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Crusader Debenture/Rights closes 300908

Category: Public Offers Private Placements

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Crusader Debenture/Rights closes 300908

September 30 , 2008 /PETER OBIORAProshare NI

-Projects 36 Kobo dividend in 2010 FYE


Crusader Nigeria Plc (CRUSADER) 4.0 billion 12 percent Unsecured Convertible Debenture Stock 2013 offer and 797.884 Ordinary Shares of 50 Kobo each by way of Rights would officially close today Tuesday September 30, 2008. As the company projects a 36 Kobo dividend payout in its 2010 Financial Year End (FYE).


Forecast Offer Statistics extracted from the Reporting Accountant’s Report shows that Crusader Nigeria has projected to offer is investors a 20, 30, and 36 Kobo dividend payout in Year Ending December 31, 2008, 2009 and 2010 respectively.



However, the company affirms in the forecast Offer Statistics that the dividends per share have been computed respectively for each year on Profit after Tax (PAT) and 4,787,305,189 Ordinary Shares expected to be issued at the end of the above years.



 Gross Premium of the company is expected to increase from N5.292 billion in year 2008 to N15.053 billion in year 2010 indicating an increase of 184.43 percent in the forecast period.



Profit before Tax (PBT) is also expected to grow from N1.747 billion in year 2008 to N4.113 billion in year 2010 showing a growth of 135.43 percent.



While PAT would rise from N1.310 billion in year 2008 to N3.084 billion in year 2010 representing a rise of 135.41 percent in the period under forecast.



In the same vein, Crusader Nigeria has affirmed that it has made an application to the Council of the Nigerian Stock Exchange (NSE) for the admission to the Official Lost of the 4.0 billion 12 percent Unsecured Convertible Debenture Stock 2013 now being offered for subscription and the 797,884,198 being offered by way of Rights to existing shareholders.



Lead Issuing House to offer is Diamond Bank Plc, while Joint Issuing Houses include BGL Securities Limited, Chapel Hill Advisory Partners Limited, Ecobank Nigeria Plc and Fidelity Bank Plc.



Other Joint Issuing Houses are LeadCapital Limited, Partnership Investment Limited, Profound Securities Limited, Spring Capital Markets Limited and Sterling Capital Markets Limited.

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