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Forte Financials set for Board meeting on N4bn hybrid offer

Category: Public Offers Private Placements

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Forte Financials set for Board meeting on N4bn hybrid offer

September 11 , 2008 /PETER OBIORAProshare NI

Forte Financials (formerly Forte Asset Management Limited), is set to hold a Board Meeting to decide on the company’s proposed N4.0 billion hybrid offer of Rights Issue and Private Placement (PP).


Tunji Oba, Managing Director/Chief Executive Officer (MD/CEO) confirmed this to Proshare NI today in LagosNigeria.


“We will be holding a Board meeting next week in order to discuss the proposed hybrid offer†he said.


As earlier reported by Proshare NI Forte Financials is proposing to raise N4.0 billion through a hybrid offer of Rights and Placement.


Oba had earlier affirmed that in order to shore up the capital base of the company, it would through internally generated revenue raise N1.0 billion in the first phase; which would be done by the end of Forte Financials 2008 Financial Year End (FYE).


While the company in the second phase would raise the remaining N3.0 billion through a hybrid offer bringing the funds to a total of N4.0 billion.


“Our aim is to ensure that we reward those who had been with the company for over 10 years†Oba had affirmed.


Prior to this time, he had earlier confirmed to Proshare NI that the board is yet to take the final decision on the time to open the hybrid offer.


He further affirmed that there was a general consensus as to what the company would do regarding the proposed N4.0 billion hybrid offer.


It is been observed by Proshare NI that the company ended its year in March 2008 and its Annual Accounts and Reports was prepared by Kayode Jaiyeola and Co.


However, as at the time of filling this report, Proshare NI cannot confirm the price at which Forte Financials intends to sell its hybrid offer and when it is billed to open.

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