Proshare - Facebook Proshare - Twitter Proshare - Google+ Proshare - Linked In Proshare - RSS Feed

Barcelos to handover share certificates personally to invest


-As Chinese investors show interest



Proshare NI

January 07, 2009 at 16:48 GMT


Food Emporium International Limited (Barcelos) would begin the handing over of share certificates personally to investors who took part in its September/October 2008 Private Placement (PP).


Wale Agbeyangi, Managing Director (MD) of Cordros Capital Limited, one of the lead Financial Advisers to the Barcelos Placement made this confirmation to Proshare NI today in Lagos Nigeria.


“We would handover share certificates to investors personally, we are not going to send it by post” he said.


He confirmed to Proshare NI that the Barcelos Placement has been concluded and that the Registrars are working on giving share certificates to shareholders


Agbeyangi also confirmed that the Directors of the company have already approved allotment of shares of the company to investors who bought into the company via its last Placement.


“I am sure before the end of the month or early February 2009, Barcelos would get in touch with investors by way of allotment and share certificates” he said.


Agbeyangi further affirmed that the Placement was not fully subscribed, but however, some core investors both locally and internationally are interested in taking a major stake in the company.


Though Agbeyangi declined to confirm the amount of subscription on the Barcelos Placement, I cannot give you figures right now; but I know that we are talking with serious investors both locally and internationally” he affirmed.


“More than what we had expected from the Placement, some of these investors believe in the future plans of Barcelos” he said.


Agbeyangi also affirmed to Proshare NI that the Chinese are some of the international investors whom Barcelos is talking with in respect of acquiring a stake in the eatery company.


As at the time of filling in this report, Proshare NI could not contact Olaolu Akerele, MD of Barcelos or United Securities Limited; who were Registrars to the offer to ascertain the true status of the issuance of share certificate to investors in respect of the Placement.


Prior to this time, Agbeyangi had confirmed to Proshare NI that Barcelos was seeking long term investors who would be interested in buying into the company.


“Our target is not to source for investors who want to buy into the company not for a shortwhile; but for a long term” he said.


The long term investors Agbeyangi confirmed to Proshare NI Barcelos is seeking include Private Equity Managers, Asset Managers and all those who want to buy in bulk.


“We have been selling to small investors who are investing on a  short term basis and as soon as the company list its shares on the Nigerian Stock Exchange (NSE) they would want to exit” Agbeyangi said.


Between September and October 2008, Food Emporium International Limited sought to raise N750 million by way of Placement by offering to select investors 300 million Ordinary Shares of 50 Kobo each at N2.50 Kobo per share.


Lead Financial Advisers to the Placement were Cordros Capital Limited and Staco Prime Capital Limited, while joint Financial Adviser is F & C Securities Limited.

Related News