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First Inland share certificates for 08 hybrid offer delayed

Category: Investors NewsBeat

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First Inland share certificates for 08 hybrid offer delayed

September 09 , 2008 /PETER OBIORAProshare NI


First Inland Bank Plc has continued the delay in the dispatch of share certificates to investors that took part its January 2008 hybrid offer.


This is coming on the heels of investors’ complaints to Proshare NI as regards non-receipt of share certificates in respect of the bank’s 2008 hybrid offer.



As earlier reported by Proshare NI, a source at First Inland Registrars Limited Registrars to the offer had affirmed that by the end of July 2008, the company will commence the dispatch of share certificates to investors.



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



The source further affirmed that the Postal Agency were in possession of the certificates and would commence the dispatch any moment from now.



Sometime in May 2008, 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.



Today Proshare NI sought to confirm the true status of share certificates of investors who took part in the First Inland Bank January 2008 hybrid offer, but our source continued with the same old story of by the end of the month, we would commence the dispatch of the certificate to investors.



As at the time of filling in this report, Proshare NI could not clarify the issue from officials of the bank as regards the undue delay to issue share certificates to investors about eight months after the closure of the offer.



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



First Inland Bank in January, 2008, approached the Capital Market to raise fresh funds of N85.500 billion when it offered to 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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