that the 14 shareholders are truly acting in the interest and on behalf of all minority shareholders, as they claim in their writ.

OODP already filed a cross petition upon which the court gave order for a Scheme of Arrangement to buy out all minority shareholders.

I will advise you read up this Oando transaction details available in the public domain via their NGX filings.

On NGX website, search for Oando, go through their corporate disclosures.
Re: Nigerian Stock Exchange Market Pick Alerts by Streetinvestor2: 4:30pm On Sep 22, 2023
Still on conoil agm.what does the audit committee members do and the benefits of being a member.

My reason being that one Prof was the one who mobilised this students to the agm.Some old yoruba guys(no disrespect ment) played him to the game.His men whr outside and reached out to this students before they entered the venue and
offered 1000 each and the Prof lost in the voting
The Prof somehow left them to thr fate as how to get back to school after losing. The whole thing was funny. The guy who won has to start making arrangements and bearing the cost to get them back to school.

3 Likes 2 Shares

Re: Nigerian Stock Exchange Market Pick Alerts by debeey87(m): 4:37pm On Sep 22, 2023
Streetinvestor2:
Still on conoil agm.what does the audit committee members do and the benefits of being a member.

My reason being that one Prof was the one who mobilised this students to the agm.Some old yoruba guys(no disrespect ment) played him to the game.His men whr outside and reached out to this students before they entered the venue and
offered 1000 each and the Prof lost in the voting
The Prof somehow left them to thr fate as how to get back to school after losing. The whole thing was funny. The guy who won has to start making arrangements and bearing the cost to get them back to school.

I watched access bank agm for FY22 and like someone here said in time past, it would appear people to query the board have been pre-arranged. Theirs was transparent to an extent for voting as shareholders who were not present at the venue could vote on motions raised at the meeting if you join virtually. Except shareholders take agm seriously, mismanagement will continue. Shareholders in IB for instance will need to challenge their mgt at meetings on how they make so much revenue but still end up with losses every quarter or bloated operating cost.

Btw, what did the board have to say on why they paid 2.50 out of 7 naira

2 Likes 1 Share

Re: Nigerian Stock Exchange Market Pick Alerts by Hogwarthtrades: 4:39pm On Sep 22, 2023
Streetinvestor2:
Still on conoil agm.what does the audit committee members do and the benefits of being a member. My reason being that one Prof was the one who mobilised this students to the agm.Some old yoruba guys(no disrespect ment) played him to the game.His men whr outside and reached out to this students before they entered the venue and
offered 1000 each and the Prof lost in the voting
The Prof somehow left them to thr fate as how to get back to school after losing. The whole thing was funny. The guy who won has to start making arrangements and bearing the cost to get them back to school.

[s]dem find freebies enter one chance (O wa ofe o ri ofo) [/s] grin grin Those students are prime double agent..This can be another hustle fro them however it's unethical, our word should be our bond!!. Maybe while trekking/ commuting back to campus, this should be a lesson to at least one of them to find out more about stocks and AGM, who knows he or she may end up reading your post in the future grin grin grin

As for audit committee members ideally, they are part of the in-house team that serve as the eyes and ears of the board for checks and balance in accounting to avoid sharp practices that can bring the house down. Another layer of protection which is mandatory are external auditing firm i.e kpmg, deloitte, PWC etc that most people skip past their notes in annual report ( I am guilty of that most times)

the benefit of an audit committee member usually isn't set in stone (i stand to be corrected), besides sitting allowance, under the table company benevolence is not uncommon (allegedly) cool cool cool

3 Likes 1 Share

Re: Nigerian Stock Exchange Market Pick Alerts by Streetinvestor2: 4:55pm On Sep 22, 2023
debeey87:


I watched access bank agm for FY22 and like someone here said in time past, it would appear people to query the board have been pre-arranged. Theirs was transparent to an extent for voting as shareholders who were not present at the venue could vote on motions raised at the meeting if you join virtually. Except shareholders take agm seriously, mismanagement will continue. Shareholders in IB for instance will need to challenge their mgt at meetings on how they make so much revenue but still end up with losses every quarter or bloated operating cost.

