Mcy56:

I dey treck go chibuking81's house make I beg am to sign my application form to move to ghost section until bonanza period. Seems I get plenty enemies here.
Of course I dont give a damn.

Abeg no enter ghost section Co's we no fit dey miss you and Oracle thesame time. E go too heavy for most of us.
Biko, reconsider

Mcy56:

I dey treck go chibuking81's house make I beg am to sign my application form to move to ghost section until bonanza period. Seems I get plenty enemies here.
Of course I dont give a damn.

U are NOT my enemy my dear. ...no one is !!
I can't be enemies with someone over a faceless forum. ...it's pointless and absurd.
Dont think I've ever created that impression or given u any course to believe that we are enemies.
Read thru my 1st reply to u again.

Cheers.

currentprice:
^
^^
@ OGG


lol,,, see your life now, you don't need to delete it I have already quoted you

chai! see bitter mistake wanted to post with onegentleguy mistakingly use TradeInvestGal

case closed. i will ignore u from now on

Chilax bro. Remember what Bernard Shaw said about wrestling with pigs.

onegentleguy:
U are NOT my enemy my dear. ...no one is !!
I can't be enemies with someone over a faceless forum. ...it's pointless and absurd. Dont think I've ever created that impression or given u any course to believe that we are enemies. Read thru my 1st reply to u again. Cheers.

Read your post over again so you can see the hatred hidden in those words.
Let me tell you one thing, that one is commenting regularly online does not mean such a one is like that.
I showed you admiration in my mention but you replied harshly. Sometimes, most times, our actions/speeches are reflections of our inner thoughts and who we are.
Anyway, not like I care whatever anyone thinks on faceless forum like this.
It is well bro.

arduino:
Abeg no enter ghost section Co's we no fit dey miss you and Oracle thesame time. E go too heavy for most of us. Biko

Lol.
Thanks dear. I no dey go anywhere jare. No one fit pursue me here.

Hmm

Mcy56:

I dey treck go chibuking81's house make I beg am to sign my application form to move to ghost section until bonanza period. Seems I get plenty enemies here.
Of course I dont give a damn.

If u enter ghost mode, hu I go come copy ansa frm. I never sabi read ghost hand writing.
Better ignore that person with all him monikers.

Mpeace:
If u enter ghost mode, hu I go come copy ansa frm. I never sabi read ghost hand writing.

Classmate how I for dey giraffe answer to exam kwesions from ghost land.

currentprice:
^
^^
@ OGG


lol,,, see your life now, you don't need to delete it I have already quoted you

chai! see bitter mistake wanted to post with onegentleguy mistakingly use TradeInvestGal

case closed. i will ignore u from now on

I have lost count of the number of monikers that make use of that laptop. Instead of troubling myself with all of them, I will just pretend to believe the excuse that they "fell into the same laptop" you kw we are in a very "slippery" season.

Mcy56:

Classmate how I for dey giraffe answer to exam kwesions from ghost land.

I wonder oh. Abeg stay! No let them him chase u to enter ghost land.

But waait ooh

Even if OGG and investgal are d same person..

is dat a PROBLEM ??


but mercy u too smart ooh..haabaa..

tritritri:
But waait ooh, Even if OGG and investgal are d same person..

Oga tritri no open the chapter we don close abeg.
We are all b&sintL.

Mcy56:

Oga tritri no open the chapter we don close abeg.
We are all b&sintL.

ThankGod chapter is close . But even if they r both same person.. no crime has been done. Highest u report to the MOD if anyone is offended.

currentprice:

case closed. i will ignore u from now on

...and I guess the bolded will stop me from executing my next line of fine deals, make me fall sick or take away GOD'S FAVOUR and MERCIES towards me !! U should know that u can't be of any importance to me.
U have an urgent need to grow up my dear. ...u really do need it !!(even some folks here have said as much)

#stillenjoyingsomegoodlaughwiththesaidfellowandafewotherfolks

Mcy56:

Read your post over again so you can see the hatred hidden in those words.
Let me tell you one thing, that one is commenting regularly online does not mean such a one is like that.
I showed you admiration in my mention but you replied harshly. Sometimes, most times, our actions/speeches are reflections of our inner thoughts and who we are.
Anyway, not like I care whatever anyone thinks on faceless forum like this.
It is well bro.

