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First Registrars commences dispatch of Costain & Fidelity Ba

Category: Public Offers Private Placements


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First Registrars commences dispatch of Costain & Fidelity Ba

PETER OBIORA

Proshare NI

May 21, 2008 at 16:30 GMT

 

First Registrars Nigeria Limited had commenced the dispatch of certificates to investors who took part in the Costain West African Plc (Costain WA) and Fidelity Bank Plc; December and September, 2007 hybrid offers respectively. Ezekiel Oni, Head of Management Services of the Registrar confirmed this to Proshare NI today in Lagos Nigeria.

 

Oni confirmed to Proshare NI that First Registrars had for the past two weeks commenced the dispatch of share certificates for the Costain WA and Fidelity Bank 2007 hybrid offers respectively.

 

“We have completed the printing of these certificates four weeks ago and has since the past two weeks commenced dispatch of the duo” he said.

 

About a month ago, Oni had confirmed to Proshare NI that the Fidelity Bank offer share certificates were currently being processed and would soon be dispatch to investors. “We are working on it now and before long, we will start to dispatch same, which is not less than 100,000” Oni confirmed.

 

In the same vein, he had also confirmed to Proshare NI that First Registrars has since the second week of April, 2008 commenced the dispatch of money return to investors for the Fidelity Bank 2007 hybrid offer.

 

Oni affirmed to Proshare NI that First Registrars had on March 28 and April 23, 2008 in The Guardian Newspaper, published the allotment, dispatch of share certificates and return cheques for surplus/rejected application monies for the Costain WA and Fidelity Bank hybrid offers respectively.

 

Costain WA on its part while announcing the results of the offer for Subscription of 178,162,966 Ordinary Shares of 50 Kobo at N13.00 per share with respect to its prospectus dated December 6, 2007 confirmed that the offer was 240.9 percent subscribed; as published on The Guardian of April 23, 2008.

 

However, a breakdown of this shows that a total number of 55,305 applications forms for 429,599,016 Ordinary Shares were received in connection with the offer. Out of the above 37 application forms for 433,216 Ordinary Shares were rejected.

 

Also a total of 55,268 application forms for 429,165,800 Ordinary Shares were valid under the terms of the offer.

 

Costain WA while absorbing 25 percent excess of the offer as approved  by the Company’s Board of Director and regulatory authorities, announced the supplementary offer of 62,750,709 ordinary shares of 50 Kobo at N13.00 per share  allotted to investors who did not receive full allotment in the general subscription.

 

The Construction Giant also announced results of the Rights Issue of 519,740,000 Ordinary Shares of 50 Kobo each at N11.00 per share on the basis of 13 Ordinary Shares for every four held as at October 17, 2007.

 

In this, a total of 1,408 acceptance forms for 596,973,598 Ordinary Shares were received in connection with the issue and all applications were found to be valid under the terms of the issue, therefore were processed. The Issue was 114.86 percent subscribed.

 

1,311 shareholders with provisional allotment of 473,221,931 Ordinary Shares accepted their rights in full and were fully allotted. However, out of the provisional shares allotted, eight shareholders with 2,016,907 Ordinary Shares traded theirs on the floors of the Nigerian Stock Exchange (NSE).

 

While for the Fidelity Bank offer for subscription of 5,501,100,421 Ordinary Shares of 50 Kobo each at N8.00 per share, with respect to the prospectus dated September 20, 2007, the bank confirmed that the offer was 233 percent subscribed.  Also as published on The Guardian of March 28, 2008.

 

A breakdown of the Fidelity Bank offer shows that a total of 301,445 applications for 12,836,745,322 Ordinary Shares were received. While a total of 101 applications for 2,172,375 Ordinary Shares were rejected for not complying with the terms of the offer.

 

However, a total of 301,344 application forms for 12,834,572,947 Ordinary Shares were found to be valid, hence was accepted and processed accordingly.

 

For the result of the supplementary offer for subscription, 6,498,899,579 Ordinary Shares of 50 Kobo each at N8.00 per share, shows that these figure has been allotted to investors who did not receive full allotment in the general subscription as approved by the Bank’s Board of Directors and regulatory authorities.

 

Fidelity Bank in its Rights Issue announced that a total of 24,255 shareholders/applicants with provisional allotment of 205,166,174 Ordinary Shares applied for 572,596,025 shares. The right was confirmed to be 115 percent subscribed.



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