Btw, what did the board have to say on why they paid 2.50 out of 7 naira
.They said they needed more money to run the business even when the man disagreed.He equally kicked against the interest coming from loans while they have #25 billion shareholders fund that can offset the loan.Then, why the chairman has never attended any agm.. I believe, i and the man wr the only two who voted against the resolution, lol.I didn't know the dividend was 2.50.I thought it was 6.50 and that was what pushed the price above #100.I never looked at thr results .I am only interested in dividends that come btw April - june

1 Like

Re: Nigerian Stock Exchange Market Pick Alerts by Frangel: 4:56pm On Sep 22, 2023
Streetinvestor2:
Still on conoil agm.what does the audit committee members do and the benefits of being a member.

My reason being that one Prof was the one who mobilised this students to the agm.Some old yoruba guys(no disrespect ment) played him to the game.His men whr outside and reached out to this students before they entered the venue and
offered 1000 each and the Prof lost in the voting
The Prof somehow left them to thr fate as how to get back to school after losing. The whole thing was funny. The guy who won has to start making arrangements and bearing the cost to get them back to school.
Lol
Audit committee members enjoy perks from the company. They are required to review and 'approve or not' the accounts. They are elected at the AGMs i.e. those to represent the shareholders in the committee.
Re: Nigerian Stock Exchange Market Pick Alerts by vacanci: 4:57pm On Sep 22, 2023
Frangel:


OODP already filed a cross petition upon which the court gave order for a Scheme of Arrangement to buy out all minority shareholders.

I will advise you read up this Oando transaction details available in the public domain via their NGX filings.

On NGX website, search for Oando, go through their corporate disclosures.


"Consequently, we confirm that Oando has applied for the SEC’s ‘No Objection’ to the Scheme. Please note that the effectiveness of the Scheme is subject to the approval of the shareholders of Oando at the Court-Ordered Meeting of the Company, as well as the sanction of the Federal High Court. The terms and conditions of the Transaction will be provided in the Scheme Document which will be dispatched to all shareholders following the receipt of an order from the Federal High Court to convene a Court-Ordered Meeting. If the conditions of the Transaction are satisfied and same is sanctioned by the Federal High Court, the Company will be delisted from NGX and JSE and re-registered as a private company.

https://www.oandoplc.com/press_release/oando-plc-announces-proposed-scheme-of-arrangement/

3 Likes

Re: Nigerian Stock Exchange Market Pick Alerts by sky2891: 5:01pm On Sep 22, 2023
Re: Nigerian Stock Exchange Market Pick Alerts by Frangel: 5:09pm On Sep 22, 2023
vacanci:



"Consequently, we confirm that Oando has applied for the SEC’s ‘No Objection’ to the Scheme. Please note that the effectiveness of the Scheme is subject to the approval of the shareholders of Oando at the Court-Ordered Meeting of the Company, as well as the sanction of the Federal High Court. The terms and conditions of the Transaction will be provided in the Scheme Document which will be dispatched to all shareholders following the receipt of an order from the Federal High Court to convene a Court-Ordered Meeting. If the conditions of the Transaction are satisfied and same is sanctioned by the Federal High Court, the Company will be delisted from NGX and JSE and re-registered as a private company.

https://www.oandoplc.com/press_release/oando-plc-announces-proposed-scheme-of-arrangement/

Correct.

But before that, this:

https://doclib.ngxgroup.com/Financial_NewsDocs/36201_OANDO_PLC-OANDO_PLC__CORPORATE_ACTIONS_JUNE_2022.pdf
Re: Nigerian Stock Exchange Market Pick Alerts by Iamblessed85: 5:23pm On Sep 22, 2023
Frangel:


Correct.

But before that, this:

https://doclib.ngxgroup.com/Financial_NewsDocs/36201_OANDO_PLC-OANDO_PLC__CORPORATE_ACTIONS_JUNE_2022.pdf

So the court case of october 10 is just to apprise the court of the status of the scheme of arrangement and not a sanctioning of the move. At what point will the shareholders decide whether or not to agree to the decision? I think in this case, it’s the minority shareholders that count and not the majority.
Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 5:24pm On Sep 22, 2023
essentialone:


The qualification date is 26 September, while the payment date is 6 October.

That means 2weeks from now BARGAIN HUNTERS will make new SOUP wink

1 Like

Re: Nigerian Stock Exchange Market Pick Alerts by mikeapollo: 5:26pm On Sep 22, 2023
Frangel:


Correct.

