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NSE approves 25% absorption of Costain WA 2007 offer oversub

Category: Public Offers Private Placements


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NSE approves 25% absorption of Costain WA 2007 offer oversub

 

PETER OBIORA

Proshare NI

July 05, 2008 at 11:05 GMT

 

The Nigerian Stock Exchange (NSE) has approved the absorption of the 25 percent allowed by regulatory authorities on oversubscription of Public Offers (POs) by Construction Giants Costain West Africa Plc (COSTAIN).

 

Phil Wharton, Managing Director/Chief Executive Officer (MD/CEO) of the company affirmed this in Lagos Nigeria at the NSE; while addressing members of the Capital Market Correspondence Association of Nigeria (CAMCAN).

 

“We have just received the final words from the NSE towards taking over the 25 percent maximum allowed in the event of oversubscription in Public Offer” Wharton said.

 

He confirmed that Costain’s 2007 hybrid offer by way of subscription and Rights Issue were 240 percent and 140 percent oversubscribed respectively.

 

Wharton further confirmed that the shares were listed on the Floors of the NSE a few weeks back.

 

On the issue of share certificates, he affirmed that Costain has dispatched same to investors; taking into consideration the complaints as regards the issue.

 

“We are very concerned on the bad publicity as regards the issue of dispatch of share certificates to investors. Therefore our advisers had informed us that all share certificates had gone to shareholders, anyone who is yet to receive should get back to us” Wharton said.

 

Also on the issue of return money, He confirmed that this has been returned to investors with interest.

 

Though as at the time of filling in this report, he could not confirm the exact amount in figures returned to investors.  ÃƒÆ’ƒÂ¢Ã¢â€šÂ¬Ã…“I do not really have the information now, but in due time we would furnish you with same” Wharton affirmed.

 

He further confirmed that Costain West Africa delivered a return of over 250 percent in a six month period with its 2007 Public Offer (PO).

 

“Costain have delivered a return of over 250 percent in a six month period with our offer at N13.00 in December and a share price of almost N30.00 today” Wharton said.

 

As earlier reported, Costain West Africa, late 2007 by way of subscription and Rights offered to the Nigerian investing public 178,162,966 and 519,740,000 Ordinary Shares of 50 Kobo each at N13.00 and N11.00 per share respectively.



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