Tantalizers Plc made key changes to its board following a board meeting held on the 15th of October, 2024

Food Specialties and Organics Limited and Banklink Africa Private Equities Limited are now core shareholders following a private placement. 

About the firm 

Tantalizers was incorporated in 1997 as a private limited liability company It became a public company on the 23rd of April 2008.

On the 23rd of June 2008,was listed on the Nigerian Stock Exchange (NSE as it was known then). 2.95 billon shares were listed at N3.50

Who are the new investors ?

There isn’t much information available about Food and Specialties online. Banklink on its website states it is a financial proprietary enterprise incorporated in February 1999, with several transactions to its name.

How much was injected ? 

9M 2024 financials show there was an equity injection of  about N1.07 billion (1,073,023,056 to be precise). 1,788,372,094 shares were issued during a private placement offer in 2024. 

On a per share basis, that would mean they got in at 60 kobo per share. As of the time of writing this, the stock is trading at 60 kobo per share. 

The  board changes 

Abosede Ayeni has stepped down from her role as the MD/CEO. She remains on the board as a Non-Executive Director.

Bamidele Oke retains his role as Executive Director (Finance) 

Barrister Eze Nwa-Uwa has been appointed acting Company Secretary and a new board constituted. 

The following individuals were appointed to the Board of Directors

• Alhaji Adam Nuru – Chairman 
• Mr. Charles Olayemi Ifidon
• Mr. Oyebode Akinboye
• Mr. Rob Speiljer
• Mrs. Abimbola Izu
• Mr. Olusegun Ekundayo 
• Dr. Israel Ovirih 

The following Directors have resigned from their positions as Board members of Tantalizers PLC, effective 16th October, 2024

• Jaiye Oyedotun – Chairman 
• Mofoluso Oluyemi Ayeni – Vice Chairman 
• Tunji Bello – Director 
• Muyiwa Kupoluyi – Director 
• Yemisi Shyllon – Director  

Financials 

From 2019 to 2023, revenue from its own outlets has essentially been flat (In the N1.1 billion range). In the same period, it has also recorded back to back losses. 

The firm distinguishes between revenue in its owned outlets, and franchise outlets. In this case it is referring to its own outlets. 

In 9M 2024, the company made N2.1 billion in revenue and a loss after tax of N231 million. 

New focus

In the notice company made mention of other areas, it will pursue

Robert Speijer (new MD) shall lead the Tantalizer’s incursions into the opportunities in the blue economy in the coming years including helping to create global alliances, partnership and collaborations in the emerging diversified food, aquaculture and entertainment sectors.

Long way to a dividend 

Shareholders who are keen on a dividend  have a long wait ahead. As at 9M 2024, the company had a negative reserve of N4.4 billion. You cant payout dividends if you have a negative reserve. 

Addendum

Tantalizers sent in a notice a few days after providing a bit more colour on the appointments.

Robert Speijer is the new Group Managing Director. Charles Olayemi Ifidon is the Group Deputy Managing Director and MD/CEO of Tantalizers Foods and Retails, with effect from Tuesday 29th October, 2024.

The appointments are however subject to ratifications of its shareholders at the Company’s upcoming Annual General Meeting.

The Executive Director, Finance, Bamidele Oke was re-appointed by the Board,
while the former GM (Operations), Mr. Olusegun Ekundayo was elevated and appointed as the Executive Director in charge of operations.