Dangote Flour/Nahco investors and unclaimed warrants
Category: Investors NewsBeat
May 30, 2008 at 18:20 GMT
CSL Stockbrokers Limited, a subsidiary of City Securities Limited (CSL) has urged investors who bought through the firm the Dangote Flour Mills Plc and Nigerian Aviation Handling Company Plc (NAHCO) 2007 offers respectively to approach the company for unclaimed return money warrants in respect of the offers.
This was confirmed to Proshare NI by a source close to the company at the Nigerian Stock Exchange (NSE) building today in LagosNigeria.
ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã¢â‚¬Â¦ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œWe have so many returned money warrants laying fallow in our office; which investors into these offers are yet to claimÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â the source affirmed.
The source further confirmed to Proshare NI that CSL had started giving out these warrants they have collected from the various Registrars since the past 12 weeks, ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã¢â‚¬Â¦ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œthough over 50 percent has been claimed by investors as regards the two offersÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â the source said.
ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã¢â‚¬Â¦ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œThis is one of the reasons we refused to collect further return money warrants from Meristem Registrars Limited for the Nigerian Bag Manufacturing Plc (BAGCO) offerÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â the source affirmed.
Prior before this time, Proshare NI had received complaints from investors that they cannot get their return money warrants from CSL through which they bought the BAGCO shares.
As at the time of filling in this report, Proshare NI could not contact Meristem Registrars to clarify the issue.
In 2007 Dangote Flour Mills and NAHCO approached the Capital Market to raise fresh funds of N18.750 billion and N2.152 billion respectively.