Proshare Logo
   Market Date: 26-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Core Trust commences N2.186 bn Capital raising

Category: Public Offers Private Placements

  Read (2159)
Core Trust commences N2.186 bn Capital raising

-Defies Market Meltdown



Proshare NI

March 06, 2009 at 17:27 GMT



Core Trust & Investment Limited (CORETRUST) has finally commenced its Capital raising of N2.186 billion after several postponements due to the current Market Meltdown.  This was contained in an Information Memorandum made available to Proshare NI in Lagos Nigeria.


To raise the amount, the company has offered by way of Rights Issue 325,656,125 Ordinary Shares of 50 Kobo each at N1.20 Kobo per share and a Private Placement (PP) of 1,197,375,499 Ordinary Shares of 50 Kobo each at N1.50 Kobo per share.


Fisayo Oyedeji, Managing Director (MD) of the company confirmed to Proshare NI that the company has to take the bold step to open the Fund raising at this time; after several postponements due to the current Capital Market Meltdown.


“We have to come out by this time; which is strategically timed after several postponements as a result of the Market situation, we can no longer wait and have to come out with it” he said.


Oyedeji affirmed that CORETRUST is raising the fund to enable it play as an Investment Banking Firm, therefore, proceeds of the Issue and Placement would enable the company meet the recapitalisation requirement of the Apex Capital Market Regulatory Body, the Securities & Exchange Commission (SEC)  for companies that intend to play in Investment Banking.


As contained in the Information Memorandum of the Rights and Placement, CORETRUST intends to list its shares on the Floor of the Nigerian Stock Exchange (NSE) within the next 24 months; which is subject to SEC and NSE’s approval.


From the Profit and Loss forecast, CORETRUST is expected to increase its Gross Interest Earnings from N1.194 billion in year 2009 to N2, 250 billion in year 2011 indicating an increase of 88 percent (88%) in the forecast period.


Profit before Tax (PBT) is also expected to grow from N588 million in year 2009 to N1.098 billion in year 2011 showing a growth of 87 percent (87%).


In the same vein, CORETRUST is forecasting to increase its dividend payment to Shareholders from 0.6 Kobo in year 2009 to 0.11 Kobo in year 2011, representing an increase of 22 percent (22%) in the forecast period.

Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Public Offers Private Placements

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014