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Crusader Group assures investors of 12% pa ROI

Category: Public Offers Private Placements


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Crusader Group assures investors of 12% pa ROI

 

- As N7.590 billion hybrid offer opens

 

PETER OBIORA

Proshare NI

September 22, 2008 at 15: 31 GMT

 

Institutional Investor, Crusader Group has assured investors of 12 percent Per Annum (PA) in the Crusader Convertible Debenture Offer of N4.0 billion. This was contained in a document made available to Proshare NI today in Lagos Nigeria.

 

However, the document affirms that the 12 percent Unsecured Convertible Debenture Stock 2013 is convertible into Ordinary Shares anytime till June 11, 2013 at a fixed price of N7.35 Kobo per share.

 

The Crusader Group affirms that anytime investors choose, they could convert their shares at the current price or their principal at maturity; which is guaranteed till year 2013.

 

To raise the N7.590 billion, Crusader Group is also offering by way of Rights Issue 797,884,198 Ordinary Shares of 50 Kobo each at N4.50 Kobo per share amounting to N3,590,478, 891 making a total of N7,590,478,891.

 

As earlier published on Proshare’s website, proceeds of the hybrid offer would be used to create a strong and fully diversified financial services group.

 

To achieve these, Crusader Group is expected to acquire new businesses such as investing into the Real Estate sector of the Nigerian economy and the Financial Services sector

 

Apart from these, the Financial Services Group would expand the company’s distribution network, expand its existing businesses/products and upgrade its information technology.

 

Also as earlier published on Proshare’s website, the acquisition of new financial services businesses will take about N2.42 billion; representing is 34 percent of the total N7.590 billion to be raised.

 

While N2.0 billion about 28.22 percent of the total net funds to be raised would be invested into insurance companies.

 

The hybrid offer is expected to open Wednesday 24, 2008 and Leading Issuing House is Diamond Bank Plc.



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