But before that, this:

https://doclib.ngxgroup.com/Financial_NewsDocs/36201_OANDO_PLC-OANDO_PLC__CORPORATE_ACTIONS_JUNE_2022.pdf

This is clearly stated in the last paragraph:

Today, OODP has a shareholding of 57.37% in Oando PLC and the above-mentioned minority
shareholders 42.63% shareholding. This action precipitated by the petition from certain Oando
minority shareholders, if approved by all the minority shareholders at the court-ordered meeting
will result in a voluntary delisting of the Company’s shareholding on the NGX in accordance with
its guidelines for delisting of securities .

1 Like

Re: Nigerian Stock Exchange Market Pick Alerts by austinkenneth: 5:36pm On Sep 22, 2023
Frangel:


Correct.

But before that, this:

https://doclib.ngxgroup.com/Financial_NewsDocs/36201_OANDO_PLC-OANDO_PLC__CORPORATE_ACTIONS_JUNE_2022.pdf

This document is confusing in my opinion.

First it states in section (IV) that:
An order directing that, if at the Court Ordered Meeting of the First Respondent, the Scheme
is approved by a majority representing not less than three-quarters (3/4) in value of the
shares held by the members being present and voting either in person or by proxy
, the
reports of the Court-Ordered meetings be presented to the Court within 30 days, for an Order
of this Honourable Court to sanction the Scheme.


This can be interpreted to mean that:
(a) OODP holding 57.4% of the votes will vote yes or no at the EGM meaning delisting is a done deal because they'll vote yes or
(b) OODP holding 57.4% of the votes will not vote yes or no for delisting at the EGM. In this case, the three 'minority' shareholders who hold 74%-57.4% = 16.6% will have at least about 40% (16.6%/42.6% = 39%) of the vote given that all other minority shareholders will not be present. This still represents a high odds for delisting at N7.07.
Please note that 4 shareholders hold 74%. Just one of them OODP holds 57.4% leaving 16.6% for the other three.


Secondly, in the last paragraph we have the statement:
Today, OODP has a shareholding of 57.37% in Oando PLC and the above-mentioned minority
shareholders 42.63% shareholding. This action precipitated by the petition from certain Oando
minority shareholders, if approved by all the minority shareholders at the court-ordered meeting
will result in a voluntary delisting of the Company’s shareholding on the NGX in accordance with
its guidelines for delisting of securities


This means ALL! the minority shareholders present must approve the delisting for it to happen. I think someone would come back to tell us that this is not the intention or the spirit of the writers of this doc or the court ( this is now looking like the 25% of Abuja brouhaha grin grin grin grin)

1 Like 1 Share

Re: Nigerian Stock Exchange Market Pick Alerts by kolaish(m): 5:36pm On Sep 22, 2023
2cato:
What about lasaco and mansard should I keep them or sell
If you don't need the money immediately, you can hold onto the 2 stocks. Their time will come in the next 5 months.
Re: Nigerian Stock Exchange Market Pick Alerts by Iamblessed85: 5:37pm On Sep 22, 2023
mikeapollo:


This is clearly stated in the last paragraph:

Today, OODP has a shareholding of 57.37% in Oando PLC and the above-mentioned minority
shareholders 42.63% shareholding. This action precipitated by the petition from certain Oando
minority shareholders, if approved by all the minority shareholders at the court-ordered meeting
will result in a voluntary delisting of the Company’s shareholding on the NGX in accordance with
its guidelines for delisting of securities .

I foresee the shareholders rejecting that offer even with the FY21 results. When FY22 result is released, OANDO will be on its way to 100 naira. I pray the result is even released before the court ordered AGM.
Re: Nigerian Stock Exchange Market Pick Alerts by mikeapollo: 5:44pm On Sep 22, 2023
Frangel:


OODP already filed a cross petition upon which the court gave order for a Scheme of Arrangement to buy out all minority shareholders.

I will advise you read up this Oando transaction details available in the public domain via their NGX filings.

On NGX website, search for Oando, go through their corporate disclosures.

The cross petition filed by Oando and the Court's order for a Scheme of Arrangement do not take away the right of the minority shareholders to vote and decide whether to accept or reject the action of the 14 shareholders.
The minority shareholders will still vote at the EGM to decide the fate of the 14 litigant shareholders before anything else can happen.

