Firstinland Bank Public Offer: No Hype Just Facts

Well, it's here at last. FIRSTINLAND BANK PLC PUBLIC OFFER. How many of us know anything about this Bank?
It is the result of the merger in December 2005, of four Nigerian banks, namely First Atlantic Bank Plc, Inland Bank (Nigeria) Plc, IMB International Bank Plc and NUB International Bnak Ltd. It commenced operations in January 2006 with an authorised share capital of N10billion divided into 20 billion ordinary shares of 50k each and a combined issued and paid up capital of N4.5 billion divided 9.7 billion ordinary shares of 50 each.

FirstInland Bank is out again seeking fresh capital to expand and modernise operations as well as booost working capital requirement. She is offering 5 billion ordinary shares of 50k each at N9.50 per share, rights issue of 968.8 million ordinary shares of 50k each at N8.50 per share.

It opens January 3 and closes January 31, 2008. Minimum units an investor could subscribe to is 1, 000 ordinary shares and multiples of 100 thereafter.

The purpose of the offer is primarily to finance the expansion of brnach network, upgrade information technology, infrastructure, recapitalisation and development of subsidiaries and to enhance working capital.

For financial year ending April 30, 2007, FirstInland Bank reported gross earnings of N27.5billion and profit after tax of N2.6 billion compared with gross earnings of N2.98 billion and a loss after tax of N10.3 billion.

Based on this performance the Board of Directors forecast that ceteris paribus the bank gross eanings would increase to N50.015 billion for the financial year ending April 30, 2008 while profit after tax would be N8.9billion. Moreso it is proposing a dividend of 31k for 2009 financial year.

For more information or subscription contact Sochi 0805-912-0358.

Hurry and get your piece of the cake now.

One love y'all.

Nottinghill out.