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Access Bank extends Public Offer by two weeks |
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The board of Access Bank Plc has received a regulatory approval for the extension of its current N70 billion Naira Public Offer by two weeks. The offer which opened for public subscription on 23rd July will now close on 12th September, 2007.
It appears that the logistic for sale of the offer is inadequate, as there are growing complaints that interested investors, local and international, were having difficulties accessing subscription form for the offer.
Sunday Nwosu, National Coordinator of investors pressure group? Independent Shareholders Association of Nigeria (ISAN), was quoted to have said "we are alarmed by the numbers of complaints from our members - local and international, wishing to be part of the wealth creation but feel short-changed by the absence of forms to legally secure a mandate."
He also mentioned the non availability of the form in the bank website, but a check by Financialnigeria.com reveals that Public Offer Application Form, Access Bank Prospectus, Access Bank Plc Abridged Prospectus Summary and Public Offer story are active links on the Access Bank's.
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Nacho's N2b hybrid share offer opens |
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Existing shareholders and potential investors of the Nigerian Aviation Handling Company PLC (NAHCo), the nation's foremost ground handling company, now have the opportunity of increasing their stakes in the Company, as the much awaited combined N2, 152,500,000 Public Offer opens on September 10 and closes on September 28.
The exercise is aimed at raising adequate capital for the implementation of NAHCo's three-year Corporate Business Plan.
NAHCo is offering 90million Ordinary Shares of 50k each at N17.50 per share through a Public Offer. The Company is simultaneously offering by way of rights 35million Ordinary shares of 50k each at N16.50k per share to existing shareholders as at 18th May, 2007.
The gross proceeds from the combined Offer are estimated at N2, 152,500,000. The estimated net proceeds is N2,002,590,465.00, after deducting the costs of the issue (N149, 909, 535.00 or 6.96%) will be used to fund the Company's business growth and expansion strategy, which includes acquiring new Ground Support Equipments (GSEs), reinforcing the company's technology platform, construction of new cargo sheds, re-branding, and increasing the working capital to support the expected expansion. About 49.56% of the net proceeds of the offer will be committed to the purchase of equipments which are critical to Nacho's operations.
At the Completion Board meeting of the Offer held in Lagos, Suleiman Yahyah, NAHCo's Vice Chairman, stated that the Company needs the capital injection in order to further improve on its ability to continue to deliver maximum stakeholder value. Also at the occasion, Dr. Jonathan Long, Chairman of FCMB Capital Markets, one of the joint issuing houses, said the share offer is predicated on the need for NAHCo to continue to deliver quality services to domestic, regional, and international airlines.
NAHCo's market capitalization, which at pre offer stands at N13.125 billion, is expected to increase to N15.312 billion after the offer. The Company's Management and the Parties to the issue are confident that the share offer will be fully subscribed, given the impressive performance of the Company, as well as the robust trading of its shares on the Stock Exchange. NAHCo stock is the most active aviation stock in the Nigerian capital market.
Listed on the Stock Exchange on 28 November, 2006 at N5.50k, NAHCo's share value remained steadily on the increase, closing at N70.05 in May 2007 before it was technically adjusted for dividend and bonus issue payment, in line with the regulations of the Capital Market. NAHCo investors reaped over 1000% capital gain between November 2006 and June 2007. The shareholders were also allotted bonus of 3 for 2.
This record performance by NAHCo stock has been described by analysts as the capital market's reaction to the company's strings of impressive performances, especially its 2006 operating results. The audited operating results of the company for the financial year ended 31 December, 2006, show that Turnover grew from N3.050billion to N3.245billion, while Profit before Tax rose by 21.4% from N457.7million to N555.9million.
NAHCo controls over 75% of the ground handling market in Nigeria, offering ground support services to 27 of the 35 airlines operating in the country. It recently also won the ground handling contracts for Arik Air, Delta Airlines, a new carrier licensed for the US-Nigeria route, and Aero Contractors at MMA Terminal 2.
Meanwhile, Bates Sarki Sule, MD/CEO of NAHCo, has disclosed that the company's focus is on the provision of improved quality service, significant investment in purchase of brand new ground handling equipment, corporate re-branding, human capital development, and improvement in its automation systems. According to him, NAHCo is re-positioning in order to maximise stakeholder value and surmount the future challenges of competition.
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International Breweries Floats N1.3 billion Public Offer |
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International Breweries Plc is offering 1.6 billion shares of 50kobo each at 87 kobo per share in an offer that aims to raise N1.3 billion from the investing public.
The offer which is packaged by Sterling Capital Markets Limited will enable International Breweries Plc to enhance its capital base for additional investment to improve its plants and boost production capacity. This will account for 69.94% of the offer.
Other areas the new capital raised would be used to address include staff rightsizing (25.13%), while 4.93% will be used for repayment of bridging loan.
Offshore investors can participate in the offer through foreign currency denominated subscription in line with section 5.17 of the Nigerian Investment Promotion Commission Act, and incompliance with rule 209 and 210 of SEC rules and regulation and the Exchange guidelines on foreign investment through the Nigeria stock market.
Applications for the offer opened on August 31, 2007 and will close on September 23, 2007.
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Dangote Flour Mills offers N19 billion IPO |
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Preparatory to its listing on the Nigerian Stock Exchange (NSE), Dangote Flour Mills Plc is floating an Initial Public Offering of N19 billion. The IPO is offered at N15 per share to raise N18.75 billion.
Dangote Flour Mills is a wholly owned subsidiary of one of Nigeria's indigenous largest and fastest growing conglomerate. Its IPO is expected to attract the attention of investors, in the same way Dangote Sugar Plc did earlier in the year.
FCMB Capital Markets, Zenith Capital, Access Bank, Diamond Bank, GTBank, IBTC, Intercontinental Bank and UBA are part of the issuing house involved in this offer, and have underwritten the offer by 80 per cent.
Dangote Flour Mills currently has three billion shares valued at N1.5 billion as authorized share capital, with a fully paid up capital of N1.5billion, but the issued share capital was increased recently by the addition of 1.05 billion shares, while authorized share capital now stands at N3 billion, made up of six billion ordinary shares of 50kobo each.
Dangote Flour Mills commenced operations in 1999 as a division of Dangote Industries Limited. Following the strategic decision of Dangote Industries Limited to unbundled its various operations, Dangote Flour Mills was incorporated in 2003.
The offer opens on September 6, 2007 and closes on September 27, 2007.
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Additional Listing |
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The Nigerian Stock Exchange listed 792,088,000 ordinary shares of NEM Insurance Plc on the 12th of September 2007, being shares issued in pursuant to the merger with Vigilant Insurance Company |
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