@tonyjon
wanaj0 right, i think he should get affidavits and notify the registrar as to the changes you mentioned

@tonyjon
wanaj0 right, i think he should get affidavits and notify the registrar as to the changes you mentioned

Helo fellow Niaga people,

I am yet to receive the recent First bank public offer shares certificate. Does any one have an idea of when it will be released.

One Nigeria

Ijem:

Helo fellow Niaga people,

I am yet to receive the recent First bank public offer shares certificate. Does any one have an idea of when it will be released.

One Nigeria

Relax. certs will be released next year, more like March onwards
the bank is yet to finalize absorbing 250Bn from the 470Billion raised.

hey all, is it true about the oceanic e-allotment of the po shares,
that would be a first.
anyone know when costain or diamond banks offer will be out.

wanaj0,

Thanks for the reply.

The guy had not been to Nigeria for quite sometime now so he will need some other info. from you.

1. Like how much do you think the affidavit will cost ?.

2. How much will the newspaper advert cost and what is the procedure to follow?.

3. For the signatures, does he need bank confirmation for both old and new signatures?

4. Do you have an idea of how long this process will take before completion because the guy has about ten certificates from different companies/banks?.

Waiting to hear from you.

tonyjon.

hello,

Is it possible for someone to view/check his CSCS ACCOUNT ON LINE
even if there is nothing (shares) in the account yet?.

My sister tried to check her account on line to see if it works properly
although for now she has nothing in the account and the account refused to open.

She had already paid all the necessary fees. The system told her that her password
was not correct which is not true.

What is going on here?.

@ all, i think its helpful to read this , got it from Proshare .Its adaptable to the Nigerian stock market though a lot of the info applies to the NYSE.The

bottomline is SHINE YOU EYES !



Analyzing Analyst Recommendations




Research analysts study publicly traded companies and make recommendations on the securities of those companies. Most specialize in a particular industry or sector of the economy. They exert considerable influence in today's marketplace. The incident with CSL stockbrokers with regards to the Access Bank Plc Public offer provides a template for such review.



Analysts' recommendations or reports can influence the price of a company's stock—especially when the recommendations are widely disseminated through television appearances or through other electronic and print media. The mere mention of a company by a popular analyst can temporarily cause its stock to rise or fall—even when nothing about the company's prospects or fundamentals has recently changed.



Analysts often use a variety of terms (buy, strong buy, near-term or long-term accumulate, near-term or long-term over-perform or under-perform, neutral, hold) to describe their recommendations.



But the meanings of these terms can differ from firm to firm. Rather than make assumptions, investors should carefully read the definitions of all ratings used in each research report. They should also consider the firm's disclosures regarding what percentage of all ratings fall into either "buy," "hold/neutral," and "sell" categories.



While analysts provide an important source of information in today's markets, investors should understand the potential conflicts of interest analysts might face.



For example, some analysts work for firms that underwrite or own the securities of the companies the analysts cover. Analysts themselves sometimes own stocks in the companies they cover, either directly or indirectly, such as through employee stock purchase pools in which they and their colleagues participate.



As a general rule, investors should not rely solely on an analyst's recommendation when deciding whether to buy, hold, or sell a stock.



Instead, they should also do their own research, such as reading the prospectus for new companies or for public companies, the quarterly and annual reports filed with the SEC; to confirm whether a particular investment is appropriate for them in light of their individual financial circumstances.



This article therefore seeks to discuss the potential conflicts of interest analysts face, and leverages on the New York Stock Exchange (NYSE) and NASD rules concerning analyst recommendations, and provides tips for researching investments.


Who Analysts Are and Who They Work for
Analysts historically have served an important role, promoting the efficiency of our markets by ferreting out facts and offering valuable insights on companies and industry trends. Analysts generally fall into one of three categories:



Sell-side analysts typically work for full-service broker-dealers and make recommendations on the stocks they cover. Many of the more popular sell-side analysts work for prominent brokerage firms that also provide investment banking services for corporate clients, including companies whose stocks the analysts cover.



