₦airaland Forum

@easimoni,

What's Access bank this year's and next year's expected earnings and PEG ratio. Thanks!

CIRCULAR TO ALL REGISTRARS from (SEC)

It would be recalled that the Commission in August 2006, gave approval for the implementation of the e-bonus system in the capital market. All Registrars were also directed to make adequate preparation for its implementation.

The purpose of this circular, therefore, is to direct all Registrars to implement the e-bonus system on or before February 1, 2007.

You are all advised to comply with this directive in the collective effort to move the Nigerian capital market to greater heights.

Management

@WindyWendy

CIRCULAR TO ALL PUBLIC COMPANIES from (SEC)


The Commission in its effort to sanitize and improve the efficiency of the capital market for the benefit of investors, hereby directs that bonuses declared by public companies to their shareholders be issued to the beneficiaries, within one month of the passage of the resolution by shareholders, at the company’s Annual General Meeting (AGM).

All public companies are advised to immediately comply with this directive, as failure to do so would attract sanction.

MANAGEMENT

@Jungle700, Service is excellent. I'm able to monitor my holdings online.

@yodiyokun, Please note that the minimum amount to open an account is N1m (one million naira). I

Go with VETIVA, but N1 million minimum.

Zenith Bank records a 61.21% increase in PAT
Posted Tuesday, July 31, 2007

Kindly find below company results released on the floor of the Nigerian Stock Exchange today.

ZENITH BANK PLC. AUDITED ACCOUNT FOR THE YEAR ENDED 30 JUNE, 2007
2006 2005 CHANGE % CHANGE
N'b N'b N'b %
TURNOVER 94.800 60.000 34.800 58.00
PBT 25.600 15.500 10.100 65.16
TAXATION 6.800 -3.900 -2.900 -74.36
PAT 18.700 11.600 7.100 61.21
MINORITY INTEREST 0.103 0.001 0.102 10200.00
PAT & MINORITY INTEREST 18.600 11.600 7.000 60.34
PROPOSED DIVIDEND N1.00K
PROPOSED BONUS 1 FOR 4

Please note: Cornerstone Insurance Plc. proposed a dividend of 4K, closure date of 27th August, 2007.

ETERNA OIL PLC. UNAUDITED HALF-YEAR ACCOUNT FOR THE PERIOD ENDED 30 JUNE, 2007
2007 2006 CHANGE % CHANGE
N'b N'b N'b %
TURNOVER 3.200 0.813 2.387 293.60
PBT 0.044 0.025 0.019 76.00
TAXATION -0.013 -0.007 -0.006 -85.71
PAT 0.031 0.017 0.014 82.35

source: ZSL

Sell it online.

29 days left.

Here is the link for the information.

http://www.financialstandardnews.com/page.asp?id=72

IBTC Update - Sell Option for Investors?
Posted Wednesday, February 28, 2007

A circular received from IBTC this morning recommends that short-term investors sell IBTC shares in their portfolio, while long-term investors should hold on to their shares. I quote:

"ANALYST'S OPINION
While the entry of Standard Bank of South Africa, offers tremendous opportunities to IBTC Chartered Bank Plc, those gains will probably only begin to be realized after a few years. To long term investors, the bank remains an excellent investment opportunity. However, short term investors are probably better off selling their IBTC shares at not less than N11.00.

Although the tender offer price is at N11.74, it might take as long as a quarter for payments to be issued to willing shareholders. What is more, we do not expect the stock's price to rise in excess of N11.74 before the completion of the exercise. It is therefore more advantageous for investors to sell now and use the proceeds to invest in other potentially viable investments guaranteed to appreciate in the interim."

Our source, who had contacted his broker immediately after reading this news, was adviced to hold on to the shares for the long-term. Reason: IBTC shares, post merger, will be scarce on the NSE floor.

OUR PRELIMINARY INSIGHT ON THE STOCK:
It is kind of strange that Standard Bank is offering N11.74. If you remember that in Chukumah Biosah's February 16, 2007 week ended summary we sent out and posted online, it was noted that IBTC at N11.55 was too rich compared to the share prices of other major banks in the industry. It is our informed guess that Standard Bank did their homework and do not want to pay too much.

