June 24, 2009 at 11:32 GMT
Private Investment Company, Kajola Integrated Investment Limited (Kajola) has reported a 100 percent (100%) allotment to investors who took part in its year 2008 Private Placement (PP).
Adelani Ajanaku, the Managing Director/Chief Executive Officer (MD/CEO) of the company confirmed this to Proshare NI in a Question and Answer session held at the company’s Head Office in Lagos Nigeria.
“We allotted shares of Kajola to all our subscribers; there was nobody who took part in the Placement that we denied any allotment. Due to the fact that we did not realise our target of N2.625 billion; we automatically allotted 100 percent (100%) to all investors who subscribed to the Placement” Ajanaku said.
He confirmed to Proshare NI that Kajola had about 54 percent (54%) shortfall considering what the company intended to raise and what it ultimately raised.
Ajanaku further confirmed to Proshare NI that Kajola realised slightly above N1.0 billion and have allotted same to investors into the company’s Placement.
“This means that we need to re-strategise, we came in at a time there was Market meltdown and we now realised that for us to be able to remain afloat, there was a need for refocusing on few key sectors of the economy” Ajanaku said.
“I would want to confirm and assure investors that we are making judicious use of the money we raised. Also the Directors of this company are men of integrity and they have carved a niche for themselves and would rather want to show results” he said.
As earlier reported by Proshare NI, Kajola between February 01 and March 11 2008 sought to raise N2, 625,000,000.00 through Placement, and offered to select investors 2,500,000,000 Ordinary Shares of N1.00 each at N1.05 per share,
“At the close of the exercise, we eventually raised about N1.2billion out of the expected inflow of N2, 625,000,000.00 representing a shortfall of 54%”Ajanaku affirmed.
Joint Issuing Houses to the Placement were Profound Securities Limited (Profound) and Greenwich Trust Limited (Greenwich)