Buy-side analysts typically work for institutional money managers, such as mutual funds, hedge funds, or investment advisers; that purchase stocks for their own accounts. They counsel their employers on which stocks to buy, hold, or sell and stand to make money when they make good calls.



Independent analysts typically aren't associated with firms that underwrite the stocks they cover. They often sell their research reports on a subscription or other basis. Some firms that have discontinued their investment banking operations now market themselves as more independent than multi-service firms, emphasizing their lack of conflicts of interest.



Potential Conflicts of Interest
Many analysts work in a world with built-in conflicts of interest and competing pressures.



On the one hand, sell-side firms want their individual investor clients to be successful over time because satisfied long-term investors are a key to a firm's long-term reputation and success. A well-respected investment research team is an important service to customers.



At the same time, however, several factors can create pressure on an analyst's independence and objectivity. The existence of these factors does not necessarily mean that the research analyst is biased. But investors should take them into account before making an investment decision.



Some of these factors include:

* Investment Banking Relationships — When companies issue new stocks, they hire investment bankers for advice on structuring the deal and for help with the actual offering. Underwriting a company's securities offerings and providing other investment banking services can bring in more money for firms than revenues from brokerage operations or research reports. Here's what an investment banking relationship may mean:

1. The analyst's firm may be underwriting the offering: If so, the firm has a substantial interest, both financial and with respect to its reputation; in assuring that the offering is successful. Analysts are often an integral part of the investment banking team for initial public offerings, assisting with "due diligence" research into the company, participating in investor road shows, and helping to shape the deal. Upbeat research reports and positive recommendations published after the offering is completed may "support" new stock issued by a firm's investment banking clients.

2. Client companies prefer favourable research reports: Unfavourable analyst reports may hurt the firm's efforts to nurture a lucrative, long-term investment banking relationship. An unfavourable report might alienate the firm's client or a potential client and could cause a company to look elsewhere for future investment banking services.

3. Positive reports attract new clients: Firms must compete with one another for investment banking business. Favourable analyst coverage of a company may induce that company to hire the firm to underwrite a securities offering. A company might be unlikely to hire an underwriter to sell its stock if the firm's analyst has a negative view of the stock.



*Brokerage Commissions — Brokerage firms usually don't charge for their research reports. But a positive-sounding analyst report can help firms make money indirectly by generating more purchases and sales of covered stocks—which, in turn, result in additional brokerage commissions.



*Analyst Compensation — Brokerage firms' compensation arrangements can put pressure on analysts to issue positive research reports and recommendations. For example, some firms link compensation and bonuses, directly or indirectly, to the number of investment banking deals the analyst lands or to the profitability of the firm's investment banking division.



* Ownership Interests in the Company — an analyst, other employees, and the firm itself may own significant positions in the companies an analyst covers. Analysts may also participate in employee stock-purchase pools that invest in companies they cover.





LESSONS FROM DEVELOPED MARKETS
The rules of the NYSE and NASD require analysts in some circumstances to disclose certain conflicts of interest when recommending the purchase or sale of a specific security.



As far back as May 10, 2002, the US SEC approved proposed changes to these rules, strengthening the disclosures that analysts and firms must make. The NYSE and NASD decided upon an implementation schedule of between 60 and 180 calendar days for the new rules in order to provide reasonable time periods for firms to develop and implement policies, procedures and systems to comply with the new requirements.



These rules implement key structural reforms aimed at increasing analysts' independence and further managing conflicts of interest. They also require increased disclosure of conflicts in research reports and public appearances. Key provisions of the rules include the following:



* No Promises of Favorable Research — NYSE and NASD rules now prohibit analysts from offering a favorable research rating or specific price target to induce investment banking business from companies. The rule changes also impose "quiet periods" that bar a firm that is acting as manager or co-manager of a securities offering from issuing a report on a company within 40 days after an initial public offering or within 10 days after a secondary offering for an inactively traded company.

