Mobil proposes a 1 for 4 bonus issue.
April 28th, 2008 Ugonna Maduagufor || ugonna@stockmarketnigeria.com
(by Ugonna MADUAGUFOR)
Mobil Oil Nigeria Plc recently released its year ended 31st December 2007 earnings report recording a 34 percent reduction in her profit after taxation being N1,131,103,000.00 in reported year 2007 against a year 2006 comparable period earnings of N1,716,208,000.00, the reduction was due to the subtraction of an exceptional item figure of N2,653,667,000.00 in year 2007. Other features included: a Turn Over of N54,541,943,000.00 against a previous year comparable period figure of N50,809,605,000.00; a Profit before exceptional items of N2,653,667,000.00 against a previous comparable year period figure of N2,535,481,000.00 indicating a 5 percent improvement.
Behind the positive earnings is a total Asset worth N18,560,849,000.00 as at December 31 2007, against a year 2006 ballance sheet report of N17,415,401,000.00.; while the capital expenditure was put at N2,313,959.00 in 2007 against a year ended 31st December 2006 ballance sheet figure of N1,917,195,000.00.
The company directors will be proposing a conversion of N30,049,605,000 out of revenue reserves of the company into 60,099,210 50 Kobo ordinary shares to be alloted and issued to share holders in the company’s record book as at April 28,2008 as bonus issues. This culd be the reason behind the N14.99 per unit share price appreciation by mobil stock closin at N314.97 on the Nigerian stock exchange by the the close of same date above trading activities, indicating an increase in demand, in order to pertake in the bonus issue. The Shares would rank equal with existing 240,396,841 except that it would not rank for the proposed N4.70 kobo dividend being recomended by the company directors out of the year 2007 Earnings per share of N4.71 kobo. The Annual general Meeting of the company is to be held onwednesday, May 28 2008 Shell hall, MUSON Centre, Lagos. The dividend warrants would be posted on June 4th 2008, while the close of register would be from April 29th to April 30th 200, both days inclusive to enable the preparation and subsequent payment of dividend by the registrars.
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