₦airaland Forum

easimoni:
A N2-3 appreciation is too close to call. Right now, it's all about NGC. Short- and long-term.

We no go sell NGC give you now! You no join the train early enough.

Short term, leave NGC alone! It is not a liquid stock so only gets to move based on fundamentals!

Temmie10:
@stanchuks
I am not too keen on banking ipos,
I like my investments to remain as liquid as possible,
so dangote and japaul would seem interesting but prospectus is still the final say,
i am not sure about nahco either, there's definitely no 1000% this time, but make we see prospectus too, i no be soothsayer

Definitely no 1000% with NAHCO. I however still see the stock doing well. If not for anything, the hype and the scarcity of teh shares. Add that to the monopolistic environment. The quantity of shares being offered is damn too small. They should be able to move the price up to 30.00 quickly. Will just pick up my rights.

The offer for sale at 5.50 was over subscribed. I expect that the PO will also be over subscribed.

If you have Wema bank, don't sell it. Hold on and see what will happen. Bought in January at 3.15 and will hold on till next year.

Chellarams is a must BUY but not very liquid so not readily available. Was to do a PO last year or so don't know why they are delaying. Have some small units there and benefitted from the last 1 for 1. One of those stocks that can silently make you come out BIG.

Nigerian German, nothing to say!!!! I've mentioned them since. Note that the result you see is probably yet to factor in the new money spinner (the oil services company). Seriously, it will be a crime for NGC not to declare a bonus. No bonus for over 5 years and they are doing well. Conservatively, the stock should reach 25.00 - 30.00. Not a very liquid stock also. Shonekan is the major shareholder there (Volker Securities). NGC also owns shares in UNIC insurance.

Bought at 4.00 last year. Sold some at 6.00 and had to buy again at 12.85!!!! So please hold on till next year June! That's one of the few undervalued stock out there.

Beta glass should also do well though the price has also inched up a bit!

Oceanic Bonus already credited into your CSCS account so go and check

alliednetw:
Their is no point being defeatist about DANGOTE IPO.You may be surprised to get full allotment.I suspect where you buy may influence level of allotment.
Buying from a Stockbroker to the offer seems to give an edge,if that particular firm does not oversale

Once you buy above 30,000 units for Dangote Flour, expect part of your money to be returned. The hype will make it over subscribed. They are also going for preferential allottment

Temmie10:
@okiki
Crusader listed their extra shares in May. Nothing was said about adding extra shares via the acquisitions.
I will however check to see if i can find anything

@ Emma
those numbers you posted look a bit weird, and i dun mean that as an insult or anything. projected pe for zenith is 228?
please can you give us a link to the report?

@chokit
i just sent u an email

Crusader listed shares from the public offer. However, once the merger is completed, they will have to issue new shares to the owners of the merging partners thus increasing the number of outstanding shares. That's why calculations of PE and EPS are so difficult when you don't have the FULL information.

aksance:
peeps, anybody know anything new going on at dunlop?

just saw that the price rallied by 4.88% today. i've been interested in this stock because of its monopoly in the sector (with exit of michelin) however, its debt situation is terrible,

i'm just thinking, with
* the success of its public offer, raising N9.2bn rather than the projected N5.5bn (http://www.dunlopng.com/subscription.html)
* revenues from the new ASRT factory being reflected this year.

has dunlop turned the corner (i don't want to miss another wapco!! )??

Dunlop should turn corner next year. However, if the rail system is fixed, it will potentially affect the revenue.

Dunlop at 3.00 is a good stock.

Temmie10:
@ wanaj0

i appreciate your concerns and they are probably very well founded.
However i am sticking to my guns on this one

Historical pe for banking was 6-11 before consolidation too.
i also feel more comfortable buying crusader at a pe of 14 than buying gtb at a pe 0f 30.
that way i can sleep well without even worrying about correction because i know the company has good earnings growth so in any bearish trend, it will rebound.

plus the outlook for insurance in nigeria is huge, a lot of insurance is becoming compulsory,
dividend payout is not all small in insurance, i got 15k dividend for crusader while fcmb gave out 35k and access gave 40k,
if you compare to the prices they are trading, crusader has a higher payout ratio than a lot of banks.