Significance of the Change: Promising research coverage to a company will not be as attractive if the research may not be issued within the initial days following the offering.


* Limitations on Relationships and Communications — the rule changes prohibit research analysts from being supervised by the investment banking department. In addition, investment banking personnel are prohibited from discussing research reports with analysts prior to distribution, unless staffs from the firm’s legal/compliance department monitor those communications. Analysts are also prohibited from sharing draft research reports with the target companies, other than to check facts after approval from the firm's legal/compliance department.

Significance of the Change: These provisions help protect research analysts from influences that could impair their objectivity and independence.


* Analyst Compensation — the rule changes bar securities firms from tying an analyst's compensation to specific investment banking transactions. Furthermore, if an analyst's compensation is based on the firm's general investment banking revenues; that fact must be disclosed in the firm's research reports.

Significance of the Change: Prohibiting compensation from specific investment banking transactions significantly curtails a potentially major influence on research analysts' objectivity.


* Firm Compensation — the rule changes require a securities firm to disclose in a research report if it managed or co-managed a public offering of equity stocks for the company or if it received any compensation for investment banking services from the company in the past 12 months. A firm also must disclose if it expects to receive or intends to seek compensation for investment banking services from the company during the next 3 months.

Significance of the Change: Requiring securities firms to disclose compensation from investment banking clients can alert investors to potential biases in their recommendations.


* Restrictions on Personal Trading by Analysts — The rule changes bar analysts and members of their households from investing in a company's securities prior to its initial public offering if the company is in the business sector that the analyst covers. In addition, the rule changes require "blackout periods" that prohibit analysts from trading securities of the companies they follow for 30 days before and 5 days after they issue a research report about the company, and also prohibits analysts from trading against their most recent recommendations, subject to exceptions for unanticipated significant changes in the personal financial circumstances of the beneficial owner of a research analyst account.

Significance of the Change: Prohibiting analysts from trading around the time they issue research reports should reduce conflicts arising from personal financial interests.


* Disclosures of Financial Interests in Covered Companies — the rule changes require analysts to disclose if they own shares of recommended companies. Firms are also required to disclose if they own 1% or more of a company's equity stocks as of the previous month end.

Significance of the Change: Requiring analysts and securities firms to disclose financial interests can alert investors to potential biases in their recommendations.


* Disclosures in Research Reports Regarding the Firm's Ratings — The rule changes require firms to clearly explain in research reports the meaning of all ratings terms they use, and this terminology must be consistent with its plain meaning. Additionally, firms must provide the percentage of all the ratings that they have assigned to buy / hold / sell categories and the percentage of investment banking clients in each category. Firms are also required to provide a graph or chart that plots the historical price movements of the security and indicates those points at which the firm initiated and changed ratings and price targets for the company.

Significance of the Change: These disclosures will assist investors in deciding what value to place on a securities firm's ratings and provide them with better information to assess its research.



* Disclosures during Public Appearances by Analysts — the rule changes require disclosures from analysts during public appearances, such as television or radio interviews. Guest analysts will have disclose if they or their firm have a position in the stock; if the company is an investment banking client of the firm; if the analyst or a member of the analyst's household is an officer, director or advisory board member of the recommended issuer; and other material conflicts.

Significance of the Change: This disclosure will inform investors who learn of analyst opinions and ratings through the media rather than in written research reports of analyst and firm conflicts.



What Conflicts May Mean to You
The fact that an analyst or the analyst's firm may have a conflict of interest does not mean that his or her recommendation is flawed or unwise. But it's a fact you should know and consider in assessing whether the recommendation is wise for you.



It's up to you to educate yourself to make sure that any investments you choose match your goals and tolerance for risk. Remember that analysts generally do not function as your financial adviser when they make recommendations, they're not providing individually tailored investment advice, and they're not taking your personal circumstances into consideration.



