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FinBank finally obeys SEC�s order list 2008

Category: Investors NewsBeat

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FinBank finally obeys SEC�s order list 2008


Proshare NI

March 31, 2009 at 17:41 GMT



First Inland Bank Plc (FinBank) finally obeyed Securities and Exchange Commission’s (SEC’s) marching order as it has listed the shares of the Bank’s 2008 hybrid offer.

From the New Listing made available to Proshare NI, and as contained in the Daily Official List of the Exchange on Wednesday March 25 2009, a total of 4,000,000,000 units of Irredeemable Non-Cumulative Convertible Preference shares of N0.50 each at N9.50 per share was admitted in favour of FinBank.

In the same vein, a Supplementary Listing totalling 5,968,863,000 shares was added to the shares outstanding in the name of the Bank following the conclusion of its year 2008 hybrid offer.

As earlier reported by Proshare NI, this is coming on the heels of  an all-parties meeting summoned by the Commission on Friday March 20 2009 at the Boardroom of SEC Tower in Abuja Nigeria; as a result of the delay in listing of the shares of   the bank’s year 2008 hybrid offer.


FinBanK had delayed on listing its January 2008 hybrid offer, from Proshare NI investigations, the Commission cleared the hybrid offer on June 18 2008 and cleared the supplementary and additional allotment on September 15 2008 respectively.


The Bank in January, 2008, sought to raise fresh funds of N85.5 billion when it offered to investors by way of offer for subscription 5.0 billion ordinary shares of 50 Kobo each and 4.0 billion Irredeemable Non-Cumulative Convertible Preference shares of 50 Kobo each at N9.50 Kobo respectively.

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