And banks? na them get equity/debt arrangement pass, their capital structures are as complex as possible

My brother, wishing you all the best!!!!

Hope you have the audited statement of Crusader.

Banks are better regulated than the insurance companies. Just take a look at teh consolidation exercise.

Don't get me wrong, the insurance sector is sitting on a gold mine. However, until all teh facts and figures are out as per the consolidation exercise, you need to thread cautiously. You also need to get the timing right. I am not advocating for or against any of the insurance companies. I know the opportunity that abounds there. But expect surprises when the full result of teh consolidation exercise is out. You need to see how some are 'selling' their Life or non life businesses. You need to see the business combinations going on. So it is difficult to trust and use any of the figures being bandied around to make an informed decision.

Maybe I am a bit wayry because of the ridiculously low price that I bought them then which was even considered expensive by my reckoning!

easimoni:
Okiki,
I've noticed this trend with several companies where the FY results don't trend well with Q1,2 or 3. Might be because FY is audited and companies might be unsure about what they can or cannot add as earnings until the auditors clarify at FY. It may also be due to exceptional items. Maybe the accountants and analysts amongst us can throw light on this.

Many things are responsible.

For some with subsidiaries, contribution of subsidiaries are not factored in until the full year statement. They don't present consolidated/group account until full year.

Sometimes it also has to do with the type of business. Some are seasonal hence tend to have more income during a particular period/quarter.

It may also be due to exceptional items that materialises at different times of the year.

Again it may be due to reclassification of some transactions based on the final audit.

While interim result provides a guide especially when compared with historical figures, full year result is the one that tells the story. More than that is the FACT/STORIES behind the figures. While we can throw figures around, you need to know the stories behind the figures to make informed analysis. Imagine a company that made huge profit by SELLING its core assets!!! You will see a low PE, good EPS, maybe lovely dividend yield but for all you know, the company may not be in existence tomorrow!

Temmie10:
bug79x

fye 2007 (around march 2008) is judgement day for mutual benefit, lasaco et al, but we won't be able to take position then so one is jus moving before hand.

besides, is there anything u know about law union that u want to share?, surely there must be mo than "it should be watched"

p.s. the numbers for std alliance insurance are looking good (but i dun know much about this company), forward pe of 17, correct me if i am wrong

There are many behind the scenes moves going on with insurance companies. Most have merged and are still planning mergers and acquistions. They only rode the tide of the bullish run on the NSE. Historical PE's of insurance companies is about 7.00. The dividend payout is so small. A large percentage of their profit is put in reserves so don't use the banking sector to evaluate them. They also cover risks.

Thread with caution with insurance stocks. Most analysis are being done with half information. Some comparisons are just funny. PAT comparison pre merger with post merger is not apples for apples comparison. Some also have a debt/equity swap agreement. Get the full audited statement before you committ!

Nothing to worry about FBN. Just be patient. Stockmarket is for LONG TERM investment. Speculators are those that easily get slaughtered. If you are an investor just relax.

What you are having is correction that is providing good buying opportunities.

No problem with offers once you can deploy the money raised to generate profit. FBN is well positioned to do that!

aksance:
ah! big jump from 75m to 450m
IF they repeat this feat on the FY, then an eps of 33k may be conservative

i get the drift, thanks a lot Temmie10

@wanaj0
it appears that no coy was acquired by mbenefit (http://www.tribune.com.ng/22082007/insurance2.html) and the foreign investors' stake was from warehoused shares (windywendy @ https://www.nairaland.com/nigeria/topic-52566.224.html)

Thanks. Have they established subsidiaries? Have they divested in any of them? What's the shareholding structure like?

