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LBIC gives investors 100% allotment on year 2007 Placement

Category: Public Offers Private Placements

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LBIC gives investors 100% allotment on year 2007 Placement


-No fixed date for listing
Proshare NI
May 26, 2009 at 19:21 GMT
Lagos Building Investment Company Limited (LBIC) is giving a 100 percent (100%) allotment to investors who took part in the company’s year 2007 Private Placement (PP).
A seniour Management staff at the Alausa Head Office of the Mortgage Company confirmed this to Proshare NI today in Lagos Nigeria.
“We are giving a 100% allotment to investors into the Placement and are issuing out share certificates to them” the Source affirmed.
The Source also affirmed that in a Private Placement, a company has the discretion to direct its Company Secretary to prepare and issue share certificates. “A Registrar must not necessarily be appointed to handle the issue” the Seniour Management staff said.
In the same vein, the Source confirmed to Proshare NI that LBIC have not yet fixed a date to list its shares on the Floors of the Nigerian Stock Exchange (NSE).
“The reason is that we have not finished with the process of allotment and issuance of share certificates. It is when we are through with these that the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC) would come in for verification” the Source affirmed.
Our Source asserts that after the verification process by the CBN and NDIC; that is when the company would now apply to Securities and Exchange Commission (SEC) and the Stock Exchange for listing.
“As it is now, LBIC is yet to apply for listing and would not give a date as to when to list the company” the Source said.
This is coming on the heels of an e-mail sent to Proshare NI by one Johnpius Osuagwu who took part in the LBIC year 2007 Placement.
Part of the e-mail reads thus: “Kindly assist me to find out from Lagos Building and Investment Company (LBIC) why they have refused to list the Private Placement they sold almost two years ago.
Their placement memo indicate that the shares would be listed in early 2008 but 2008 has come and gone yet no show.
Now this is 2009 and they are silent about listing the shares. Enquiry to their Alausa office will only tell investors that certificates are ready for collection but no word as to the time of listing, as their staff I spoke with claims not to know when the shares would be listed and the man in-charge who happens to be their AGM (Mr Adeogun) deliberately refuses to pick my calls which I made on different days).
Kindly get commitments concerning the listing of the shares as the Market is improving; afterall Afromedia Plc that sold their PP in 2008 has listed and many more companies are getting ready to list.
This information is very important to me as I have over N800, 000 tied down in LBIC PP and my friends who bought the PP through me have over N3 million tied down.
If the company refuses to list the shares as promised in their PP memo, we will have no option than to report them to EFCC and get our monies recovered.
Following this development, Proshare NI would do a follow up and get Babatunde Jinadu the Managing Director (MD) of the company to clarify the issue.

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