I just find it ludicrous to imagine why someone would want to force a different identity on another person.
If I were truly the same as Sandra or any other fellow, of what good would it be to me if I always aggressively defended myself against it?
...is it really of any big deal?
Aparently, some persons don't even think. This is damn right childish. I will NEVER entertain, give or pay even the slightest of attention to this sort of discourse again !!

That said, I apolgise if u felt my 1st post to u was harsh my dear.
I was especially touched by the part in bold.
...like I said before, I have nothing against u or anyone else for that matter !!

Onegentleguy is solely FOCUSED on how to grow his knowledge and that of his investment. ...and where necessary, look out to help those he can.
People should concern themselves with more important things !!

Regards.

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tiar:
Access Bank acquires Diamond Bank: Is bigger actually better?

The CEO of Diamond is finally leaving...

Details available: http://judefejokwu..com

Thanks for this post. I have picked a lot from it, beyond what you wrote.
It has also updated my crtical thinking circuit on certain things.

It revealed some thinking gaps I entertained on some other investments.

Thanks again.

Accessbank to embark on right issue ontop 27 billion sharesoutstanding? this is scary!eku EFCC work ooo!macy56 if I hear say you enter ghost mode,you will see me in your office tomorrow.

Sometimes people makes me sick here.

Moody's Assigns Provisional (P)B2 Rating to Access Bank
https://businesspost.ng/2018/12/20/moodys-assigns-provisional-pb2-rating-to-access-bank/

NSE Approves Delisting of Great Nigeria Insurance
https://businesspost.ng/2018/12/20/nse-approves-delisting-of-great-nigeria-insurance/

Neimeth Pharmaceuticals Offers Shareholders Bonus Share
https://businesspost.ng/2018/12/20/neimeth-pharmaceuticals-offers-shareholders-bonus-share/

Access Bank Obtains Regulatory Approval for N75b Rights Issue
https://businesspost.ng/2018/12/19/access-bank-obtains-regulatory-approval-to-issue-n75b-rights-issue/

Nawah !...
This is how we will read 3 pages of nonsense because of some monitoring spirits..

- Who like who’s comments
- Who appear online after who’s comment
- Who Dey use 1 million ID

Only quarrelsome and troublemakers got time for s.h.it like this..


Me I still get enough transfusion drugs but una fit still go ahead and prescribe more if this comment pain una.. it was intended to anyway..

#Assholeslookingfortroulbeupanddown

Mcy56:

CP please stop replying.
I dont know its now a sin to commend also on this forum but now I know.
Onegentleguy, CP did not say anything bad that one cannot say to a friend but since you took it personal, I will implore you to sheath your sword.
@GonFreecss1 made a similar comment on me and Mendes which we just laughed off.
I wouldnt do that again. CP no vex abeg, na me cause am.

Ah! What a mature lady, I like you and Mendes, infact for this maturity we must ship una.

Mcy56:

I dey treck go chibuking81's house make I beg am to sign my application form to move to ghost section until bonanza period. Seems I get plenty enemies here.
Of course I dont give a damn.

Lol! Perfect! People will always talk, but at the end of the day, they don't matter in the grand scheme of things. So it's good you are not giving a damn.

Mpeace:
If u enter ghost mode, hu I go come copy ansa frm. I never sabi read ghost hand writing.
Better ignore that person with all him monikers.

Hmmn... triple M's, a love triangle? hahahahahahhaha
Kidding!

Howdy Mr Mpeace?