Uncovering Conflicts
In addition to paying close attention to the disclosures that firms and analysts make, here are some steps you can take to assess whether and to what extent analyst conflicts may exist:


Identify the Underwriter
Before you buy, confirm whether the analyst's firm underwrote a recommended company's stock by looking at the prospectus, which is part of the registration statement for the offering. Note that firms are required to disclose in research reports whether they managed or co-managed a public offering. You'll find a list of the lead or managing underwriters in the pages of both the preliminary and final copies of the prospectus. By convention, the name of the lead underwriter, the firm that stands to make the most money on the deal will appear first, and any co-managers will generally be listed second in alphabetical order.


Research Ownership Interests
A company's registration statement and its annual report will tell you who the beneficial owners of more than five percent of a class of equity stock are. Research reports on a company must disclose whether the securities firm issuing the report (or any of its affiliates) beneficially owns one percent or more of any class of common equity securities of the subject company.



How You Can Protect Yourself
All investors are advised to do their homework before investing. If you purchase a stock solely because an analyst said the company was one of his or her "top picks," you may be doing yourself a disservice. Especially if the company is one you've never heard of, take time to investigate:



*When assessing a firm's research report of a company, be sure to read all of the disclosures about the firm and analysts' conflicts of interest and the types of research recommendations that the firm has made.

* Research the company's financial reports using the Proshare Report Central (which we are still begging companies to submit electronically) or call the company for copies. If you can't analyze them on your own, ask a trusted professional for help.

* Confirm whether the analyst's firm underwrote one of the company's recent stock offerings, especially its IPO.

* Learn as much as you can about the company by reading independent news reports, commercial databases, and reference books. The NSE research unit may have these and other resources.

* Talk to your broker or financial adviser and ask questions about the company and its prospects. But bear in mind that if your broker's firm issued a positive report on a company, your broker will be hard-pressed to contradict it. Be sure to ask your broker whether a particular investment is suitable for you in light of your financial circumstances.



Above all, always remember that even the soundest recommendation from the most trust-worthy analyst may not be a good choice for you. That's one reason we caution investors never to rely solely on an analyst's recommendation when buying or selling a stock.



Before you act, ask yourself whether the decision fits with your goals, your time horizon, and your tolerance for risk. Know what you're buying—or selling.

tonyjon:

wanaj0,

Thanks for the reply.

The guy had not been to Nigeria for quite sometime now so he will need some other info. from you.

1. Like how much do you think the affidavit will cost ?.

2. How much will the newspaper advert cost and what is the procedure to follow?.

3. For the signatures, does he need bank confirmation for both old and new signatures?

4. Do you have an idea of how long this process will take before completion because the guy has about ten certificates from different companies/banks?.

Waiting to hear from you.

tonyjon.

tonyjon,
Here are some suggestions
1. It may take some time (months) to get all the papers needed, some questions; Did the person keep tap with the home bank? If not might take a while to get a bankers confirmation of signature especially if the account is dormant.
2. Advert costs differ with newspaper
3. Get a broker DOUBLE FAST and they can do the leg work once you have armed them with bankers confirmation of signature for both signatures.  Afterwards the certificates can be left with the brokers to pursue verification collect evidence that the certificates are with the brokers too(reciept and a photocopy of the certificate).
4. Open a cscs account (the brokers will help do this) with this you can now see all the shares verified.
5. The rest i can't answer
Cheers

GEEES,

Thanks for the reply.

tonyjon.

Where can i get fund prices(shellter fund) from?

good day to you great imparters of Knowledge,
m a reporter of a financial newspaper in Lagos called Moneywise. am about to start a column on youths and Investment. i need your contributions on your investmenmt in the capital market in the time past, so if you believe that you are a youth and willing to allow others learn for you inestimable experience, please be willing to be a part of the column.

