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Honeywell projects 43 kobo dividend payout in 2011 FYE

Category: Public Offers Private Placements

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Honeywell projects 43 kobo dividend payout in 2011 FYE

-As hybrid offer enters 2nd day



Proshare NI

December 03, 2008 at 14:02 GMT 


Honeywell Flour Mills Plc (Honeywell) has projected a 43 Kobo dividend payout in its 2011Financial Year End (FYE), this was contained in a document made available to Proshare NI today in Lagos Nigeria.


In the Forecast Offer Statistics, extracted from the Reporting Accountant’s Report, Honeywell has also projected to give investors 11 and 28 Kobo dividend payout for years 2009 and 2010 respectively.


However, the company affirmed that projected dividends per share are based on 7,941,176,471 Ordinary Shares of 50 Kobo each.


Turnover is also expected to increase from N44.001 billion in year 2009 to N80.461 billion in year 2011 indicating an increase of 83 percent in the forecast period.


Also, Honeywell has projected a growth in Profit after Tax (PAT) from N2.270 billion in year 2009 to N8.616 billion in year 2011 showing a growth of 279.55 percent.


Profit before Tax (PBT) is expected to also rise from N2.976 billion in year 2009 to N10.876 billion in year 2011 representing a rise of 265 percent in the forecast period.


In the same vein, Consolidated Financial Summary between years 2004 to 2008; also extracted from the Reporting Accountant’s Report shows that Turnover of Honeywell increased from N7.317 billion in year 2004 to N20.904 billion in year in year 2008; showing an increase of 186 percent in the review period.


While PBT grew from N196.383 million in year 2004 to N988.761 million in year 2008 indicating a growth of 403.48 percent.


In the same period, the company’s PAT also rose from N170.492 million in year 2004 to N915.263 million in year 2008 representing a rise of 437 percent.

However, the document affirmed that the first financial statement of the company’s consolidated 100 percent owned subsidiary (Honeywell Superfine Foods Limited) with its result covered for 15.5 months ended March 31, 2008.


Honeywell has also promised to send out to share certificates not later than 15 days after allotment of shares to investors who will take part in the hybrid offer; irrespective of whether they have Central Securities Clearing System (CSCS) account number or not.


As earlier reported by Proshare NI, Honeywell is seeking to raise N18.65 billion, by offering to members of the Nigerian Investing Public by way of offer for sale of 1,252,941.177 Ordinary Shares and an offer for subscription of 941,176,471 Ordinary Shares of 50 kobo each at N8.50 per share respectively.


Lead Issuing House to the offer which opened Wednesday December 03, 2008 is FBN Capital Limited, while Joint Issuing Houses include BGL Plc, Bank PHB Plc Oceanic Capital Company Limited and UBA Capital (Africa) Limited.


Assetswise Capital ends N1.650 bn Placement tomorrow



Proshare NI

December 03, 2008 at 14:02 GMT



Assetswise Capital Limited (AssetswiseCAPITAL) N1.650 billion Private Placement (PP) will close tomorrow December 05, 2008. This was contained in the Placement Memo made available to Proshare NI in Lagos Nigeria.


To raise the N1.650 billion, the Private Equity Company is offering to select investors 1.5 billion Ordinary Shares of N1.00 at N1.10 Kobo per.


Already the company affirms it has an Authorised Share Capital of N2.0 billion comprising of 2.0 Ordinary Shares of N1.00 each. While N500 million comprising of 500 million Ordinary Shares of N1.00 each has been issued and fully paid up.


From the Profit Forecast made available to Proshare NI, AssetsCAPITAL has projected to give its investors a 29 Kobo dividend payout in year 2010/2011 Financial Year Ends (FYEs).


While it is expected to pay 0.8 and 21 Kobo as dividend to its shareholders in years 2008/2009 and 2009/2010 respectively.


Income is expected to increase from N1.765 billion in year 2008-09 to N10.790 billion in year 2010-11 indicating an increase of 511 percent in the forecast period.


Profit before Tax (PBT) is also projected to rise from N686.664 million in year 2008-09 to N5.269 billion in year 2010-11 showing an expected rise of 667.46 percent.


AssetsCAPITAL has also projected a growth in Profit after Tax (PAT) from N480.665 million in year 2008-09 to N3.688 billion in year 2010-11 representing a growth of 667.46 percent in the forecast period.


As part of its strategy, the company affirmed it plans to increase Assets under Management to about N8.0 billion by end of 2008-09 periods.


While hoping to increase same in the next five years to about N148 billion.


To achieve the above, AssetsCAPITAL already holds 25 percent stake in Homebase Mortgage Limited- a recently recapitalised Mortgage Bank.


Further, the company has about 10 percent stake in Cowry Asset Management Limited, a leading firm of Stock Brokers and Asset Managers and 45 percent in Eartholeum Networks Limited, a start-up e-commerce and m-commerce company, and a 40 percent stake in Scintilla Limited, owners of Scintilla Arena an entertainment services provider.


However, a unit of sale are a minimum of 20 million shares and multiplies of 1.0 million thereafter. Access Bank Plc is the Issuing House to the Placement.


Without prejudice, Proshare NI cannot confirm these claims as at the time of filling in this report

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