November 30, 2018 / 06:30 PM / NASD Plc
Resourcery Plc held its 28th Annual General Meeting at the Muson Center, Onikan Lagos on Thursday 29 November 2018 where the following were attended to:
Receipt and consideration of the Audited Financial Statements for the year ended 31 December 2017.
Election / re-election of Director(s) retiring by rotation
Re-appointment of the External Auditors
Authorization of Directors to fix the remuneration of the External Auditors
Election of members of the Audit Committee
Shareholders in attendance were visibly upset about the year on year losses incurred by the company and more importantly, the “material uncertainty related to going concern” stated by the auditors in the reports.
The MD/CEO Mr Tani Fafunwa in his statement attributed the exit of Etisalat (a critical customer) from the Nigerian market, among other factors as reasons for the poor performance. He moved to assure the shareholders that the brand was strong and that the organization would continue to cut costs without impairing the business while focusing on its core strengths.
NASD Plc Securties Categorization
NASD OTC Securities Exchange recently concluded the second bi-annual Securities categorisation for the calendar year 2018. The categorisation exercise is derived from a scoring grid that is weighted to reflect Issuer governance, compliance with regulatory requirements for public companies and liquidity of such securities (combining elements of availability and actual activity on the securities).
Three categories exist. The highest being the Blue category which represents Securities with the highest levels of compliance with regulatory disclosure requirements and the lowest being the Red category which represents some level of default. In the recently concluded exercise 9 Securities were blue, 16 Securities were Pink and 10 Securities were Red.
Market Activities For Week 48
As at close of trade week on 30 November 2018, market Capitalisation decrease to₦490.40 billion from last week's previous ₦493.36 billion, which shows a 2.96% decline in Capitalisation. Also the USI for the week ending 30 November, 2018 recorded a 2.96% decrease from 709.84 points to 705.60 points.
Market in Numbers (Year-to-Date)