But I am not believing all the stories until the exercise is over. There are so many behind the scenes moves going on.

Temmie10:
thx for the prompt reply wanaj0


MBenefits capital structure looks straightforward enough compared to others in the bracket, dividend policy is also very generous so i am HOLDING and will BUY even more if price further drops.

For me the best Insuarnce company is a HOLD until all the issues surrounding the consolidation exercise is sorted out! You have a lot of magomago going on with the insurance companies. I will watch from afar. At least, I can see better prospects so no wahala. Those that bought the PO's are the one enjoying. UNIC PO was at 1.10. Crusader was at about 1.95 or so. NEM was at 56k.

Mongue:
Anyone got any advice on UNIC?

I've got about N50,000 units and they seem to be going down on me. Can anyone forsee a bright future in the medium to long term? Or should I get out now and take hit?

At what price did you buy? The PO was done at 1.10 last year and certificates already out thus leading to some drop. I also think they 'farmed' out their non life business to another company.

Untill you have FULL ANNUAL statements, HOLD is the best for the insurance companies.

Temmie10:
whats your question?

@ aksance
i have gone the 3.38 road too bro.
the half year result of 450m is confusing and i think mutual benefit released it just so it could be compared with lasaco, crusader, cornerstone all releasing their half year results.

Here's my rationale, Mutual benefits 2006 fye result was a PAT of 867m (http://www.mutualbenefitsassurance.com/Financial.php), needless to say they are going to declare a higher PAT for 2007 fye considering that for the first half of 2007, PAT was increased from 75m to 450m which u rightly pointed out, we might have to wait till march 2008 when the financial year ends tho

Their forecast eps is actually 33k so if they meet the forecast, this baby is at a huge discount but its a big if

@ wanaj0
thanks a lot, whats their forecast eps?

Current EPS is N4.76. I forecast an EPS of N6.50 for them.

On insurance, do you know whether MB acquired any insurance companies. Get the FULL AUDITED financial statement and read all the notes to the accounts before making judgement on any of teh insuarnce companies. Most for now are just good for speculative purposes.

Temmie10:
@ wanaj0

what's the deal about flour mills?, i have looked at it but wasn't too sure about this one

Can u please share?

Flour Mills is a company in the wrong group. It should actually be in conglomerates. It is well diversified with good income streams. One of the few companies that has changed over to gas fully now. Involved in sectors where there is significant growth. Just finished some capital investment so be expecting increased earnings. Good EPS forecast. Stable management.

I will be expecting a bonus next year to bring the price down a bit.

koksieboy:
@easimoni @shigidi

Thanks a million for your responses. Now could you split N1.2m for on crusader , mbenefits & wema for the short term? I'll have more money for long term next month as already have N1m on my long term pot through IPOs

What's your definition of SHORT and LONG Term? What is also your risk tolerance?

easimoni:
@ koksie,
shigidi has answered you quite well but I'd keep Oceanic out of the short-term list (the banks are asking for a beating) and Oando out of the long-term (I own a lot of Oando, but if u read this and other threads, you'll find they have a lot of issues that Wanaj0 and others have raised, I'm looking for a good time to bail)

Nice work Shig!

You got it wrong on OandO. For the short term a no no. For the Long term, they will come out good. Current policy is not favourable to them. With Yaradua coming from the socialist/marxist spectrum, I will be wary of the petroleum industry. The margins are tight, competition high and the sector fully regulated.

Banks will continue to grow. They are the one propelling the economy. In NIgeria, banking stocks will likely form nothing less then 50% of your portfolio. Which other sectors are available?

I will be wary of insurance stocks. Not enough info to evaluate them. Most of them have merged/acquired other insurance companies. The effect of that is yet to be factored into the outstanding shares of the companies.

For now, Flour Mills, Nigerian German and WAPCo are really looking attractive for the long term. Beta Glass and ETI are also worth considering. Flour Mills is however the best. Imagine that even with only 90k dividend declaration the share is still holding its own at about 75.00?

