₦airaland Forum

Where are your shares listed?

For Capital Oil, the commission said it found out that what drove the volume of transactions in the company’s shares was the sale by Five Star Asset Management Limited, of 38,708,520 shares of the company on the NSE to APT Securities Limited.

However, SEC noted that the Chairman of Capital Oil, Mr. Ayo Fanimokun, also sold 8.25 million of his holding within the same period.

“In view of the fact that the Chairman of the company was an insider, he was quite in the picture of the company’s situation, and in fact, knew that the prevailing share price was without rational basis and therefore, unsustainable when he went ahead to sell his holding,” Oloyi added.

Thursday, March 20, 2008

SEC suspends trading on Afroil, Capital Oil shares
By Gbenga Agbana

FOLLOWING the conclusion of an investigation conducted by the Securities and Exchange Commission (SEC) on the indiscriminate rise in the share prices of Afroil Plc and Capital Oil Plc without justification, trading has been suspended on the two stocks to protect the investing public.

The directive, which was contained in a letter to the Nigerian Stock Exchange (NSE) and all stockbrokers indicated that they should stop dealing in the shares of the two companies henceforth.

According to a statement from the commission, the decision to suspend trading on Afroil Plc and Capital Oil Plc was a fall out of the investigation recently conducted on the two companies due to observed astronomical rise in their share prices and the fact that they were not rendering necessary statutory reports.

The investigation also established that during this period, they were not in business, as there was no activity whatsoever in their premises.

The commission has therefore declared that the basis for continued trading and rise in the prices of their shares on the Exchange no longer exists, adding that the investing public must not be deceived.

By the official list of the NSE, the share price of Afroil Plc has risen from a low N8.96 this year to a high N27.46 before falling to N25.39 per share on Monday.

Also, by the same record, the last time dividend was paid by the company was August 17, 1992, when it paid two kobo per share. Its earnings per share as at Monday was 0.00 and per earnings ratio was 0.00.

SEC, in its statement yesterday, said that pursuant to its findings on the two companies and its mandate in protecting the investing public, trading in the stocks of the companies is suspended immediately.

The commission had commenced investigation into the astronomical rise in the companies' share prices without justification in its statement dated February 14, 2008, to the effect that there were unusual price movements in the share of the two companies and others, and the conclusion of the investigation led to the suspension of the two companies.

For Afroil, the commission stated that the company accessed the capital market in 1993 through an Initial Public Offering (IPO) for subscription of 165 million ordinary shares of 20 kobo, at 40 kobo per share, but it was under-subscribed by 42.26 per cent or 69.73 million shares, which were warehoused for subsequent disposal on the NSE.

Investigation by SEC also revealed that between 2001 and 2006, the company was wound up by a Federal High Court Lagos' order, dated March 30, 2001, following its inability to pay its debts, pursuant to the provisions of the CAMA 1990.

However, the winding up order was vacated in March 2007, following the decision of Ko Fund Managers Limited (one of the directors) to take over the responsibility of paying other creditors, while the company is returned to Ko Fund Managers.

SEC, also found out that the company did not notify the commission and the public about the development, while its shares remained quoted on the stock exchange and transactions were going on the shares.

By the winding up order, SEC said the company's shares ought to have been selected from the official list of the NSE, and SEC could not establish any basis for the steady rise in the company's share price.

"The commission therefore noted the actions of the management of Afroil Plc as acts of insider dealing and price manipulation, and therefore, a breach of Rule 110 of the Commission's Rules and Regulations. In addition, the manner of the sale of the company's warehoused shares was a total breach of the provisions of Rule 70(2) of the commission's Rule and Regulations, which states that warehoused shares be sold en-bloc, while the broker renders periodic reports on it."

The commission also observed that Capital Oil Plc has similar antecedents with Afroil Plc, except that no evidence was discovered to prove that it went into liquidation but the company was not in active operation and only occupies an obscure office accommodation in Ikeja, Lagos.