The comments in the summary is reporduced below:
IBTC
IBTC closed at N11.55 representing a gain of N1.55 (15.5%) for the week. The current price is a 52 week high with no overhead resistance indicating further price appreciation. Although the bank reported a 170% growth in revenue for the 9 months ended 12/31/06, the stock at the current price appears to be too rich compared to banks like Zenith, First Bank, and GTB. See chart below (source NSE Web-site).
Bank EPS PE Ratio
IBTC 0.38 30.39
FBN 1.83 22.90
GTB 1.12 24.25
Zenith 1.91 17.23
UBA 1.05 36

Interested persons can request for details of this paid service by sending us an e-mail at info@proshareng.com
Copyright © 2004 - 2007 ProShare Limited.

Thomas Pink shirts are more expensive than TM Lewin shirts. TM Lewin shirts are currently on sale now.

I'm not sure myself.

The name alone is just stupid [United States of Africa]. Please come up with a creative name.

Access Bank Plc share offer opens today

Access Bank public offer – Application form & Prospectus link:

http://www.accessbankplc.com/minor.cfm?id=22

I will wait and see.

How much do you plan to invest on the upcoming Dangote Flour IPO?

Application form for the GTbank GDR domestic offer.

@simpledee.

Please post the information for the public.

Japaul set to raise N5 billion from capital market
By Michael Eboh

Posted to the Web: Tuesday, July 17, 2007

In line with its determination to improve its bottom line through improved capacity building, Japaul Oil and Maritime Plc has disclosed its intention to raise N5 billion  from the capital market in the next couple of months.

Speaking during its Annual General Meeting (AGM) in Port-Harcourt on Wednesday, the Chairman of the company, His Royal Majesty, King Alfred Diete-Spiff,  stated that it hopes to use the fund to acquire more equipment and machinery that will put it in a better position to handle high profile contracts in the oil industry.
According to him, "we hope to acquire more marine equipment and machinery to further build more capacity so that the company will be in a good position to handle  high profile contracts in the oil industry.”

He expressed hope that the planned build-up in capacity in addition to its current multi-million dollars dredging and vessels supply contracts with oil majors in the  country will result in improved profits running into billion of naira in the coming years.

“Within the year, we were able to acquire three dredgers and all of them have been deployed to the contracts we have. The contract to build a new fourth dredger  has been signed with a dredger building company in the United States of America. With the four set of dredgers and their accessories, we are confident that more  business will be done next year which, therefore, guarantee more returns for the shareholders”,  he noted.

At the AGM of the company held recently, shareholders gave the board the authority to shore up its capital base by N5 billion through the capital market and also  approved the proposed dividend of 11 kobo per share among other issues brought up for discussion.

In the case of over-subscription, the shareholders gave it the mandate to make provision to absorb the excess proceeds.
A shareholder, Ambassador Olufemi Timothy, president, Shareholders Reminiscence Association of Nigeria, predicted that the shares will be offered to the public at  N4.00 per share and also expressed confidence that the shares will be over-subscribed.

He said, “the performance of the company in the past has been excellent, this is as a result of the people that are running the affairs of the company. These people are  people of integrity, giving investors the confidence that their investments are safe. This factor, in addition to others, will ensure that its offer is successful.”

He advised the management of the company to ensure a proper timing of the offer, making sure that it is not done during a festive period and when there are many  offers in town, which are likely to take the shine off the offer and also to ensure that it is properly priced so as not to scare away investors.

Amb. Timothy urged the company to ensure that its existing shareholders benefit from the proposed offer, by undertaking a rights issue at the same time with the  public offer and proposed N3.50 for the rights issue.

Another shareholder of the company, Mr. Boniface Ekezie, equally praised the company for its performance in the past and expressed confidence that the offer will  be over-subscribed by over a hundred per cent.

The company declared a dividend of 11 kobo per share compared to 10 kobo per share in the previous year. It will be recalled that in the first year of listing on the  Nigerian Stock Exchange (NSE) in 2005, it rewarded its shareholders with a bonus of one share for every four ordinary shares held.


http://www.vanguardngr.com/articles/2002/business/july07/17072007/b417072007.html

Latest information on upcoming Dangote Flour Offer for Sale
Posted Friday, July 13, 2007


* Company valued at N75bn or $590m.

* Price per share is N15.

* Number of shares to be sold: 1.25bn of 5bn i.e. 25% of the company will be sold.