Personally, I like going for stocks that are yet to be hyped and leave once hyping starts. So all the stocks being hyped to the high heavens are not for me!

On Japaul, people need to wait for the prospectus to make an informed decision.

Yes the government incentives is there but note also that they operate mainly in the Niger Delta and the crisis there will not help the business. Yes they have contracts with Shell (not that big) but note also that Shell is reducing its activities and business. Funding problem is making them to scale down.

I can see that a lot of people are buying names of companies. Soon people will learn.

On why there are many offers, part of investing 101 is to know that when the market is over valued, there will be a rash of offers!!!!

Aporo:
@Wanajo

Good thought man and i agree with your posers!!

With the benefit of hind sight, the amendments to BOFIA and CAMA should have been driven through the Senate and House of Representatives by the CBN before the consolidation was allowed to take of. The effects of that omission as we have seen is dire and unfortunate.

My underlying concern is that good procedure (on CBN's part) seem as is usual in Nigeria to have taken a back seat again and regrettably!!

It was an oversight!!!! CAMA was to regulate all industries while BOFIA was specifically for banks. Hence it was difficult to see the potential conflict. Moreover, knowing how long it takes to get bills through the National Assembly, trying that then would have killed the consolidation programme. Note that the National Assembly was not favourably disposed to the consolidation programme.

That said, the banks proposed a middle of the road ground which was acceptable to CBN and other stakeholders.

Hopefully, going forward as a nation, we will learn to follow procedures and pay attention to details

Aporo:
@Wanajo

I never had issues with Access MD or DMD being a part of the committee. My attempt was to clarify the over-riding importance of the Board Audit Committee over the other Audit Committees set up by the Company. Its a norm for non-executive directors to chair and indeed dominate the proceedings of the audit committee for objectivity and independence sake.

I reiterate my appeal to condemn willful and intentional contravention of valid laws under any guise. If indeed CBN is at the root of this, i will suggest that other legal alternatives besides engendering contravention of valid laws by Banks be explored. Nigeria's long term interests will certainly be served if this institutional anomaly is rectified with dispatch!

Sorry if I misunderstood you!!!! The nalyst report made an issue of the MD/DMD being members of the audit committee.

Yes willful contravention of laws should be condemned. However, some laws are outdated because they do not take into consideration current realities. CAMA and BOFIA did not envisage the current consolidation. Do you think that shareholders will support mergers if they know that they will not receive dividend for 5 years? Do you think the weak banks will have any bank to acquire them if CBN did not provide a way out? Man is not made for the law, the law is made for man! Aterdo Peterside pointed out this kind of conflicts as part of the reasons why he was not in support of the schedule of the consolidation exercise! He expects ammendment of the laws to take care of issues like this.

CBN regulates the banks and seems to be pleased with the treatment of the goodwill. The courts also sanctioned it! For teh other contraventions, banks were duly penalised as contained in the rule book.

Aporo:
@ Wanajo

Interestingly, in the light of best practice demands, the Board Audit Committee which you seem to under-emphasize as an internal arrangement is (or should be) the most crucial of all the different Audit Committees a company may set up.

On the growing contravention of BOFIA by Banks, i am alarmed at the catastrophic precedent this development lays. I find it difficult to accept that the Federal High Court encouraged the contravention of a Federal Statute (CAMA) by Access Bank. I have not read the judgment but the court yes, could decide that CAMA in the circumstances was not applicable but not that it should be contravened intentionally as the Court is as bound as the banks by a valid and unrepealed law which CAMA is in this case. Please re-confirm details of the Court's pronouncement to the house!!

CONTRAVENTION OF OUR LAWS BY ANY INDIVIDUAL OR CORPORATE BODY MUST BE DISCOURAGED AND CONDEMNED AT ANY LEVEL FOR THE SANCTITY OF OUR LAWS AND LEGAL SYSTEM!!

