₦airaland Forum

samstone4:
@BHG

I think you mean AP regarding the PO.
O and O is not doing a PO, although expected to do so sometime soon.

Samstone4

That's true Samstone4.i mean't AP PLC.

aktopgun:
looks like yar'adua remains president. abi i no get am my learned brothers (lawyers) on here.   

I think you should be able to follow the proceedings on http://www.nigerianwebradio.com/index.html

aktopgun:
i have no idea. i guess its one of the irregularities that remains in the NSE. i know of people who have had their Dangote flour shares credited to their CSCS accounts and i have also heard of people who have gotten certificates. beats me bro.

i can only hope these irregularities are slowly corrected over time to further level the playing field.

I hope so too.Asper Oando.I've finally concluded that i've missed the flight.Even at 230 (rights issue) and 250 naira per share the PO is not cheap. It's definately for nairaland elders   .In the meantime,i shall wait for the crumbs that fall at the masters feet

Stacks:
@BHG

FCMB has started issuing certificates,  Still no 9 months result

@ FO2

Sell or Hold on? Thanks

Stacks Thank you.Father of 2,Aktopgun et all why is it that sometimes though you put your cscs no on your PO form,they still issue certificates to you rather than crediting your cscs account?

Hello Guys,please is it true that FCMB has started issuing their certificates for the recently concluded public offer?

For how long will First Bank continue to hold on to people's money?

Preference shareholders favoured in FBNs N100bn offer
Posted Monday, February 25, 2008


The discriminatory release of share certificates for First Bank of Nigeria’s N100-billion offers may have created uneven ground for preferential shareholders and other classes of investors.



The result is that those who have received their certificates are trading them and harvesting good returns, while others are left in the cold. They are deprived the opportunity of translating their holdings into money.



First Bank floated the offer at N35 per share and as of February 22, the stock traded at N50.08 --a N15.08 or 43 percent appreciation in nine months.



Not only have some not received their share certificates, their monies for the non-allotment are yet to be returned and this is causing some uneasiness among the affected shareholders. The offer document provides that in the event of excess money or delay in the release of share certificates, the money should be deposited in an interest-bearing account.



Although First Bank stock has been on the upbeat, the aggrieved group feels that the unreturned money could have been invested in alternative windows, where they could have earned much better returns. To assuage them, and in compliance with the statutory requirement, the bank has opted to pay 5 percent interest. This appears not to have calmed frayed nerves.



Financial analysts believe the 5 percent which the bank has offered to pay is competitive, compared with the deposit rate paid by banks. A shareholder told Business Day that if he had invested the money in the stock market since April when the offer opened, he could have made over 50 percent return through capital appreciation.



Equally causing disaffection is the bank’s choice of September as effective date for the accrual of interest. The bank, we understand, chose the date because that was the allotment period. But Kofo Majekodunmi, former executive director of FBN Capital, who was involved in the transaction, has said that the delay in the release of all money and share certificates is due to logistic problems that are beyond the control of the bank.



These, he said, include malfunctional postal system, extra care to ensure that the certificates do not get to the wrong addresses. Majekodunmi told Business Day that the certificates and monies were sent out in batches in alphabetical order, or on allotment basis.



First Bank offered to raise N100-billion through offer for subscription and rights but ended up with N750-billion and 1- million new shareholders.



The offer which was to close in June was extended to July and the certificates were not despatched until December. The landmark offer was the highest in terms of subscription level and shareholder interest.



The delay in the release of share certificates has been attributed to the blanket and long verification of new issues by the Central Bank as well as the inefficiency of registrars. Most of the registrars are said to be overwhelmed by the magnitude of public interest in the stock market.



First Bank, operators say, has one of the most efficient registrars due to their automation, and Victor Ogiemwonyi, managing director and chief executive of Partnership Investment and Company Limited, wonders why the bank could not deploy these facilities in handling the last offer. Operators are, however, optimistic that when the e-allotment , e-dividend and e-bonus payments become operational, the hiccups associated with public offers would be minimised.



Last year, the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) were able to convince the Central Bank of Nigeria to drop the idea of blanket verification of offers. Subsequently, only new issues that are suspected to have some laundered money would be investigated.



Meanwhile, analysts have warned that as local and global interests in the market grow, nothing should be done to shake the confidence of investors in the market.



Already, about 5-million Nigerians that cut across geographical, age, professional and income boundaries are said to have invested in the market, and any loss of confidence, one investor said, could trigger the worst economic crisis in the country. - BusinessDay

pumping777:
I posted the Access Allotment list a month or two ago. I can't find it right now.