* Offer date likely to be end of July i.e. within the next 2 weeks.

* Offer duration will only be 10 days.

* Firm underwriting by 11 issuing house (each house will underwrite N6.82 bn of the offer) – FCMB is the lead issuing house.

* No preferential allotment – though the issuer has requested a proviso for business associates.

* NSE quotation committee meeting will hold on the 17th of July and issuing houses are currently responding to some observations by SEC, these are the last regulatory hurdle that must be cleared prior to the offer.

* Prospectus will be available as soon as the offer opens.

Update on Proposed merger of IBTC Chartered Bank Plc and Stanbic (Nigeria) Limited- TENDER OFFER PRICE SOARS BY OVER 36% TO N16.00


Please be informed that all the necessary regulatory approvals (including The Nigerian Stock Exchange, the Central Bank of Nigeria, Securities and Exchange Commission and the South African Reserve Bank) have now been received in respect of the proposed merger of IBTC Chartered Bank Plc (“IBTC”) and Stanbic Bank (Nigeria) Limited (“Stanbic Nigeria”) and the Tender Offer by Stanbic Nigeria’s parent company, Stanbic Africa Holdings Limited (“SAHL”), a wholly-owned subsidiary of Standard Bank Group Limited, for the acquisition of additional IBTC shares.

We had earlier informed you about the structure of the merger involving the merger of IBTC and Stanbic Nigeria, in which SAHL’s shareholding in the enlarged IBTC shall be 33.33% (i.e. 6.25 billion new IBTC shares are to be issued to SAHL, increasing the number of issued shares in IBTC from 12.5 billion to a total of 18.75 billion shares in the enlarged IBTC). SAHL will simultaneously seek to acquire additional IBTC shares from existing IBTC shareholders via a Tender Offer that will be made to all IBTC shareholders, and which aims to increase SAHL’s percentage shareholding in the enlarged IBTC. The Tender Offer, which will be open from Monday, 23 July 2007 to Monday, 13 August 2007, is expected to involve the acquisition by SAHL of between 3,143,750,000 and 4,062,500,000 IBTC shares at a price of N16 per share as opposed to N11.74 per share as earlier proposed. The revised Tender Offer price of N16.00 represents a significant improvement from the initial N11.74 offered by SAHL and represents a premium of approximately 45% to IBTC’s current share price on The NSE.

At the revised tender offer price, IBTC shares are trading at a PE 50.2x relative to the industry weighted average of 34.2x and a projected PE of 33.3x relative to the weighted industry projected PE of 23.7x. This seems to suggest that IBTC shares are trading at a substantial premium (or appears overvalued) to its industry both currently and on a projection basis.

In accordance with The Nigerian Stock Exchange usual stipulation, IBTC’s share price on The NSE has been frozen at N11 since an application was filed with The NSE in connection with the proposed Scheme of Merger, on 20 March 2007 and will remain frozen until the completion of the transaction.

The Federal High Court has granted an Order directing that meetings of the shareholders of IBTC and Stanbic Nigeria (“Court-Ordered Meetings”) be convened for the purpose of considering and if thought fit, approving the Scheme of Merger. The Court-Ordered Meetings have been scheduled to be held on Monday, 20 August 2007. The proposed Scheme of Merger will become effective and binding on all shareholders of IBTC and Stanbic Nigeria if:

- it is ratified by a majority representing three-fourths in value of the shares of shareholders present and voting either in person or by proxy at their respective Court-Ordered Meetings;
- final CBN and SEC approvals are received;
- the Court sanctions the proposed Scheme of Merger; and
- all other conditions precedent in respect of the Tender Offer and the proposed Scheme of Merger have been fulfilled.


http://www.nigeriavillagesquare.com/board/money-talk/38918-update-proposed-merger-ibtc-chartered-bank-plc-stanbic-nigeria-limited.html

Dangote Flour Mills goes Public
Posted Wednesday, July 11, 2007

In an exclusive interview with the Group Executive Director, Corporate Finance of Dangote Group, Mr. Uzo Nwankwo, Proshare Invest-Africa gathered that Dangote Flour Mills will be coming to the Capital Market very soon with an Initial Public Offering which will last for ten (10) business days.