So who should be in the board audit committee? Non board members?? The board audit committee is chaired by a non executive director with the MDand DMD as members. Do you want a committee conisting of non executive directors only?

well, CBN that regulates the bank is in support of the goodwill treatment.

Was not at the court but it was clearkly stated that they got a federal high court order on 27 September 2006 to create a special reserve account from its share premium account for the purpose of writting of the goodwill on the Company's balance sheet as at 31st March 2006! Now other banks like IBTC did the same thing why single out Access?

Now there was only one contravention for which the bank was duely penalised with a fine of N3m. Offence was failure to obtain CBN's approval for investment!!!!!

Aylala2002, well guess reality is dawning in people that the market is mainly for the long term. All the short term gains are not sustainable.

Yes you are having corrections with many still to come. However, fundamentally sound stocks will still hold their own. If there is any stock out there with good future in term of FUNDAMENTALS, flour mills will be my top pick.

On private placement, be very careful. Firstly, there is hardly any end date! Globe Re did a private placment that was to close Sept 2006. As at August 2007, the document are still being hawked around. Same thing happened when Platinum did the private placement. One year after, they were still collecting money. Same thing happened to IGI and Transcorp. For private placement you must be ready to be locked in for a minimum of 3years!!!! Those that did IGI private placment are yet to get certificates. Even for Oasis and co that are listed, you need to ask who are those selling? People yet to receive certificates? After receiving certificates, you still need to get it verified and lodged in CSCS. Well, expect the registrar to delay that. So for Continetal Re, Oasis etc, what you are seeing are 'potential profits'. Hardly will you see anyone that bought those private placements who has received its certificates.

For insurance companies, you need to be aware of the risk that some of them may not meet up with the recapitalisation programme. Remember that some people bought private placment of Assurance Bank. What of those that bought PO's of Trade Bank and All States Trust Bank? People need to FULLY understand the risk associated with their investment decisions. Many people are just gambling and they will surely get their fingers burnt.

Definitely, you will not get the kind of returns you get in the first half of the year in the second half. Water definitely will find its level. The market will still come alive with more Pension Fund. Once the CBN releases the insurance funds then expect a flurry of activity. This is the time to start to take positions in fundamentally sound stock with track record of good performance. For those buying stocks just because they gain 5% everyday without any fundamentals, it is in this bearish market that you know that investment is not a gamble! Try selling wire and cable and see the response of your broker!

crazyT:
@ Easimoni and all the other guru's

What's your take on Capital Oil?

I have about 200k units and still planning to double it (if it's available) but I have not read anything about it on this thread yet.
I have the feeling that the future is bright with Capital Oil. Or am I just dreaming?

Very little info about Capital oil but market sentiments favour them. Being looking for the stock since only God knows when but not available. Same with Transnationwide Express. You fit sell some give me?? (LOL)

danalyst:
@ wanajo,
i agree with you that QUALIFICATION of AN AUDITOR'S REPORT does not MEAN COOKING UP BOOKS but inability of the AUDITORS to express an INDEPENDENT OPINION ON THE FINANCIAL STATEMENT OF THE COMPANY. The Access bank case does show the FAILURE OF THE MANAGEMENT TO COMPLY WITH STATUTORY PROVISIONS -CAMA 90 AND BOFID 97- hence a CONTROL LAPSE.

the qualified auditor's opinion was further butress by the reporting accountant's report that ADEQUATE INFORMATION WERE NOT AVAILABLE TO ENABLE THEM EXPRESS OBJECTIVE OPINION ON THE OFFER.

when considered in wholistically, the control lapse is APPARENT in Access bank. if i may ask, HOW MANY OTHER BANKS HAVE THEIR AUDITED ACCOUNTS QUALIFIED? if your position is to be taken with seriousness? What is the implication of the management's failure to amortize GOODWILL as envisaged by IASC, NASB, CAMA 1990 and other relevant pronouncement? of, overstatement of assets and profit. capable of deceiving GULLIBLE INVESTORS.