Culled from a major investment bank. Not written by me.
===================================

Access Bank: N7.90 as of 19 December 2018, Rating: Neutral, TP: N12.2/share, MCap: USD614mn, ACCESS NL
Today Access Bank and Diamond Bank hosted a joint conference call on their recently announced merger proposal. The presence of both CEO’s (Herbert Wigwe of Access and Uzoma Dozie of Diamond) on the call was greatly appreciated.
Following this call, I would like to make the following comments and then list my outstanding questions and provide my conclusions.

My comments:

Who really got the better deal? Whilst the press release describe this transaction as a merger, it is rather clear that Access is buying Diamond. However, what is still not clear to me is, who really got the better deal. At first glance, we calculated that at N3.13 per share, Access was paying 0.33x book, so it looked like a very good deal for Access. However, following today’s call and the announcement of a further N150-180bn of provisions, which would reduce Diamond Bank’s equity to N41.6bn if the upper end of the provisions are taken (vs a reported figure of N221.6bn), Access are actually paying 1.74x book for a bank that is technically insolvent. What is even more worrying is that, after the due diligence, Access stated that the final amount of additional provisioning could be as high as N200-220bn. Why do they not know the number? Why agree to pay cUSD200mn for a bank and not know how much of its loan book needs to written-off? As for Diamond Bank, how did they publish 3Q18 figures with N100.7bn of NPLs, only to announce with this deal that there are a further N150-180bn of NPLs? What are these NPLs? Why was the market not told about this before the announcement of this deal? If these NPLs are real, then Diamond Bank shareholders are probably getting a better deal, but they were never told their bank was insolvent.

Why is Access paying Diamond to do what Diamond should do on its own? On the call, we were told that Diamond Bank would be making additional provisions of N150-180bn to be compliant with IFRS9. I frankly cannot accept this answer. The reason being that, if one reads page 7 of Diamond Bank’s 1Q18 Financial Statements, they made an IFRS9 adjustment of N2.48bn on 1 January 2018. All the Nigerian banks we cover took their IFRS9 adjustment at the beginning of the year. So, to now say that the IFRS9 adjustment is between N150-180bn is just not acceptable – how did it increase so much all over of a sudden. And even if it did, surely this should have been communicated to the market in the form of a profit warning. By requiring Diamond Bank to make this provision and clean its back book, Access Bank is doing what Diamond Bank should have already done. Surely it would have been cheaper for Access Bank to wait for Diamond Bank to make these provisions and raise the minimum capital before paying USD63mn in cash for these shares? By raising the USD207mn of new capital through a rights issue, Access Bank shareholders are doing what Diamond Bank shareholders should be doing.

What is the real cost of the Transaction to Access shareholders? As per the joint announcement today, the total value of the deal is cUSD200mn (USD63mn and USD137mn in stock). Whilst I understand that this is what Access Bank is paying Diamond Bank for its equity, I would argue that the cost to the bank is much more. I think the total cost of this deal is almost USD1bn! I know that sounds almost impossible given that Diamond Bank’s market cap is currently USD73mn, but please consider the following: (i) the payment to Diamond Bank shareholders of USD200mn; (ii) the tier II capital raising of USD250mn; (iii) the annual cost of the tier II capital raising (USD20mn if raised at 8% - just a guesstimate as no figure was provided); and (iv) the rights issue (USD207mn). This gets you to a total figure of USD677mn, but I think it is only fair to deduct the NPV of the stated synergies (N30bn annually for the next three years), which I estimate to be USD194mn. So, the adjusted cost of this deal is now USD483mn, but we are not done. The reason being that Diamond Bank has a lot of maturing debt over the next three years. As shown below, Diamond Bank has USD427mn of debt maturing over the next three years (assuming the convertible loans are not converted to shares, but even if they are this will come at a cost to Access as it would need to issue more shares). So, if you add the maturing debt (USD427mn) to the adjusted cost of this deal (USD483mn), you get a total cost of USD910mn. Btw, Access Bank’s current market cap is USD614mn.