Dangote Flour Mills Plc started operation in 1999 with 500 MT per day capacity at Apapa and within a short space of time the factory rolled out high quality bread flour bread, Pasta Semolina, Danvita and wheat offal and is presently expanding and evaluating cereals, extruded snacks and feeds as natural extension of their current product range.

Current total installed capacity of Dangote flour mills is 4,000MT per day. All productions are readily absorbed by the market.

The public offering therefore, according to Mr. Nwankwo confirmed will be the Dangote Groups attempt to allow members of the general public to partake in the growth prospects open to the company.

The total number of shares for the company when listed should be about 5 billion shares with about 750 million shares being the number available for the public offering.

Dangote Flour is coming to the market at N15 which is yet to be confirmed as this is waiting approval from SEC.

Dangote Flour has achieved spectacular growth since its inception in 1999 when it started with its first 500 Mt/day milling unit in Lagos (Apapa). Dangote Flour, he said controls more than 25% of the flour market share with surplus installed milling capacity.

Dangote Flour is continuously researching possible new product developments using their current superior milling facilities and raw material to expand into other markets.

It is expected that once this offer is concluded, next operation to go public will be Dangote Cement, a division modestly valued at about $15billion with factories at Benue owning about 50% shareholding of Benue Cement Plc (BCC), Obajana in Kogi, Ibese in Ogun State and Odukpani near Calabar.



http://www.proshareng.com/myproshare/portal_news.php?id=2601

Fidelity, FCMB to raise N195bn from capital market
Chijama Ogbu, Festus Akanbi and Goddy Egene

Fidelity Bank Plc and First City Monument Bank Plc will be hitting the capital market within few weeks to raise funds for the expansion of their operations.

While Fidelity is warming up to raise N100bn from the domestic market, FCMB plans to raise $750m (N95.25bn) from both the domestic and international capital market.

Access Bank Plc had only on Monday last week announced that it would shop for N70bn through a public offer billed to open this July.

Since the conclusion of the banking consolidation in 2005, Union Bank, Zenith Bank, Intercontinental Bank Plc, Oceanic Bank and First Bank of Nigeria have accessed the market for additional funds.

Our correspondents gathered that the shareholders of Fidelity Bank will on Thursday approve an increase in the authorised share capital of the bank from N10bn to N12.5bn by the creation of 5billion ordinary shares of 50kobo each.

The increase will be done at an extra-ordinary general meeting scheduled to hold in Enugu, Enugu State.

Apart from increasing the share capital of the bank, the shareholders are also expected to authorise the directors to raise additional capital up to N100bn.

It was learnt that the funds would be raised through a combination of convertible loans, equity or debt by way of private placement or offer for public subscription.

FCMB said on Tuesday that a third of the fund would be obtained in London.

Guaranty Trust Bank Plc is currently selling global depositary receipts on the London Stock Exchange.
The Chief Executive Officer, FCMB, Mr. Ladi Balogun, was quoted by Bloomberg News on Tuesday, as saying, “We have plans to raise another $750m of capital, primarily equity, which will be followed by debt.’’

“We expect that $250m of the entire capital raise will be done in the United Kingdom’’ by the end of this year.

The Nigerian Stock Exchange has made a “deliberate attempt” to build ties with the London Stock Exchange because investors and analysts in the UK understand the country and are in much the same time zone, he said.

GTBank, seeking funds for acquisitions, started selling $750m of stock on Tuesday in what may be the biggest global offering by a Nigerian firm.

About 40 per cent of FCMB’s more than 100,000 shareholders are foreigners, including George Soros’s Soros Private Equity Partners, UK-based Helios Investment Partners and the Commonwealth Development Corporation.

“Some are happy to invest through the Nigerian Stock Exchange; some will take advantage of offshore listings we’re looking at,” Balogun said.

Shares of FCMB have almost quadrupled this year, giving the bank a market value of N154bn ($1.2bn).

An official of the bank who, spoke on condition of anonymity on Tuesday, said that the fund raising would be achieved through a public offering details of which would be announced at the completion board meeting of the bank to be held next week.