on the audit committee, i may have to confirm that because am having prob opening it on my sys.

on the SACK OF THE POOR ANALYST, we are not in the position to judge. but as you rightly posted, ACCESS BANK HAS NOT SUED his company for VICARIOUS LIABILITY, maybe they are considering their CHANCES. you never can say, but i MAINTAIN THAT time WILL JUDGE HIM

Please the same thing that Access did with Goodwill was also done by IBTC as per its merger with Chartered Bank. It is included in the tender offer document!!!!!!! All this was done by the approval of CBN. Yes they contravene CAMA rules which CBN felt was appropriate because CAMA did not envisage the problem that arose from consolidation. They also got a Federal High Court sanction to go ahead with the treatment. KPMG was just not satisfied with the treatment! They still went on to say that the report was a TRUE and FAIR reflection of the affairs of Acces Bank. Note that the major reason why Access Bank went this route was because they wanted to pay dividend! The shareholders are not willing to wait for 5 years before getting dividend. Soludo had to give approval or else it will be a disincentive for mergers

On the audit committe they do have the corporate audit committee as required by law with a Non executive director as chairman and some shareholders as members. The MD/DMD are not members of that committee.

The company howecer also have a board audit committee made up of board members. That is an internal arrangement of Access Bank so nothing strange here.

Many times banks contravenes BOFIA for various reasons! SOmetimes they do it intentionally so will not say that it is always due to control lapses. Each has to be looked at on its own merit. GTB, which purportedly is one of the best in corporate governance do pay fines for non compliance with BOFIA!

While not a fan of Access Bank, the analyst goofed in that his report. Presenting lies as fact!

danalyst:
while i appreciate all contributors to this thread, i must advise that we treat this information with utmost seriousness it deserves, though it is belated as millions of naira has been invested already. with ten 10 days to go, we can still save some coins.

As an AUDITOR myself, the first question to ask is: Is the banks audited accounts truly QUALIFIED? If it was, did the management disclose this in the PROSPECTUS?

Am sure it was not, else IBTC and FSDL would not knowingly recommend it to the public. by retaining Goodwill in the books in contravention to GAAP, the bank was able to overstate both profit and assets to the value of the goodwill.

2. the poster quoted the reporting accountants (PWC) report, was that quotation true? if true then the bank MUST have been cooking up books to the detriment of the shareholders and the investors.

3. On the Audit Committee, it is not only MORALLY UNACCEPTABLE for both the MD and DMD to be part of the committee but also a negation of the tenets of EFFECTIVE GORVENANCE. While the CAMA 1990 requires minimum of 3 shareholders and 3 directors as members of the committee, it was not envisaged that the MD and DMD whose Activities are under SCRUTINY would be members of the committee. IT SHOWS A GREAT CONTROL LAPSE INCAPABLE OF FORSTALLING AND PREVENTING ANY MANAGEMENT FRAUD AND IRREGULARITY.

4. Given the above, i have always posited that the Nigerian Stock market(NSM) is not EFFICIENT (See my thread: is the stock market truly efficient?). the share price does not include all known information as it ought to, hence the NSM is RISKY!!!.

5. To the poor analyst that was sacked for releasing this info, that's the price you pay for DISCLOSING EXECUTIVE SECRET. take heart, TIME WILL DEFINITELY VINDICATE YOU!!!

Please go and read the audited report of Access bank again.

The financial statement was qualified. The reason was stated in the report. Access bank followed due process. Had a board meeting, called an AGM, got the Federal high court sanction. Even had a CBN letter asking banks that wanted to treat their goodwill in that way so as to pay dividend. Basic problem was that it contravenes the Companies and Allied Matters Act which never envisaged that kind of problem. All most all teh banks that merged and wanted to pay dividend were faced with this problem hence CBN's decision to allow them to 'contravene' the act. This was clearly stated in the audited financial statement.