All you need to do is to answer these question and send to my box- hafsharon@yahoo.com
they are:
1 your brief background
2 how you got to know about stocks, you can alsdo add the year.
3 how much have you gained in the investment(you can be conservative about it)
4 have your fingres been burnt? i.e ve you made any loss over an investment in one of the stocks
5 advice for the youths

i will be anxiously waiting for a response from you people
Thank you in anticipation, Ayoola

Disastrous Results

LIVESTOCK FEEDS PLC

AUDITED ACCOUNTS FOR YEAR ENDED MARCH 31, 2007.

PERIOD                                         2007 2006 ABSOLUTE CHANGE      %CHANGE
TURNOVER (N'm)                  581.76    560.02           21.74           3.9%
PBT (N'm)                           8.84   728.17             -719.33         -98.8%
TAXATION (N'm)                   0.52     20.25              5.95          29.4%
PAT (N'm)                           8.32    748.42         -740.10         -98.9%
EXCEP ITEMS (N'm)               28.66 709.00         -680.34         -96.0%

* Means Decrease & * Means Increase
Net Profit Margin                 1.43%   133.64%            -132.2%


NOTE
The auditors expressed some opinoin and stated some post balance sheet facts on the
"going concern" status of livestock feeds plc.

-----------------------
Decrease of 98.9% PAT Year on Year.

What exceptional items is this company making adjustments for? The adjustment of 709 Million from the previous fiscal year when the PAT was 748.42 is almost as high as the PAT.  The company's PAT in 2006 was higher than the turnover!!! It will be interesting to see the corresponding balance sheet of this company.

@pumping
That result get as it be .
I dunno much abt the company but those results def raise an eye brow

i know they had a rights issue last year to clear off 500million naira debt, maybe thats what the problem is.
or maybe na bird flu affect them

HayWhzl:

good day to you great imparters of Knowledge,
m a reporter of a financial newspaper in Lagos called Moneywise. am about to start a column on youths and Investment. i need your contributions on your investmenmt in the capital market in the time past, so if you believe that you are a youth and willing to allow others learn for you inestimable experience, please be willing to be a part of the column.

All you need to do is to answer these question and send to my box- hafsharon@yahoo.com
they are:
1 your brief background
2 how you got to know about stocks, you can alsdo add the year.
3 how much have you gained in the investment(you can be conservative about it)
4 have your fingres been burnt? i.e ve you made any loss over an investment in one of the stocks
5 advice for the youths

i will be anxiously waiting for a response from you people
Thank you in anticipation, Ayoola

I thought Moneywise was DEAD due to an ownership dispute between AYO and the person who started it ? Why dont you solicit for free articles through your esteemed column instead ?

@ easimoni,
i recall you and wanajo have has some conversations on BETA GLASS. i never really took notice but from my calcs., it looks pretty solid , its half year PAT was 321million and its half year eps is 0.7. its full yeareps projected to be 1.4 or there abouts and should be 20 naira to say the least. am i correct in these calculations and what do u think about this stock ?

@Pumping777 & Wanajo.

Thanks for your response regarding EPS(basic) and EPS(adjusted).

Very much appreciated.

Cheers

shigidi:

@ easimoni,
i recall you and wanajo have has some conversations on BETA GLASS. i never really took notice but from my calcs., it looks pretty solid , its half year PAT was 321million and its half year eps is 0.7. its full yeareps projected to be 1.4 or there abouts and should be 20 naira to say the least. am i correct in these calculations and what do u think about this stock ?

You are spot on and I did buy some upon wanaj0's recommendation. Sold it after it went on a run and it has since stabilized. The forward EPS is 1.4 but I dunno what PE the market will place on a BETA glass but 20 may be optimistic. The only downside is they made a lot less in the 2nd half of last year than in the 1st, what if that trend continues? Maybe 1.4 becomes 1.2

Dr Easimoni,
I have a question that will need some pancreatic amylase to digest and deliver an energy-rich answer. With the recent injection of money into Transcorp, that means that someone believes in the company and it's management has the right connections to get funding for the coy. Should I just throw in some money into Transcorp and forget it or do you think the worst is not yet over? I know that if they dont start delivering SOLD, REASONABLE news within a year ( NOT JUST EMPTY TALK), shareholders will dump that nonesense and look into insurance. SO to be or not to be?
Thanks

