First Bank's 100 Billion Naira Share Offer

@jossygirl

please let us know the details and any vantage of buying through you,because i am intrested aswell.

Point of correction. For all public offers you don't pay any charges. The receiving agent , which could be a bank or a broker is paid one percent of the amount they are able to sell by the issuer ( the comy raising the money).
There is no advantage or disadvantage to you if you buy through either of them. The advantage to her is that she meets her target and her bank gets to keep the Commision they would have paid out if you use another bank or broker.

hi obamedo,
thanks for your reply. they bank is working out every modality to ensure that all certificates are not just issued out but issued out in record time forget your fears. with regards to your buying through me, you will be dealing with an insider who will at every point in time give you every info you need and the only implication is more like am introducing you to the bank
all the best

I totally agree with Seun that First bank customer service is poor and disrespectful.  I have had more than one experience with their customer service.

You are welcome

Freelance i would love you to check properly, First is only running an wareness campaign before the offer commences. The ads are only for awareness and the sale has not commenced yet.
Its mega when it comes all will know and moreover i feel they will like to target the offer towards the mid of this month and the end and the offer will be be on while they release their 2007 audited report, you know its about the marketing just like Oceanic did and made their offer HOT.
First bank is surely for the mid to long term. That last year 1 for 1 no be beans at all. Which company fit try am.
Ecobank Nig gave 1 for 1 last year and this year nothing but 9Kobo. Only the mighty survive.
No one compares to the size of the elephant

hello everyone, i have been a fan of nairaland for a while now. Just registered this afternoon. don't know if am on the right place to chat. please enlighten me . Many thanks.

Welcome pku, Nairaland is it but it depends on what you really want from the site. I think here you can get the good, the bad and the ugly. Welcome on board.
Are u into stocks, real estate, bonds or what?
Remember when the seed leaves your hand it opens up your future>>>>>

contact the registrars, I guess it should be first registrars. Their office is at Iganmu

wellcome on board all new members,wanting to investing in shares?
just line up behind frankiri,ebonyja and freelance,but do not say i told you.
goodluck to all

thanks to the 3 guys i mentioned above,i have real learnt a lot from them,especially ebonyja who convinced me to buy DSR despite my doubts.

@frankiriri
yes the goals may difer,but as a fresher u have to learn from the masters and apply it to your condition.

:)Application for First Bank's hybrid offer opens on May 14 and closes on Thursday 21, 2007. 

Here it comes

Source: http://odili.net/news/source/2007/may/8/204.html


First Bank shops for N100bn

The stage is now set for First Bank of Nigeria Plc to become one of the most capitalized bank in Nigeria as its board of directors and financial advisors rose from a completion board meeting yesterday to shop for N100 billion  from both its existing shareholders and potential investors through the floor of the Nigerian Stock Exchange (NSE).

The deal to the hybrid offering (public and right issues) was sealed in Lagos by all parties to the issue. The authorities of the Nigerian Capital Market, Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange gave a nod to the widely acclaimed ‘largest offering’ in the annals of the Nigerian Capital Market.

Prospectus to the offering showed that the dual offering will break on Monday, 14 th of May 2007 and close on Thursday, June 21, 2007.

Over 3,000,000,000 units of shares would be available for sale within the one month period when the offering would be on.

Breakdown of the deal, according to the  prospectus showed that more shares would be made available for sales to prospective investors in the bank. Specifically, 1,624,253,238 units of ordinary shares of 50kobo each valued at N33 per share would be sold in the public offering while the existing shareholders of the bank would be given the opportunity to exercise their rights with 1,496,762,682 ordinary units of shares at N31 each. They (existing shareholders) would have a right to one new share for every seven already owned in the bank.

The N96 billion net income from the offerings would be splashed on major projects which include branch expansion, branch mordernisation, increase in equity investment in subsidiaries, especially FBN Bank (UK) Limited  and FBN Mortgages Limited among others.

However, bulk of the proceeds of the fund (N27.14billion) or 28.3 per cent would be splashed on boosting the working capital of the bank.

Parties to the offering include IBTC Chartered Bank Plc, Oceanic Bank International Plc, Guaranty Trust Bank Plc, Premium Securities Limited (Lead Stockbroker), BGL Securities Limited, BFCL Assets&Securities Limited, Future View Financial Services Limited among  others.

Meanwhile the board of directors of First Bank of Nigeria is very confident about the success of the fund raising process.

Alhaji (Dr.) Umaru Abdul Mutallab, chairman of the bank disclosed at the completion board meeting “This is one offer that will be well oversubscribed. By my estimation, it would hit about 200 per cent oversubscription”. He expressed  confidence in the quality of the parties to the offering.

Mr. Atedo Peterside, managing director/CEO, IBTC Chartered Bank, a party to the offering also corroborated Mutallab, saying: “This is one Elephant that does fly. I bank with First Bank of Nigeria Plc and also encourage my staffs to do the same. This is the largest offer in the history of the Nigerian Capital Market and it is very well priced.”

First Bank has been very consistent in rewarding  its shareholders in the years past.  A recent survey on return on investment in the banking industry for the first quarter period ended March 31, 2007 conducted by FSDH Limited showed that only GT Bank Plc surpassed its record in the review period.

Fbn is a good buy but look long term
House consider the merger between Ecobank and Unity Bank

@Allcorrect
Freelance i would love you to check properly, First is only running an wareness campaign before the offer commences. The ads are only for awareness and the sale has not commenced yet.
Its mega when it comes all will know and moreover i feel they will like to target the offer towards the mid of this month and the end and the offer will be be on while they release their 2007 audited report, you know its about the marketing just like Oceanic did and made their offer HOT.
First bank is surely for the mid to long term. That last year 1 for 1 no be beans at all. Which company fit try am.
Ecobank Nig gave 1 for 1 last year and this year nothing but 9Kobo. Only the mighty survive.
No one compares to the size of the elephant

@frankriri
Are sure of the inmformation posted as per 1 for i by Ecoban, because up till now I have not seen any bonus certificate. so am scared if am involved.  please let me know what to do

Couple of things I don't like about this as it pertains to existing shareholders:

The 17.5% discount to the offer price of our current shareholdings.
The miserly N2 discount combined with it being 1 to 7 which effectively means there is no real benefit to being a previous shareholder in taking up this offer, for every N100,000 current shareholding you save N714 on the offer price, which by the time you factor in the dilution of our total shareholdings means the offer has no real benefit to us. Apart from the increase in size of the bank which might as well be achieved through takeovers and organic growth.

It's like looking up the thread and people complaining about customer service, this pricing of the offer shows the same attitude to us the owners.

All said and done though, for new investors it is in my opinion an attractive offer.