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First Inland dispatches share certificates to investors

Category: Public Offers Private Placements


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First Inland dispatches share certificates to investors

 - the 1,000 to 1 million units

 

PETER OBIORA

Proshare NI

November 03 2008 at 19:02 GMT

 

 

First Inland Registrars Limited has dispatched the share certificates of investors who bought between 1,000 and one million units of the First Inland Banks Plc (FinBank) January 2008 hybrid offer after several months of keeping investors waiting.

 

A source at First Inland Registrars confirmed this to Proshare NI in Lagos Nigeria. “We have since the last three weeks dispatched the share certificates of investors who participated in the First Inland Bank hybrid offer of January 2008 through the Nigerian Postal Services (NIPOST).

 

This is coming on the heels of investors’ complaints to Proshare NI as regards the 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 had affirmed that by the end of July 2008, the company will commence the dispatch of share certificates to investors. This Proshare NI observed did not happen.

 

Prior to this time, the source Proshare NI met at First Inland Registrars had confirmed that the Postal Agency were in possession of the certificates and would commence the dispatch any moment from now.

 

Also, 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.

 

However, Proshare NI sought to clarify the reason only the share certificates of investors who bought between the 1,000 and one million units were only dispatched, but the source declined to clarify the issue.

 

As at the time of filling in this report, Proshare NI could not clarify the issue from officials of the bank as regards the dispatch of share certificates of only those who bought between the 1,000 and one million units share certificates.

 

The dispatch of these batches of certificates to investors is coming about nine months after the closure of the offer.

 

As earlier reported by Proshare NI, FinBank reported a 185.10 percent subscription for the 5.0 billion Ordinary Shares it offered for sale during its January 2008 offer.

 

The bank further confirmed that 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.

 

FinBank in January, 2008, sought 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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