By the way here is the link to the story

http://www.proshareng.com/myproshare/portal_news.php?id=3046

pangolo:

Dr Easimoni,
I have a question that will need some pancreatic amylase to digest and deliver an energy-rich answer. With the recent injection of money into Transcorp, that means that someone believes in the company and it's management has the right connections to get funding for the coy. Should I just throw in some money into Transcorp and forget it or do you think the worst is not yet over? I know that if they don't start delivering SOLD, REASONABLE news within a year ( NOT JUST EMPTY TALK), shareholders will dump that nonesense and look into insurance. SO to be or not to be?
Thanks

Dr? I no read book reach that one! Transcorp will deliver a loss in the current fiscal year. They plan to deliver a profit of ~25k per share for the 2008 fiscal year. It has the potential to make it's shareholders v rich but my plan is to wait for my other investments to "mature" before I buy some Transcorp. Maybe mid next yr.

To WANAJ0

and to all GURU,s

Pls can some one tell me when Japual oil share certificate is likely to be out cos i want to buy the P.O and i need the money back in the next 4 to 6months time.


To all GURU's in the room!!!

Ben0524:

To WANAJ0

and to all GURU,s

Please can some one tell me when Japual oil share certificate is likely to be out because i want to buy the P.O and i need the money back in the next 4 to 6months time.


To all GURU's in the room!!!

4-6mths ke, if u know whats best for u even if the company itself announces 2mths online, still dont put your money. If u are trying to recup your money that quick then u better go in the sec market and even then goodluck with that. My point is that if u absolutely need the money in full in 4mths, then this (NSE) isnt for u.

pumping777:

Disastrous Results

LIVESTOCK FEEDS PLC

AUDITED ACCOUNTS FOR YEAR ENDED MARCH 31, 2007.

PERIOD 2007 2006 ABSOLUTE CHANGE %CHANGE
TURNOVER (N'm) 581.76 560.02 21.74 3.9%
PBT (N'm) 8.84 728.17 -719.33 -98.8%
TAXATION (N'm) 0.52 20.25 5.95 29.4%
PAT (N'm) 8.32 748.42 -740.10 -98.9%
EXCEP ITEMS (N'm) 28.66 709.00 -680.34 -96.0%

* Means Decrease & * Means Increase
Net Profit Margin 1.43% 133.64% -132.2%


NOTE
The auditors expressed some opinoin and stated some post balance sheet facts on the
"going concern" status of livestock feeds plc.

-----------------------
Decrease of 98.9% PAT Year on Year.

What exceptional items is this company making adjustments for? The adjustment of 709 Million from the previous fiscal year when the PAT was 748.42 is almost as high as the PAT. The company's PAT in 2006 was higher than the turnover!!! It will be interesting to see the corresponding balance sheet of this company.

Nothing special or out of place about the result of Livestock feeds. Problem is people don't look at the facts behind the figures.

Look at the 2006 result, profit was more than turnover. That shows that the profit dis not come from the normal business of the company. Most likely they sold a major asset. CAPL just did that. UACN being doing that. What people saw was increased in profitability hence Livestock out of the woods!!!!!!! It is the profit from such sales that it treated as an exceptional item. While there is nothing bad in doing that, I get worried when you are only making profit by asset stripping. How will you now make money when there is no more asset to use to generate the profit?

For 2007, trend continued. Another exceptional item. So they basically made a loss! but the N28m exceptional item (maybe profit from disposal of another asset) turned that to a profit.