According to the notice of the meeting, the proposed fund would be used to expand the business operations of the bank and to finance the international expansion project of the bank.


http://www.punchng.com/Articl.aspx?theartic=Art200707111332146

GTB's N96bn Public Offer opens today
By Omoh Gabriel, Business Editor
Monday, July 9, 2007

LAGOS — GUARANTY Trust Bank (GTBank) Plc is opening its investment doors today for local and foreign investors to buy into its public offering of N96 billion ($750 million). The offer is a variant from the popular public offering that is well-known to Nigerians. This time, the bank is asking the investing public to buy into its Global Depository Receipts in dollars that is convertible to shares at the instance of the holders of the receipts. The Global Depository Receipts will be listed both on the London Stock Exchange and the Nigerian Stock Exchange.

The foreign component of the offer is giving a total of $500 million (N64 billion) investment opportunity to foreign investors to own part of GTBank while $250 million or N32 billion is being offered to local investors. The offer will close on July 19, 2007.

Officials of the bank at an investors’ forum in Lagos, Friday, said with the offer, the bank shareholders' fund would rise to N150 billion surpassing the $1billion that has become the equity targets of most Nigerian banks. The fund being raised is to be denominated in dollars but local investors can pay in Naira as the CBN has given the bank the permission to convert such Naira subscription into dollar. The minimum that an investor can subscribe is 50GDR at $12 per GDR, meaning that a minimum of N80, 000 is required to invest in the offer.

According to GTBank officials, “a Global Depositary Receipt (GDR) is typically a dollar denominated instrument issued in international financial markets through a registered depositary bank. GDRs are negotiable bank certificates, issued by the Depositary Bank and representing ownership of certain equity securities (the Underlying Shares) that are issued and tradable in a local market. These negotiable certificates represent ownership of a certain number of shares of a company and can be listed/traded independently from the Underlying Shares. The issued GDRs are exchanged with the Underlying Shares at a predetermined ratio (for example, 50 shares to 1 GDR).

However, GDRs are entirely fungible with ordinary shares and can be swapped for the Underlying Shares and vice versa. GDRs are typically used for capital raising purposes by companies from emerging markets to access investors in international markets.

J.P. Morgan Securities Limited and Morgan Stanley & Co. International plc are the Joint Bookrunners/Global Co-ordinators/International Underwriters of the GDR Offer, while Afrinvest (West Africa) Limited is the Local Co-ordinator. The members of the Domestic Underwriting Syndicate are Afrinvest (West Africa) Limited, BGL Limited, FBN Capital Limited, First City Monument Bank Plc, Futureview Financial Services Limited, IBTC Chartered Bank Plc, Sterling Capital Markets Limited, Vetiva Capital Management Limited and WSTC Financial Services Limited.

GTBank’s GDR offering is the first ever opportunity for Nigerians to invest in the securities of a Nigerian company listed and traded on the London Stock Exchange (LSE). The offer provides local investors access to a large, global marketplace.

GTB's N96bn Public Offer opens today
By Omoh Gabriel, Business Editor
Monday, July 9, 2007
LAGOS — GUARANTY Trust Bank (GTBank) Plc is opening its investment doors today for local and foreign investors to buy into its public offering of N96 billion ($750 million). The offer is a variant from the popular public offering that is well-known to Nigerians. This time, the bank is asking the investing public to buy into its Global Depository Receipts in dollars that is convertible to shares at the instance of the holders of the receipts. The Global Depository Receipts will be listed both on the London Stock Exchange and the Nigerian Stock Exchange.

The foreign component of the offer is giving a total of $500 million (N64 billion) investment opportunity to foreign investors to own part of GTBank while $250 million or N32 billion is being offered to local investors. The offer will close on July 19, 2007.

Officials of the bank at an investors’ forum in Lagos, Friday, said with the offer, the bank shareholders' fund would rise to N150 billion surpassing the $1billion that has become the equity targets of most Nigerian banks. The fund being raised is to be denominated in dollars but local investors can pay in Naira as the CBN has given the bank the permission to convert such Naira subscription into dollar. The minimum that an investor can subscribe is 50GDR at $12 per GDR, meaning that a minimum of N80,000 is required to invest in the offer.

According to GTBank officials, “a Global Depositary Receipt (GDR) is typically a dollar denominated instrument issued in international financial markets through a registered depositary bank. GDRs are negotiable bank certificates, issued by the Depositary Bank and representing ownership of certain equity securities (the Underlying Shares) that are issued and tradable in a local market. These negotiable certificates represent ownership of a certain number of shares of a company and can be listed/traded independently from the Underlying Shares. The issued GDRs are exchanged with the Underlying Shares at a predetermined ratio (for example, 50 shares to 1 GDR).