At year-end 2017, Diamond Bank had the following material debts maturing:
• USD200mn Eurobond maturing in May 2019
• USD100mn loan to Afrexim Bank that will come due on 3 March 2019
• USD69.79mn convertible loan to the IFC that matures in July 2019 – Note that, conversion of these shares will make the deal more expensive for Access if the swap ratio is not adjusted
• USD7.5mn convertible loan to Kunnoch that matures in June 2020 – Note that, Kunnoch has the right to convert this loan into shares in the “event of a change in control”. Given that this change in control will trigger a conversion, the public should know the strike price.
• USD50.0mn loan to Anambra State Government, which is due in March 2021

Acquisition track record of Access Bank. On the call today, Herbert was very convincing on this subject, so I decided to compare their operating performance post their largest deal prior to this one (Intercontinental in 2011) to GTB’s performance over the same period. While I recognise that GTB is a tough bank to be compared against, I just wanted to see how much of the gap between them and GTB has closed over the past six years. As shown below, the Intercontinental Bank acquisition did a lot to bring Access Bank’s asset base into line with GTB in 2011 and at year-end 2017, Access Bank’s total assets were 22% higher than that of GTB. However, GTB’s 2017 PBT of N200bn was more than 2.5x that of Access Bank (N80bn). This profit gap is not very different from 2011 (2.8x). With regards to value creation, I am a believer in dividends and since 2011, GTB has paid cumulative dividends of N370bn, while Access Bank has paid N111bn over the same period. At today’s exchange rate, GTB has paid cUSD1bn in dividends while Access Bank has paid cUSD300mn since 2011.

(Nbn) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Total assets
Access 1,034 689 796 1,629 1,745 1,835 2,104 2,591 3,484 4,102
GTB 963 1,078 1,168 1,609 1,735 2,103 2,356 2,525 3,116 3,351
- Variance 7% -36% -32% 1% 1% -13% -11% 3% 12% 22%
PBT
Access 20 (11) 13 22 45 44 52 75 90 80
GTB 38 35 46 62 103 107 116 121 165 200
- Variance -48% -132% -73% -64% -56% -59% -55% -38% -45% -60%
Dividends
Access 10 11 9 10 19 14 14 16 19 19
GTB 29 14 23 32 46 50 52 52 59 79
- Variance -64% -19% -62% -67% -57% -73% -73% -69% -68% -76%


My questions (in order of importance):
Where was the due process? Diamond Bank’s Chairman (Seyi Bickersteth) and three non-executive directors (Rotimi Oyekanmi, Juliet Anammah, Aisha Oyebode) recently left the BoD and this meant that, Diamond Bank’s BoD approved this deal without two independent directors. Why is this acceptable? On the question of process, one has to ask how the Diamond Bank BoD went from asking its CEO (Uzoma Dozie) to leave, to asking him to lead a transaction that would mark the end of Diamond Bank as a standalone entity? We understood that the CEO had agreed to leave at the beginning of next year, but now we understand that this deal will not close until the middle of next year. So, has the BoD asked him to stay? From the leaked letter (https://www.proshareng.com/news/Frauds%20&%20Scandals/What-Does-It-Mean-That-Independent-Directors-Accuse-Diamond-Bank-Of-Corporate-Governance-Issues-/43104) of the former Chairman of the BoD (Seyi Bickersteth), it clear that there were problems at the BoD, so why are shareholders now being asked to basically ignore them. I would strongly encourage the BoD of Diamond Bank to issue a full response to the previous Chairman’s letter. Full transparency is what shareholders need in order to make an informed vote at the EGM.

What is the position of the Carlyle Group. How does a highly reputable PE fund that invested at N5.80 per share (as per press reports) in 2014 want to exit for N1 per share in cash and 3.3% (on our calculation) of the combined group’s paper? How does Carlyle go from considering injecting more capital into Diamond Bank on the condition that the CEO leaves to asking the CEO to lead this transaction that is clearly value destructive for their clients?

