Nigerian Bag Manufacturing Company Plc (BAGCO) has offered investors four percent on returned money. This was disclosed to Proshare N/I investigation by a source at the Meristem Registrars Limited, Registrars to the BAGCO offer.

The source says that Meristem Registrars have concluded the issue of allotment and before the end of the week; letters on the returned monies would be sent out to the various banks and stock broking firms in which the investors to the offer used in buying BAGCO’s shares.

“We are trying to send out letters to investors who were not allotted shares of BAGCO to go to their banks and stock broking firms where they made payment for the offer; so that they can be aware of their returned monies� the source said.

Though as at the time of filling in this report, Proshare N/I visited the Iganmu industrial area office of the bag manufacturing company to ascertain the true position concerning the issue of allotment and returned monies.  

The Human Resource Manager (HRM) who did not give his name told Proshare N/I on the intercom at the company’s premises that he is not aware of the matter and if any information is sought on the issue it should be with the Registrars to the offer.

“I cannot tell you the true position of things as regards the allotment and return monies concerning the BAGCO offer, the Registrars are in a better position to give you information on the issues raisedâ€ÂÂÂÂÂ� he said.  

A breakdown of the allotment ranges from 1,000 to 20.0 million units shows that those investors who bought the minimum number of shares which is 1,000 units are given 100 percent allotment and those that bought the maximum of 20.0 million units are given 4.39 percent allotment.