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Jubilee Life opens N3.6 billion Placement

Category: Public Offers Private Placements


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Jubilee Life opens N3.6 billion Placement

-Projects 12 Kobo dividend in 2012 FYE

 

PETER OBIORA

Proshare NI

January 20, 2009 at 19:23 GMT

 

 

Primary Mortgage Institution (PMI) Jubilee-Life Savings and Loans Limited has opened its N3.6 billion Private Placement (PP) and has projected a 12 Kobo dividend payout in its 2012 Financial Year End (FYE).

 

This was contained in the Placement Memorandum made available to Proshare NI today in Lagos Nigeria by Meristem Securities Limited (Meristem) Issuing House to the Placement.

 

Jubilee-Life hopes to raise N3.6 billion by offering to select investors 2,880,000,000 Ordinary Shares of 50 Kobo each at N1.25 Kobo per share.

 

Application is based on an initial minimum of 100,000 Ordinary Shares and multiplies of 10,000 shares thereafter.

 

In the Forecast Offer Statistics extracted from the Reporting Accountant’s Report, the company has projected to give investors a 0.7, 16 and 12 Kobo dividend payout in its 2010, 2011 and 2012 FYE’s respectively.

 

The company affirms in the Placement document that calculation of forecast dividends per share for the above years is based on the 5,489,539474 Ordinary Shares of 50 Kobo expected to be issued after the Placement.

 

Jubilee-Life also has projected to grow its Gross Earnings from N1.897 billion in year 2010 to N4.838 billion in year 2012, indicating a growth of 155 percent (155%) in the forecast period.

 

While Profit after Tax (PAT) is also expected to rise from N977, 946 million in year 2010 to N2.682 billion in year 2012 showing a rise of 174.28 percent (174.28%) in the projected period.

 

Also, Financial Summary of the four years ended April 30 2008 shows that Jubilee-Life increased its Turnover from N64.610 million in year 2005 to N398.946 million in year 2008 representing an increase of 517.46 percent (517.46%).

 

However, the Mortgage Institution further affirmed that the purpose of the Placement is to enable the company expand its Mortgage Banking operations.

 

This they would achieve by going into land acquisition, Estate development, construction of buildings, development of sites/service scheme and eventual sale to members of the public.

 

Other use of the proceeds of the Placement is to establish more branches in commercial cities and each on the State Capital of Nigeria in order to expand its market share.

 

Again, Jubilee-Life intends to improve on its Information Technology (IT) to render up to date information and boost its working capital so as to grant long term mortgage facilities for properties at a competitive interest rate.

 

As at the time of filling in this report, Proshare Analyst Services has not analysed the financials of Jubilee-Life to ascertain its claims. The Placement opened January 19 and would close March 20, 2009.



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