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FCMB rules out extension of public offer

Category: Public Offers Private Placements

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FCMB rules out extension of public offer

November 13, 2007/Punch



The Managing Director, First Monument Bank Plc, Mr. Ladi Balogun has ruled out an extension of the bank’s public offer, which closes today, Tuesday.


Balogun disclosed that there were indications that the offer target would be substantially met at the end of the day, saying there is no need for an extension.


Meanwhile, there are indications that investors across the nation have, in the last few days increased their demand for FCMB shares.


The bank said in a statement on Monday that with today left as the last day to buy into the bank at a discounted price of N14 per share, Nigerians were expected to further troop out today in a last ditch effort to invest into the bank described by leading international and local analysts as investors delight.


The statement said that feelers from stockbrokers had shown that the last one week has witnessed an unprecedented flooding of stockbrokers by anxious investors who were very eager to buy into the bank.


“And in a last ditch effort, some prominent investors in leading cities in the country, over the weekend, increased their stake as most of them returned to their stock brokers to beef up their investments,†the statement said.


“This apparent show of confidence, unprecedented in the history of bank offers in Nigeria, stems from the bank’s belief that the four weeks of the offer was enough for discerning investors to wrap up their investments in the offer, which has already being underwritten to the tune of 80 per cent,†the statement said.


The managing director of the bank, who confirmed that the offer would not be extended as returns show that target will be met as the third week to the offer, indications had already pointed to over subscription of the offer which Afriinvest described as a very good buy.

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