1 Like

Re: Nigerian Stock Exchange Market Pick Alerts by Frangel: 5:45pm On Sep 22, 2023
Iamblessed85:


So the court case of october 10 is just to apprise the court of the status of the scheme of arrangement and not a sanctioning of the move. At what point will the shareholders decide whether or not to agree to the decision? I think in this case, it’s the minority shareholders that count and not the majority.
The court, if it's satisfied with the process, will then order a meeting of shareholders to vote on the proposal.

2 Likes

Re: Nigerian Stock Exchange Market Pick Alerts by Iamblessed85: 5:45pm On Sep 22, 2023
austinkenneth:
.

The last paragraph says “if approved by all the minority shareholders”. OODP is not a minority shareholder and i dont think they are eligible to vote.

Also, would OANDO not prefer to buy up the shares for themselves as against OODP? If anything, i foresee OANDO scheming to frustrate OODP out of the process
Re: Nigerian Stock Exchange Market Pick Alerts by Iamblessed85: 5:49pm On Sep 22, 2023
mikeapollo:


The cross petition filed by Oando and the Court's order for a Scheme of Arrangement do not take away the right of the minority shareholders to vote and decide whether to accept or reject the action of the 14 shareholders.
The minority shareholders will still vote at the EGM to decide the fate of the 14 litigant shareholders before anything else can happen.

You’re right. The last paragraph of that document says the court will only allow it when the minority shareholders approve of it.

Also, i dont think OANDO is complicit in this because if they really wanted to delist, they would have been the ones to buy out the minority and not OODP because they had the choice going by that document
Re: Nigerian Stock Exchange Market Pick Alerts by Frangel: 6:00pm On Sep 22, 2023
mikeapollo:


This is clearly stated in the last paragraph:

Today, OODP has a shareholding of 57.37% in Oando PLC and the above-mentioned minority
shareholders 42.63% shareholding. This action precipitated by the petition from certain Oando
minority shareholders, if approved by all the minority shareholders at the court-ordered meeting
will result in a voluntary delisting of the Company’s shareholding on the NGX in accordance with
its guidelines for delisting of securities .

From the last report, 4 shareholders control about 74%. OODP controls 57.37%. Do you know who the other three are and who they represent?

How this is done in the real world is if they are determined to push through, they would have long accumulated substantial shares through proxies and/or in nominee accounts such that they can see the deal through. Other strategies dey wen I nor wan talk.

I'm not privy to the transaction but putting out my opinion based on experience and what I see play out. I could be wrong.

1 Like

Re: Nigerian Stock Exchange Market Pick Alerts by Frangel: 6:06pm On Sep 22, 2023
mikeapollo:


The cross petition filed by Oando and the Court's order for a Scheme of Arrangement do not take away the right of the minority shareholders to vote and decide whether to accept or reject the action of the 14 shareholders.
The minority shareholders will still vote at the EGM to decide the fate of the 14 litigant shareholders before anything else can happen.

The court order/transaction is no longer on the 14 litigant shareholders (who started it) but on the cross petition by OODP.

1 Like

Re: Nigerian Stock Exchange Market Pick Alerts by austinkenneth: 6:06pm On Sep 22, 2023
[img][/img]

1 Like

Re: Nigerian Stock Exchange Market Pick Alerts by mikeapollo: 6:17pm On Sep 22, 2023
Frangel:


The court order/transaction is no longer on the 14 litigant shareholders (who started it) but on the cross petition by OODP.

There will still be the EGM for all minority shareholders to vote and decide. Otherwise, the whole process could be frustrated and truncated if another set of some minority shareholders should go to court and start another case.
Re: Nigerian Stock Exchange Market Pick Alerts by mikeapollo: 6:17pm On Sep 22, 2023
austinkenneth:
[img][/img]

Thanks for this
Re: Nigerian Stock Exchange Market Pick Alerts by mikeapollo: 6:25pm On Sep 22, 2023
Frangel:


The court order/transaction is no longer on the 14 litigant shareholders (who started it) but on the cross petition by OODP.

There will still be the EGM for all minority shareholders to vote and decide. Otherwise, the whole process could be frustrated and truncated if another set of some minority shareholders should go to court and start another case.

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