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Union Homes/Equity Assurance offers closes

Category: Public Offers Private Placements

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Union Homes/Equity Assurance offers closes


Proshare NI

October 15, 2008 at 17:35 GMT


Foremost Primary Mortgage Institution (PMI) Union Homes Savings & Loans Plc (Union Homes) has today closed its hybrid Real Estate Investment Trust (REIT) offer for subscription of 970,873,787 million units of N50.00 each at N51.50 Kobo per unit in the Union Homes REIT.


The Union Homes REIT offer opened August 19, 2008 and has closed today.


As earlier reported, Austine Aikhorin, Managing Director/Chief Executive Officer (MD/CEO) of the company had affirmed that the N50 billion sought to be raised through the REIT offer would be used to provide affordable housing for Nigerians.


Union Homes REIT the company affirms is a combination of mortgage REIT and equity REIT.


Also as earlier reported by Proshare NI, Union Homes would invest a minimum of 90 percent of its assets in real estate and a maximum of 10 percent in quality real estate and mortgage assets.


Union Homes also affirmed in its Forecast offer statistics as extracted from the Reporting Accountant’s report that Distributions per Unit (DPU) would rise from 150 Kobo in year one to 350 Kobo in year three indicating a rise of 133 percent in the forecast period.


DPU in this regard is the dividend payout to investors as regards the Union Homes REIT.


However, the minimum subscription for the offer was 1,000 units and multiplies of 100 thereafter.


Financial Adviser/Lead Issuing House was Goldman Assets Management Limited; while Joint Issuing House was Union Capital Markets Limited.


In the same, Equity Assurance Plc (EA) has also closed its N7.0 billion hybrid offer today October 15, 2008.


The company sought to raise the N7.0 billion, by offering by way of subscription 1,500,000,000 Ordinary Shares of 50 Kobo each at N3.50 Kobo per share.


And Rights Issue of 707,000,000 units of 50 Kobo each at N3.00 per share.


As earlier reported by Proshare NI, to source for the N7.0 billion, Ibidolapo Balogun, Group Managing Director/Chief Executive Officer (GMD/CEO) of the company had confirmed to Proshare NI that the company sought for Strategic Investors.


Balogun further affirmed that the strategic investors Equity Assurance was sourcing; are those that would be active in the Oil and Gas sector and the development of infrastructure.


The offer was due to close September 30, 2008 but was extended by two weeks to last up till the second week of October.

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