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Geo-Fluids N12 bn Private Placement, what next?

Category: Public Offers Private Placements


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Geo-Fluids N12 bn Private Placement, what next?

Peter OBIORA

Proshare NI

February 23, 2009 at 15:58 GMT

 

 

Geo-Fluids Limited, a company operating in the Oil and Gas Services sub-sector of the Nigerian economy in May 21 2008 sought to raise N12 billion when it opened a Private Placement (PP).

 

As at the time of filling in this report, some concerned investors into the Placement are raising questioning as regards what next for the company; since no information is being received from it as regards the Placement and its future plans.

 

One of the recent mails sent to Proshare NI from Essien Inyang an investor into the Geo-Fluid Placement reads “Please does anybody have any information on GEO FLUID DRILLING SERVICES; concerning the Private Placement that was made sometimes ago?”

 

Proshare NI in its investigations had gathered that Geo-Fluids have issues relating with Transglobe Investment & Finance Company Limited, (Transglobe) (Member of the Nigerian Stock Exchange); who was recently placed on indefinite suspension by Securities and Exchange Commission (SEC) over unethical practices.  The issue however, is being investigated by the Commission.

 

As earlier reported by Proshare NI Transglobe owes its clients millions of Naira; while its former management in collaboration with some bank officials and stock broking firms made millions of Naira as well through sharp practices,  manipulations and financial engineering.....especially as it relates to their conduct and handling of the  Geo-Fluids N12 billion Placement.

 

Oceanic Bank International Plc (Oceanic) was Issuing House to the Placement; which closed June 20 2008.

 

To raise the N12 billion, Geo-Fluids offered to investors by way of Placement 2.4 billion Ordinary Shares of 50 Kobo each at N5.00 per share.

 

Proshare NI is currently doing a follow up on the Geo-Fluid Placement to confirm its true status and publish same when further information is gathered.



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