Hope that clears the air!

shigidi:

@ easimoni,
i recall you and wanajo have has some conversations on BETA GLASS. i never really took notice but from my calcs., it looks pretty solid , its half year PAT was 321million and its half year eps is 0.7. its full yeareps projected to be 1.4 or there abouts and should be 20 naira to say the least. am i correct in these calculations and what do u think about this stock ?

easimoni:

You are spot on and I did buy some upon wanaj0's recommendation. Sold it after it went on a run and it has since stabilized. The forward EPS is 1.4 but I don't know what PE the market will place on a BETA glass but 20 may be optimistic. The only downside is they made a lot less in the 2nd half of last year than in the 1st, what if that trend continues? Maybe 1.4 becomes 1.2

I think the slow down in profit in the secodn half of the year was because of there having to shutdown some of the furnaces in the plants.

For me, 20.00 is a fair value for BETA GLASS. Concerns basically has to do with the level of liquidity of the shares. Also there is the risk of the long term viability of the company especially if NAFDAC goes with the ban of bottling soft drinks in glass bottles!

Apart from that, BETA GLASS like Nigerian German are the gem for me. So far they've delivered.

Next on the block is Diamond Bank with the injection of Actis money.

[I thought Moneywise was DEAD due to an ownership dispute between AYO and the person who started it ? Why don't you solicit for free articles through your esteemed column instead ][quote][/quote]

London cool, moneywise is not dead, it is alive and vibrant i must tell you.

please, any one who wants to his/her story to grace the page of our newspaper should please forward answers to the questions asked yesterday 22 october,2007 to hafsharon@yahoo.com.au

[I thought Moneywise was DEAD due to an ownership dispute between AYO and the person who started it ? Why don't you solicit for free articles through your esteemed column instead ]

[/quote]

London cool, moneywise is not dead, it is alive and vibrant i must tell you.

please, any one who wants to his/her story to grace the page of our newspaper should please forward answers to the questions asked yesterday 22 october,2007 to hafsharon@yahoo.com.au

please i need more information on the livestock result and reason for such


[quote author=wanaj0 link=topic=31554.msg1608138#msg1608138 date=1193120990]
Nothing special or out of place about the result of Livestock feeds. Problem is people don't look at the facts behind the figures.

Look at the 2006 result, profit was more than turnover. That shows that the profit this not come from the normal business of the company. Most likely they sold a major asset. CAPL just did that. UACN being doing that. What people saw was increased in profitability hence Livestock out of the woods!!!!!!! It is the profit from such sales that it treated as an exceptional item. While there is nothing bad in doing that, I get worried when you are only making profit by asset stripping. How will you now make money when there is no more asset to use to generate the profit?

For 2007, trend continued. Another exceptional item. So they basically made a loss! but the N28m exceptional item (maybe profit from disposal of another asset) turned that to a profit.

Hope that clears the air!

Hi Nairalanders,
How do we see this?

Afribank’s N100bn public offer gets SEC approval
The Securities and Exchange Commission has approved the bid of Afribank Nigeria Plc to raise N100bn from the capital market.
Afribank plans to raise the funds by offering [b]four billion ordinary shares of 50kobo each at N25 per share. [/b]The Nigerian Stock Exchange had already given its approval for the listing of the shares after offer.

Personally I think this offer is in itself overpriced but I also want to get informed positions before I decide not to near there.
Before now of all the banks coming out I have decided on FCMB, Bank PHB and Diamond bank but I do not want to look back I see I missed out.

WEMA has gained 5% for two consecutive days now!!! i smell a rat somewhere, i might just hold on till the end of next week and see what happens.and flour mills seems to be bleeding, a good entry price for anyone.

wanajo, on BETA GLASS when does this ban on glass bottles by NAFDAC take effect. and if this is true, dont you think attracting a pe of 20 will be optimistic as people will tread cautiously knowing future profits wil be affected.

shigidi:

wanajo, on BETA GLASS when does this ban on glass bottles by NAFDAC take effect. and if this is true, don't you think attracting a pe of 20 will be optimistic as people will tread cautiously knowing future profits wil be affected.

I was talking of a price of 20.00 and not PE.

NAFDAC ban was for 2008/2009 but nothing to show that this will be done. Although, they may make a shift towards making bottles for the pharmaceutical companies to improve the situation if NAFDAC goes ahead with ban.