Studio Press To Delist From NGX, Shareholders Meet October 15

Shareholders of Studio Press Plc will on October 15, 2021, hold a court-ordered meeting in Lagos, to discuss, among others, the scheme of arrangement and to approve its delisting from the Daily Official List and the main board of the Nigerian Exchange Limited. Thereafter, the company will be re-registered as a private limited liability company following consummation of the Scheme at N1.99 per unit to the holders.

Voting at the Court-Ordered Meeting, according to the scheme document available on the NGX, “shall be by poll (and not show of hands),” while the statutory majority required at the meeting shall be a 75% majority representing ordinary shares of members present and voting in person (virtually) or by proxy.

Approving the resolution at the meeting is a foregone conclusion judging from the shareholding structure, which shows that Rommac Agencies Limited, represented by the board chairman, Ayodeji Oni, holds 313,148,802 units representing 52.64 percent; while Federated Resources Nigeria Limited followed with 162,700,729 shares or 27.35 percent, totaling 77.99 percent.

Meanwhile, directors of Studio Press, at the end of a meeting on September 10, 2021, have scheduled its annual general meeting for November 25, 2021, according to notice by Adesua Akintemi (Mrs) of Cautious Services Limited, the company secretary.

In its unaudited financials for the 2021 half-year, the company reported total revenue of N8.382bn, almost double the previous half-year’s N4.762bn; but profit after tax dropped by almost 50 percent to N61.62m, up from N109.714m. Profit for the period was negatively impacted by the rise in operating costs.

For instance, there was a spike in the cost of sales from N3.973bn reported in the first half of 2020, to N7.246bn; just as admin/selling & distribution expenses soared to N880.485m, a significant rise from N432.406m in the prior half-year; while finance charges increased from N223.929m to N283.795m within the period.