Quote from a sister site;


Between Monday ( last week) and yesterday (monday), Bear Stearns stock price crashed from $70 to $2 cos of issues from bad motgage debts. In the NSE, it would have closed at $200 by yesterday, I know

my friend i wish Bear Stearn can come to NSE with that $2, and let give it that two weeks, not only $70 it will rise to but that $200 , even with that huge loss, who cares in NSE investors.

Chei and double chei!

grabdaloot:
costain - construction
Nigeria ropes - ropes
ABB - electricals
Alumaco - Aluminuim products (windows doors etc)

all key industries in home building,

Seems to me these guy is aquiring all that has to do with building construction. So I dey find shares for nigerian tiles and empire carpets   . But seriously seem this Kareem guy is seriously repostioning for the building industry so. Let us at least put some constructive use to this our dear thread. I am looking at the paints that is chemical sector but it seems that some peeps have already beat me to it (IPWA and BERGER). Wanaj0 and aktopgun I go leave una to look into this one more closely. You guys seem to have more on the behind the scenes glimpse. I can bet there will be more acquisitions to come especially with industries that have to do with building construction. Could this have something to do with the expected new policy from the FG on housing policy hmmmm,

The guy also owns 40% stake in Premier Paints.

@Windy Wendy- Where is Kola going next No tell me say you no get crystal ball o! Just dig like you always do maam!

@pamit

http://www.ngex.com/cgi-bin/frame/frameit2.plx?link="http://www.ngrguardiannews.com"

Me too just see am o. God save me say I don comot .Chei, and double chei!

Panadol:
Ioma,

Please attach the latest STOCK MARKET REPORT from Capital Assets. Thanks!

How you take sabi say I get the report? U be winch? Nothing special dey there.

Sounds familiar?

@Roughcut,

Shey na because of this small quarrel you go carry UTC axe, if you come see roforofo fight nko? You go borrow AK from the Topgunner?

damoche07:
My bad for the terrible mistake.i feel awkward.i only  intended to make some pun. Am deeply sorry if i offended you guys. I just felt you guys wanted to enjoy the fresh air of anonymity. so sorry.

Chief, I see the apology. No shaking! Thanks for your comments.

@Blueband

For all the beautiful people on this thread, I devote this to you!
Two Wolves
One evening an old Cherokee told his grandson about a battle that was going on inside himself. He said, "My son, it is between 2 wolves. One is evil: Anger, envy, sorrow, regret, greed, arrogance, self-pity, guilt, resentment, inferiority, lies, false pride, superiority and ego,

"The other is good: Joy, peace, love, hope, serenity, humility, kindness, benevolence, empathy, generosity, truth, compassion and faith, "

The grandson thought about it for a minute and then asked his grandfather, "Which wolf wins?"

The old Cherokee simply replied, "The one I feed."

-- Author Unknown

@questioner;  Hear what the bible says again in response to your question!

Like one who grabs a stray dog by the ears is someone who rushes into a quarrel not their own.Proverbs 26:17

Without wood a fire goes out; without a gossip a quarrel dies down. (NIV)

For lack of wood the fire goes out, and where there is no whisperer, contention ceases. (AMP)

Where no wood is, there the fire goeth out: so where there is no talebearer, the strife ceaseth. (KJV) Proverbs 26:20

For those who have the ability to read long "posts" to the extent of knowing its nice, here is something to keep you busy!

Why are they called apartments, when they're all stuck together?

Why do banks charge you a "non-sufficient funds fee" on money they already know you don't have?

Why do people go to Burger King and Order a Double Whopper with a Large French Fry and insist on getting a Diet Coke?

How do "Keep off the grass" signs get where they are?

Why do scientists call it re-search when looking for something new?

Why doesn't glue stick to the inside of the bottle?

Why is the word abbreviation so long?

Is it possible to be totally partial?

What's another word for thesaurus?

If a book about failures doesn't sell, is it a success?

Do cemetery workers prefer the graveyard shift?