What is real financial position of Kunnoch Holding Ltd. In today’s conference call, Access Bank denied press reports suggesting that Kunnoch had taken a substantial loan from them. Given the clarity in which the CEO stated this, we are inclined to believe this. But, this does not answer the question of what the financial position of Kunnoch is. Does Kunnoch have an outstanding loan to another bank and is that bank asking for this loan to paid? Is the collateral of this loan Diamond Bank and MTN shares? How big is the loan? Whilst these are typically private affairs, they are important as they could help explain the motivation of a key shareholder to accept this transaction. As the board member representing Kunnoch, is the CEO accepting this transaction for the sake of Kunnoch or for all Diamond Bank shareholders? This needs to be clarified.

Can we get some real detail on the synergies. If I annualize Diamond Bank’s 9M18 costs, I get an annual cost base of N90bn. So, these synergies represent roughly 1/3 of Diamond Bank’s cost base. That is a very tall order in my opinion. So, how much staff will they have to cut, what buildings/branches are being sold/closed, what are the cost saving from having the same MIS, what are the benefits of lower funding costs (numerically please), etc…? A simple table breaking down the sources of these synergies would be greatly appreciated. Costs are very hard to control, as shown in the table below.

Costs (Nbn) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Access 24 37 48 70 88 101 105 146 160 188
GTB 42 58 62 71 78 83 94 96 114 123
- Variance -44% -37% -22% -2% 12% 23% 11% 51% 41% 53%

Can the accounting treatment of this deal be confirmed? When calculating their proforma equity, is Access Bank using purchase accounting or merger accounting? If merger accounting (i.e., the equity of the target is added to the acquirer), how is this possible when Access Bank is clearly buying Diamond Bank. This is not a merger of equals surely. Understanding the accounting will help us understand Access Bank’s estimated proforma CAR of +20%.

My conclusion:
As an African storyteller, I must conclude buy sharing a real life experience. Like this story, it involves a Diamond, but my diamond was not a bank but a ring for my wife. Before buying her Diamond, I did some research and quickly learned that you do not buy a diamond for its size (carats) alone. One must consider the qualitative aspects of the diamond (its cut, clarity and colour). I think the same applies to this transaction. I am happy that Access Bank will become the largest bank in Nigeria, but I am yet to be convinced by the cost of achieving this accolade, both to minorities and the system. Also, I am very disappointed by Diamond Bank’s management team; they published 3Q18 figures that in no way told the full story about the solvency of the bank. And even if they did not know about the additional N150-180bn of provisions when they published their 3Q18 figures, why was there no profit warning before announcing this deal? Why did the BoD of Diamond accept such an important deal without naming an independent chairman and another independent non-executive director? Why could this deal not have waited and due process followed? Too many questions and too few answers to be positive on this deal as of now.

Synonyms
1) onegentleguy
2) tradeinvestgal
3) godlyguy
4) forgotten the name of the moniker that usually gives the afore-mentioned high-five claiming to be a military man
5) I dey suspect mpeace
All na one and the same person
U can add yours

onegentleguy:
I was especially touched by the part in bold.
...like I said before, I have nothing against u or anyone else for that matter !!

One love bro.

locodemy:


when one is disappointed,regret follows.

That's the language of those that missed the TRAIN

Well roughly 8% of UNIONDAC Share Capital was exchanged in some CROSS DEALS.
Expect more CROSS DEALS.
BARGAIN HUNTERS TAKE NOTE!

Corrected.

*ThE OcToPuS*

GonFreecss1:
Ah! What a mature lady, I like you and Mendes, infact for this maturity we must ship una.

Lol. Thanks bros. You are appreciated.
You have a good heart, its really evident in your online relations with people.
..... unlike one bitter emotion-laden wailer who, of course, will always be ignored.