However, GDRs are entirely fungible with ordinary shares and can be swapped for the Underlying Shares and vice versa. GDRs are typically used for capital raising purposes by companies from emerging markets to access investors in international markets.

J.P. Morgan Securities Limited and Morgan Stanley & Co. International plc are the Joint Bookrunners/Global Co-ordinators/International Underwriters of the GDR Offer, while Afrinvest (West Africa) Limited is the Local Co-ordinator. The members of the Domestic Underwriting Syndicate are Afrinvest (West Africa) Limited, BGL Limited, FBN Capital Limited, First City Monument Bank Plc, Futureview Financial Services Limited, IBTC Chartered Bank Plc, Sterling Capital Markets Limited, Vetiva Capital Management Limited and WSTC Financial Services Limited.

GTBank’s GDR offering is the first ever opportunity for Nigerians to invest in the securities of a Nigerian company listed and traded on the London Stock Exchange (LSE). The offer provides local investors access to a large, global marketplace.


http://odili.net/news/source/2007/jul/9/320.html

Proshare News and Analysis
GT Bank: GDR Listing on the London Stock Exchange
Posted Sunday, July 8, 2007

Guaranty Trust Bank plc, one of Nigeria’s leading financial institutions with subsidiaries in the Gambia, Sierra Leone and Ghana, has announced its intention to conduct an offering of Global Depositary Receipts (GDRs) to be listed on the London Stock Exchange.

It is the Bank’s intention to raise US$750 million in the Global offering, which is the first of its kind to be undertaken by any Nigerian bank on this scale. A third of the offer, amounting to US$250 million, is being offered to Nigerian investors while the balance of US$500 million is available to foreign institutional and individual investors.

J.P. Morgan Securities Limited and Morgan Stanley & Co. International plc are the Joint Bookrunners/Global Co-ordinators/International Underwriters of the GDR Offer, while Afrinvest (West Africa) Limited is the Local Co-ordinator. The members of the Domestic Underwriting Syndicate are Afrinvest (West Africa) Limited, BGL Limited, FBN Capital Limited, First City Monument Bank Plc, Futureview Financial Services Limited, IBTC Chartered Bank Plc, Sterling Capital Markets Limited, Vetiva Capital Management Limited and WSTC Financial Services Limited.

According to Mr. Tayo Aderinokun, Managing Director, Guaranty Trust Bank plc, “the Nigerian tranche of our GDR offering is a unique vehicle aimed at providing Nigerian investors with the opportunity of purchasing a dollar-based international investment. Dividends on GDR holdings will be made in US dollars.

The GDRs are expected to commence trading on the London Stock Exchange within a week of the closing of the Book Building Period.” The GDR price range will be announced on Wednesday 11 July, 2007 and pricing is expected to be announced on Friday 20 July, 2007.

Guaranty Trust Bank’s success in the international capital markets in the last six months is unprecedented in the history of the Nigerian banking sector. The Bank had in January this year issued a $350Million Regulation S Eurobond without the guarantee of either the Federal Government or any international financial institution. Market watchers note that this is the first time since the early 1990s that any Nigerian institution has been this involved in the international capital markets and are expecting these achievements to have a positive impact on the Bank funding/lending capacity.

Currently operating from 104 branches, Guaranty Trust Bank plc is presently rated Triple A (Aaa) by Agusto & Co, the leading domestic rating agency. It is also rated AA- (Double A minus) by Fitch; and BB- (Double B minus) by Standard & Poor’s, the best ratings so assigned by the two international rating agencies to any Nigerian or West African-based bank.

For further details, kindly contact the Communication & External Affairs Manager on Tel: 01-2715227.


http://www.proshareng.com/myproshare/portal_news.php?id=2591

@bakas.

Just fill out the eOne form on their webiste(www.gtbplc.com). Online banking, Alerts on transactions etc.

@diva-teva

Seller's Fee Buyer's Fee

IBTC Asset Management 2.22% 1.8850%
Zenith Securities 1.8250% 1.575%
BGL Limited 2.6475% 2.355%
Vetiva Not sure

GTBank is the best.

GTBank Public offer by end of this month(JULY). ONE DAY OFFER. Book building (indications of interest) will commence as from next week tentatively.