What do you do when you see an endangered animal that eats only endangered plants?

If someone with multiple personalities threatens to kill himself, is it considered a hostage situation?

Is there another word for synonym?

Isn't it a bit unnerving that doctors call what they do "practice"?

When sign makers go on strike, is anything written on their signs?

Why do they report power outages on TV?

How come price and worth mean the same thing, but priceless and worthless are opposites.

Why does an inspiring sight like a sunrise always have to take place at such an inconvenient time?

If the world is smaller why do postal rates keep going up?

If people don't like tailgaters, why do they buy bumper stickers?

If necessity is the mother of invention, why does so much unnecessary stuff get invented?

Why do we call a bad thing aweful while a good thing is awesome?

Why are there flotation devices under plane seats instead of parachutes?

Why are cigarettes sold in gas stations when smoking is prohibited there?

Have you ever imagined a world with no hypothetical situations?

How does the guy who drives the snowplow get to work in the mornings?

If 7-11 is open 24 hours a day, 365 days a year, why are there locks on the doors?

If a cow laughed, would milk come out her nose?

Why do we drive on parkways and park on driveways?

Why is it that when you transport something by car, it's called a shipment but when you transport something by ship, it's called cargo?

You know that little indestructible black box that is used on planes, why can't they make the whole plane out of the same substance?

Why is it that when you're driving and looking for an address, you turn down the volume on the radio?


How come a nose runs, but feet smell?

Why is the time of the day with the slowest traffic called the rush hour?

Why is lipstick so called, when you can still move your lips?

If humans evolved from monkeys and apes, why do we still have monkeys and apes?

If all those psychics know the winning lottery numbers, why are they all still working?

Why is it necessary to nail down the lid of a coffin?

Why do supermarkets make sick people walk to the back of the store to collect their prescriptions while healthy people can buy cigarettes at the front?

Isn't it strange that a physician has nothing to do with physics?

Isn't it strange that a radiologist has nothing to do with radios?

Kabraw; I beg you on behalf off all Nairalanders to remove that picture! See what the bible says;

Do not answer fools according to their folly, or you yourself will be just like them. Proverbs 26:4 (NIV)

No be me talk am o, anyone wey angry , make e follow attack Bible o!

WHich ones na?

He who hesitates is lost.
Look before you leap.

Birds of a feather flock together.
Opposites attract.

You're never too old to learn.
You can't teach an old dog new tricks.

Ask no questions and hear no lies.
Ask and you shall receive.

Don't change horses in midstream.
Variety is the spice of life.

Doubt is the beginning, not the end, of wisdom.
Faith will move mountains.

Too many cooks spoil the broth.
Two heads are better than one.

The pen is mightier than the sword.
Actions speak louder than words.

Don't cross the bridge till you come to it.
Forewarned is forearmed.

Silence is golden.
The squeky wheel gets the grease.

Clothes make the man.
Never judge a book by its cover.

The best things come in small packages.
The bigger, the better.


Dig the well before you are thirsty.
Don't cross the bridge till you come to it.

A miss is as good as a mile.
Half a loaf is better than none.

A miss is as good as a mile.
Something is better than nothing.

A good beginning makes a good ending.
It's not over till it's over.

Blood is thicker than water.
Many kinfolk, few friends.

A bird in the hand is worth two in the bush.
A man's reach should exceed his grasp.

There's safety in numbers.
Better be alone than in bad company.

If at first you don't succeed, try try again.
Don't beat a dead horse.

Now to more serious things!

Can you simplify the following

A research team proceeded towards the apex of a natural geologic protuberance, the purpose of their expedition being the procurement of a sample of fluid hydride of oxygen in a large vessel, the exact size of which was unspecified. One member of the team precipitously descended, sustaining severe damage to the upper cranial portion of his anatomical structure; subsequently the second member of the team performed a self rotational translation oriented in the same direction taken by the first team member.

