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Core Trust commences N2.186 bn Capital raising

Category: Public Offers Private Placements


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Core Trust commences N2.186 bn Capital raising

-Defies Market Meltdown

 

Peter OBIORA

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.



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