With 140K units, you will get 63% with the supplementary allotment.

My broker just confirmed that my certificates don land.

I'm yet to receive my certificate as well.Check the link below for the allotment results

http://www.accessbankplc.com/downloa(put 3 dots here)statement2.pdf

SGN:
Me I like CICO

But the one I am using at the moment is SIRO

Sneak In
Rush Out

hmm, Sneak In , Rush Out, enter C[/b]H[b]I[/b]S[b]CO Transport, carry go, i'm loving it

The saga continues!

NITEL: Transcorp asked for the revocation – FG
Posted Tuesday, February 19, 2008
The Federal Government, said on Tuesday, that the Transnational Corporation of Nigeria participated in the decision process that led to the revocation of the sale of Nigerian Telecommunication Limited to it.
The Minister of Information and Communication, Mr. John Odey, said this in Abuja when a delegation of Suburban Group, an integrated ICT service provider paid him a visit.
According to him, contrary to the insinuation that the decision was unilateral and would send the wrong signals to the investing public, Transcorp admitted that it lacked the required capital needed to revive the telecoms firm and make it competitive and that there was the need to bring in a new core investor.
Transcorp secured the purchase of NITEL and its mobile arm, Mtel, on July 3, 2006 for a fee of about $750m (N105bn).
However, it paid only $500m of the amount pledged, as it could not come up with the balance of $250m.
The $750m represented the 75 per cent equity holding that the Federal Government intended to divest from NITEL to the core investor. The remaining 25 per cent was to be sold to Nigerians through a public offer in November in 2006. This never happened, as Transcorp could not meet most of the terms of the contracts.
Odey said, “The process that led to the reversal of Transcorp shares in Mtel and NITEL was not a decision taken by government alone. On December 10, 2007, we had a meeting with Transcorp and I insisted that the Chairman of Transcorp, Dr. Ndi Okereke-Onyiuke must attend.
“We looked at the company as shareholders, analysed the problems and the status of Mtel and NITEL. As at that time, the workers were being owed October salary and the company had problems with working capital.
“We took a decision and Transcorp looked at their financial position and also took a decision to give up some shares, while government would also give up some shares for a third party, a core investor who would have controlling shares and rescue the company’s operations. That is what we have just done.” - Punch

That's why it's a very drrryyyy bone.Good candidate for Baba God to flex muscles.Keep watching the space,

aktopgun, as per Transcorp, the dry bones shall surely rise again

Damouche thank you jare.

Meanwhile a bit of information for all, One of the investors at FCMB are currently having trouble with their investment in Kenya.Hopefully this will not impact FCMB.I beg dey watch am like eagle o!.(see below)

A private equity group based in London risks becoming caught up in the Kenyan political crisis after the country’s opposition leader called for a boycott of a bank in which it is the largest shareholder.

Helios Investment Partners paid KSh11bn ($176m) for a 25 per cent stake in Equity Bank days before a presidential election in which Raila Odinga, opposition leader, claims he was robbed of victory by government-orchestrated rigging.

Following three weeks of protests and violence, the opposition on Friday revealed a plan to boycott Equity Bank and other businesses perceived to be linked to allies of president Mwai Kibaki.

“Whatever you do on the political front, unless the people around Kibaki are pinched in a very material way they’re not going to budge,” said Salim Lone, a spokesman for Mr Odinga. “This is also a way to encourage the moderates to assert themselves.”

Foreign investors snapped up assets across Africa last year as economic growth on the continent accelerated but the Kenyan crisis has provided a reminder of the political risks it still carries.

Sorry Guys! i just got too excited by the contributions from  Napoleon.Permit me to repeat the yarn in English.

Elder Napoleon,I find your contribution very educative.Please keep it up.With the help of you guys,we shall surely take over the world market.

Invisible,permit me to flow globally o!.Money from the french speaking countries can also be changed to naira and vice versal.

Napoleon,

Je trouve votre contribution très éducative. S'il vous plaît cela en haut. Avec l'aide d'entre vous les gars, nous reprendrons sûrement du marché mondial.

What is the story behind the steady increase in the price of Cadbury Nigeria Ltd over the last few weeks?I have tried to get info from all my paparazzis but it's come to no avail.

Cadbury PLC Ltd has been experiencing steady price movement from the 29th of January.Does anyone know the reason why?

STOCK PRICE MOVEMENT : CADBURY
Date Price
2/4/2008 41.89
2/1/2008 39.90
1/31/2008 38.00
1/30/2008 38.31
1/29/2008 37.99