Kola Karim
CEO & Managing Director
Shoreline Energy

Mr. Kola Karim is the Chief Executive Officer and Managing Director of Shoreline Energy International - a holding company with operations and investments in Energy and Infrastructure sectors.  His portfolio of companies include, Costain (WA) Plc, Costain Furniture and Joinery Limited, Shoreline Power Company Limited (formerly ABB Electrical Systems), Schlumberger T&P Nigeria, Premier Paints Plc, Fortis Construction Company Limited, Koda Trading Company, Davof Amsterdam and Agbara Shoreline Power Company Limited.

Mr Karim graduated in 1988 from City University, London after undertaking studies in Securities and Investment, which led to his appointment as a Trainee Manager at Guardian Royal Exchange, London.  This experience propelled him to a senior management role at the prestigious H. K. Beaumont and Associates also in the UK.

He started his entrepreneurial life with Koda Trading Limited, a company involved in the exportation of and importation of heavy machinery.  Having achieved tremendous success from running a small organization that now employs over 50 staffs, the immense experience gained led to diversification into other businesses.

During the course of his career, Mr. Karim attended courses locally and internationally including a general management program at the Harvard Business School to satisfy his constant quest for knowledge.

Kola Karim is married to Olufunke Karim and they are blessed with three children.  His interests include playing polo and football.  He is an Associate of the Institute of Directors in Nigeria and also an executive member of the Lagos Polo Club and Lagos Motor Boat Club.

yodiyokun:
And your point is, ??

Mama Ore ,
Na yolk me I dey follow u yolk o. Say all these ppl wey dey always come here say thank u for the CICO tips u give me, that one no dey work, make dem send Canadian dollars,and na me be your secretary.

As u no come catch my joke, na to find one cartoon yab you!

texas543:
@ Easi

You no go sleep? When and where is the meeting taking place? My office is not too far from your side. I dey the rival of our neighbour "Cameroun" wey dey Gears road.

U work at F-C? Its a small world. I believe I know u or know ppl who know u.

Holla @ andraskarrer AT yahoo.com

"How can I ever thank you?" gushed a guy to Yodi-Yokun, after she had solved his stock troubles.

"My dear woman," Yodi replied, "ever since the Phoenicians invented money there has been only one answer to that question."

MTN Profit Little Changed; Subscribers Increase 53% (Update3)

http://www.bloomberg.com/apps/news?pid=20601116&sid=aXEvSrcOnOQc&refer=africa

March 19 (Bloomberg) -- MTN Group Ltd., Africa's largest mobile-phone company, said annual profit was almost unchanged as the end of a tax holiday in Nigeria eroded the benefit of a 53 percent increase in subscriber numbers.

Net income was 10.61 billion rand ($1.3 billion), or 5.59 rand a share, in the year ended Dec. 31, from 10.61 billion rand, or 5.89 rand, a year earlier, the Johannesburg-based company said in a statement to the city's stock exchange today. The tax rate increased to 39.5 percent from 17.6 percent as a five-year tax holiday in Nigeria ended.

Shoreline And Hallmark Ag Acquire Majority Stake In Alumaco Plc

Shoreline Energy International, the leading Infrastructure and Energy Group focused on Sub-Saharan Africa, and Hallmark AG a leading Swiss Investment company acquire majority stake in Aluminium Manufacturer of Nigeria ALUMACO PLC

Source: Shoreline Energy International
Mar 13, 2008 13:16:56



FOR IMMEDIATE RELEASE

PRLog (Press Release) – Mar 13, 2008 – Shoreline and Hallmark AG today announced the closing of its acquisition of a Majority stake in Alumaco PLC a company Listed on the Nigerian Stock Exchange.

The acquisition continues Shoreline’s consolidation of the Construction and Allied products industry and creates immediate revenue accretive synergies with Shoreline’s portfolio companies in various Infrastructure sub-sectors.

