- Credits half of 700,000 investors CSCS account on Bagco 2007 IPO

PETER OBIORA

Proshare NI

July 30, 2008 at 17:04 GMT

Meristem Registrars Limited, Registrars to the Nigerian Bags Manufacturing Company Plc, (Bagco) had credited the Central Securities Clearing System Limited (CSCS) accounts of about half of 700,000 investors that took part in  the Bagco 2007 Initial Public Offer (IPO).

Bunmi Oguntoye Registrar/Chief Executive Officer (CEO) of Meristem Registrars confirmed this to Proshare NI today in Lagos Nigeria.

This is coming on the heels of enquiries from investors as regards the non-receipt of share certificates/return money of the Bagco 2007 IPO.

However, as at the time of filling in this report, Proshare NI could not confirm this story from CSCS.

Oguntoye confirmed to Proshare NI that Meristem Registrars had sent all share certificates and return money out to investors.

“For the past one month, I have been on holidays and I wouldn’t know the current update and may not be able to give the correct version of the story, but as far as I am concerned before I started my break, we have sent everything out� he said.

Oguntoye further affirmed that investors who had complaints had been visiting Meristem to have their issues resolved.

He confirmed to Proshare NI that out of these number, about 300,000 has been sent to the CSCS for verification and confirmation for investors to get their e-certificate.

Though the CSCS had before this time, confirmed to Proshare NI that they have done for only 100,000 investors.

“For the past few weeks, we have verified over 100,000 e- certificates and forwarded them to the Registrar who would in turn dispatch same electronically to investors through whatever outlets they bought the shares� the source affirmed.

Bagco in November, 2007 sought to raise N7.273 billion and offered to members of the Nigerian Investing Publics 1.865 billion ordinary shares of 50 Kobo at N3.90 Kobo per share.