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First Inland Bankâââ€

Category: Public Offers Private Placements

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First Inland Bankâââ€

January 30, 2008


First Inland Bank’s N100bn hybrid offer closes on today, paving the way for both old and new investors to make last minute purchase of the bank’s share offer.


A statement by the bank on Wednesday said, the money, which would be raised from a combination of rights issue, public offer and irredeemable non-cumulative preference shares, would be used to enhance the bank’s growth strategy.


First Inland Bank is offering, to the general public, five billion ordinary shares of 50 kobo each at N9.50 per share; four billion irredeemable non-cumulative preference shares of 50 kobo each at N9.50 and rights issue of 968,863,000 ordinary shares of 50 kobo each at N8.50 per share.


According to the statement, the offer is coming at a discounted price of N3.80 (for rights issue) and N4.80 (for public offer) per share. It was pegged at N13.30 by the Nigerian Stock Exchange following the bank’s decision to embark on the offer.


The bank in its offer prospectus said, “an application has been made to the council of the NSE for the admission to its daily official list, five billion ordinary shares of 50 kobo each at N9.50 per share, four billion irredeemable non-cumulative preference shares of 50 kobo each at N9.50 and rights issue of 968,863,000 ordinary shares of 50 kobo each at N8.50 per share being offered.


It added, “In the event of over-subscription, the shares shall be allotted to shareholders in an amount not exceeding the bank’s un-issued share capital, subject to the approval of the bank’s board of directors and the regulatory absorption limit of 25 per cent of the oversubscription. The supplementary proceed will be utilised for the same purpose.â€ÂÂÂÂÂ


The bank said on behalf of the joint issuing houses, the Executive Director, Skye Bank Plc, Mr. Segun Oloketuyi, assured stakeholders that the offer would be over-subscribed.


He said, “We are delighted and privileged to be part of this offer. Given the tremendous improvement in First Inland Bank’s performance, coupled with its unique product offering, we have no doubt that we will be supporting an offer that will do well.


“Besides, the price is quite competitive. For a bank in Nigeria to offer its shares at N8.50 (rights issue) and N9.50 (public offer), it is a give away price.â€ÂÂÂÂÂ


The bank added that, Mr. Dele Lawore, who spoke on behalf of the joint underwriters to the offer, also endorsed First Inland Bank’s offer, saying that good returns awaited investors that bought into the proposed offer.


“If you look at the history of First Inland Bank, you will discover that the bank has continued to grow from strength to strength. The bank recently recorded a profit that was more than what the individual banks (First Atlantic Bank Plc, Inland Bank Plc, NUB International Bank and IMB International Bank Plc) in the group ever made,†he said.


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