“We are very pleased to have Alumaco as part of The Shoreline Group and to have the opportunity to expand our presence in an important manufacturing sub-sector,” said Kola Karim, Chief Executive Officer of Shoreline Energy International. Alumaco continues our drive to diversify and collapse supply chains into the group. Our portfolio companies will now be in a far stronger position going forward to meet the increasing challenges and opportunities from our customers. The addition of Alumaco provides further diversification of our business that brings new products and customers in important geographic areas.”

Shoreline has an excellent management team in place and we look forward to working with them for continued growth and success,” said Mr Roland Hubatka, Chief Executive Officer of Hallmark.

About Shoreline:
Shoreline is a leading Energy and Infrastructure Group operating in Africa. Shoreline has grown rapidly through acquisition. Recent acquisitions: ABB Electrical Systems (Nigeria), Costain (West Africa) PLC, Schlumberger testing and production (Nig). The Group continues to focus on Integrated Infrastructure and Energy leadership in sub-Saharan Africa.

About Alumaco:
Alumaco Plc is engaged in the Manufacture and Marketing of Aluminium Products including products for the Construction and other Industries

aktopgun:
quite right. the thing is, as an institutional investor has now come on board and I didnt hear of them going on TS for any allowance for a core investor i am assuming some fellas have given up their share to the new investor or am i talking rubbish?

if not then the illiquid status may actually worsen.

abi, where are they going to get the shares to allocate to the new investor

Reply from my broker;Nigerian Ropes has been on bid for some time. I think this was the one they crossed on Thur and the previous 1m units we talked about when you asked me to get the stock for you.

The rumour is that Alumaco is next on the list for this company.

FOR IMMEDIATE RELEASE

PRLog (Press Release) – Mar 13, 2008 – Shoreline today announced the closing of its acquisition of a Majority stake in Nigerian Ropes PLC a company Listed on the Nigerian Stock Exchange. Nigerian Ropes PLC manufactures a wide range of fibre, manila and steel wire ropes conforming to international standards. It’s products are certified by the, Bureau Veritas, Lloyd’s Register of Shipping and the Nigerian Standard Organization

The acquisition heralds Shoreline entry into the wire ropes market in Sub-Saharan Africa.

Speaking in Lagos, Kola Karim CEO of Shoreline Energy international said “This is a very exciting acquisition; it represents the end of a long search for a suitable platform acquisition to enter the wire rope industry. The market for Wire ropes and value added products in Sub-Saharan Africa is exploding; wire ropes have a wide range of market applications that are critical to infrastructure development on the continent including power, telecommunications, marine, oil and gas exploration and services; surface and deep mining; construction; and specialty lifting and suspension applications.”

Responding to questions, Mr Karim added “Our teams have already begun work on expansion plans for the business to expand into the cable manufacturing business to service the power, telecommunication and electrical sectors including manufacturing plants and distribution facilities across the continent. We expect to begin to execute on a growth strategy of building an integrated wire and cable business that anticipates strong organic growth coupled with an acquisition program in the next 2 quarters.”

“We are pleased to join the world class management team at Shoreline through this acquisition” said Mr Carlo Bertani, Managing Director of Nigerian Ropes PLC. “Shoreline has a long history of success in Sub-Saharan Africa and we look forward to working with the Company’s dedicated and talented team to implement a long-term strategy to strengthen our position as the leading producer and marketer of specialty wire ropes. “Today’s announcement marks the next logical step in the evolution of the new Nigerian Ropes,” said Mr. Bertani. “With Shoreline we will continue our aggressive plans to expand through widening our range of products and services as well as executing targeted, strategic acquisitions.”

About Shoreline:
Shoreline is a leading Energy and Infrastructure Group operating in Africa. Shoreline has grown rapidly through acquisition. Recent acquisitions: ABB Electrical Systems (Nigeria), Costain (West Africa) PLC, Schlumberger testing and production (Nig). The Group continues to focus on Integrated Infrastructure and Energy leadership in sub-Saharan Africa.