As an auditor, you should now that qualification of an account does not mean that the books were cooked!!! It only means that the auditors are not confident in expressing an opinion on that part of the account. Basically, PWC does not agree that they should contravene the Companies and Allied Matters Act. Access management however felt otherwise which was why they were not bothered by its inclusion in the account and it was not an issue at the AGM with teh shareholders present!

On audit committee, please go over the financial statement again! Access Board has an audit committee among other committees to which the MD and DMD are members as part of the board! No shareholder is in this committee.

The audit committee adressed by CAMA has a non executive director as chairman with other shareholders. The MD and DMD are not members of that committee. Don't understand why people must LIE just to pass a view across.

The Stock market may not be efficient but that is not the making of Access Bank.

The poor analyst was sacked for incompetence and negligence of duty! He made so many factual errors for which Access can sue FCMB/CSL!!!!!! How dare you accuse an organisation of cooking its books just because the account was qualified! That is an indictment on PWC that went ahead to express an opinion on the statement.

While I don't personally like Access Bank, it is obvious that the said analyst is either incompetent or negligent based on his report.

For you auditor, it will be nice if you read the audited statement of Access bank before passing comments. Your treatise is based on assumptions!

yodiyokun:
Thats the point; what is the MD doing in the board audit committee!!!! Corporate governance suggests that the management should not be part of the auidt commitee , this is strictly a perogative the non executive dircetors and not MD and DMD. How does the Chief Internal Auditor maintain independence?

Don't understand what you are talking about.

The board has its own audit committee as part of its operation. That is the duty of the board of directors.

The Bank staturilly also has an audit committee chaired by a non executive director with shareholders as members!

Dis Guy:
about time! have you noticed theres never bad news about companies on the nse? everything is 'nice and proper'.
So now we know anybody that write any bad or negative report about companies in nigeria will be fired i_{n a land where people don't like being questioned/criticised}

There are reports that classify stocks as SELL or HOLD! But note that so many reasons are responsible for that.

In the report being discussed, there are factual errors!!!!

The issue of audit committe is just one. What he said was false!

Accusing them of cooking books is not something you say without having solid evidence. KPMG the external auditors expressed an opinion. They qualified the report based on the treatment of goodwill. However, CBN asked banks to treat goodwill like that as againts the Companies and Allied Matters Act. Most banks that paid dividend after merger did that!

I don't like Access but I also do not need someone to lie against them!

easimoni:
CSL worte the report and fired the guy who worte it!
Really? You don't think there is something fishy about almost 100% increase in profits for a bank? NOthing wrong with your MD and DMD sitting on the audit committee? There was a lot of speculation in the report and speculation has no place in such a report, but the guy asked questions any reasonable investor should have asked him/herself.

The MD and DMD are in the boards audit committee not the shareholders committee. The shareholders audit committee has two non executive directors as members.

While Access Bank may be a bad buy, the analysts report did a poor job.

Atam-Man:
@Wanajo
Please are you talking about the PP or the PO? Would love to hear you clearly. Thanks man

I think it is a PP

Issue still under processing by SEC. Sterling Capital Markets will be the issuing house. Price is N1.50 and there will be 814m shares to be sold!

Hope that helps.

easimoni:
Wanaj0,
I did say I was going to avoid UNIC and N.E.M because I felt the picture I developed (in just a couple of days, mind u) was incomplete. The "question marks" are the ones I plan to avoid. What do you think of the ones I called "gems"? Niger Ins, Sovereign trust, Lasaco and Prestige? I think I have the full story on oustanding shares (including 06 offers) but there may be other news which I may not be privy to from across the pond.

Until I see the FULL audited financial statement of the insurance companies I will place an hold on them.

Do you know the companies that they acquire and what the scheme of merger looks like? No gambling for me.