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First Inland set to begin dispatch of 07 share certificates

Category: Investors NewsBeat

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First Inland set to begin dispatch of 07 share certificates

July 28 , 2008 


Proshare NI

July, 2008 at 16:17 GMT

First Inland Registrars Limited is set to begin the dispatch of share certificates to investors who took part in the First Inland Bank Plc 2007 hybrid Offer. A Source at the Registrars made this affirmation to Proshare NI today in Lagos Nigeria.

“Before the end of the month, we would begin the dispatch of the share certificates†the source said.

The source confirmed to Proshare NI that the Postal Agency are having the certificates and would commence the dispatch any moment from now.

About two months ago, the source had confirmed to Proshare NI that First Inland Registrars have finished collating the certificates and are currently doing their posting.

“We have finished collating and are currently posting, in the next two months; we will start to dispatch the certificates†the source said.

This is coming on the heels of Proshare NI alerting investors based on their enquiries by as regards the issue of dispatch of share certificates and return monies following the offer. 

Proshare sought to find out more details on the issue of return money, the source affirmed that money was returned; but not much. “The money we are returning to investors is not much†the source affirmed.

Prior to this time Okey Nwosu, Managing Director/Chief Executive Officer (MD/CEO) of the bank confirmed to Proshare N/I that its concluded hybrid offer in January, 2008 was a huge success in terms of oversubscription, though he declined to mention what level of oversubscription First Inland enjoyed when it approached the market to raise the funds.


As reported earlier, First Inland recorded a 185.10 percent subscription for the 5.0 billion Ordinary Shares it offered for sale during its January 2008 offer.


In a publication on some national dailies as regards the offer, a total of 263,848 applications for 9.254829 billion units of shares were received.

While a total of 263,845 applications for 9.254827 units were valid under the terms of the offer.

In January, 2008, First Inland offered   investors by way of subscription 5.0 billion ordinary shares of 50 Kobo each and 4.0 billion Irredeemable Non-Cumulative Convertible Preference shares of 50 Kobo each at N9.50 Kobo respectively.

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