About Nigerian Ropes Plc:
Nigerian Ropes PLC was incorporated in Nigeria in March 1960, as an associated member Company of BRIDON PLC, the world leader in all aspect of ropes and cordage technology. Nigerian Ropes PLC manufactures a wide range of fibre, manila and steel wire ropes conforming to international standards. It’s products are certified by the, Bureau Veritas, Lloyd’s Register of Shipping and the Nigerian Standard Organization and are use in the oil and gas services, marine , construction sectors amongst others.
# # #

Does this look like SavvyLanre?

This Shoreline wants to buy everything?

Costain,Premier Paints,now Nigeria Ropes!

Here is an example of miscommunication in a company, the boss of the company initiates a mail to invite his staff to witness an eclipse and how his message is passed by employees at different levels in the hierarchy and finally how it reaches to the staff…

Mail from CEO to Manager:

Today at 11 o’clock there will be a total eclipse of the sun. This is when the sun disappears behind the moon for two minutes. As this is something that cannot be seen every day, time will be allowed for employees to view the eclipse in the parking lot. Staff should meet in the lot at ten to eleven, when I will deliver a short speech introducing the eclipse, and giving some background information. Safety goggles will be made available at a small cost.

Mail from Manager to Department Head:

Today at ten to eleven, all staff should meet in the car park. This will be followed by a total eclipse of the sun, which will appear for two minutes. For a moderate cost, this will be made safe with goggles. The CEO will deliver a short speech beforehand to give us all some information. This not something that can be seen everyday.

Mail from Dept. Head to Floor Manager:

The CEO will today deliver a short speech to make the sun disappear for two minutes in the form of an eclipse. This is something that cannot be seen every day, so staff will meet in the car park at ten or eleven. This will be safe, if you pay a moderate cost.

Mail from Floor Manager to Supervisor:

Ten or eleven staff are to go to the car park, where the CEO will eclipse the sun for two minutes. This doesn’t happen every day. It will be safe, and as usual it will cost you.

Mail from Supervisor to Staff:

Some staff will go to the car park today to see the CEO disappear. It is a pity, this doesn’t happen everyday.

School: A place where Papa pays and Son plays.

Life Insurance: A contract that keeps you poor all your life so that you can die Rich.

Nurse: A person who wakes u up to give you sleeping pills.

Marriage: It’s an agreement in which a man loses his bachelor degree and a woman gains her masters.

Tears: The hydraulic force by which masculine willpower is defeated by feminine water power.

Lecture: An art of transferring information from the notes of the Lecturer to the notes of the students without passing through ‘the minds of either’

Conference: The confusion of one man multiplied by the number present.

Compromise: The art of dividing a cake in such a way that everybody believes he got the biggest piece.

Dictionary: A place where success comes before work.

Conference Room: A place where everybody talks, nobody listens and everybody disagrees later on.

Criminal: A guy no different from the rest….except that he got caught.

Boss: Someone who is early when you are late and late when you are early.

Politician: One who shakes your hand before elections and your Confidence after.

Doctor: A person who kills your ills by pills, and kills you by bills.

Classic: Books, which people praise, but do not read.

Smile: A curve that can set a lot of things straight.

Office: A place where you can relax after your strenuous home life.

Yawn: The only time some married men ever get to open their mouth.

Etc.: A sign to make others believe that you know more than you actually do.

Committee: Individuals who can do nothing individually and sit to decide that nothing can be done together.

Experience: The name men give to their mistakes.

invisible!:
For all these bible wey Loma dey quote so? Abi the guy na pastor?

Pastor sha?

@Femtex- Na 8-2-5 me I dey do , so which one come be early momo?

@Spreadsheet millionaires

RoughCut:
You fit decode that one?

Those of us in the know already decoded that.

@ easi; That 9-80 sweet pass, and talk of the beautiful office we dey( may we not fall like the original owners), so for all the numbers advocated by the millitary school,some of us no care

Actually I almost joined the "millitary" after school as dem get money, but me I be happy-go-fellow and all the soldier thing no sweet me.I would have been at 'Gunspoint too (UTC) .