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Crusader Group hybrid offer opens


September 17 , 2008


The Crusader Group’s N7 billion hybrid offer that would be utilised to create a strong  and fully diversified financial services group will open today Wednesday and close on October 31.

The underwriting giant is offering for subscription N4 billion 12 percent Unsecured Convertible Debenture Stock 2013, at par and a Rights Issue of 797,884,198 ordinary shares of 50 kobo each at N4.50 kobo per share.

Monsur Kenku, chairman of the company who spoke at its completion board meeting in Lagos, said specifically, that the proceeds of the offers will be used for the acquisition of new businesses, expansion of its existing businesses and products, expansion of its distribution network and upgrade of information technology.

He noted that the company intends to up grade all its branches, set up new offices in Warri, Yola, Awaka, Minna and Ilorin, and to invest in financial services and real estate.

Acquisition no new financial services businesses will take the biggest share of the fund put at 34 percent, which translates to N2.42 billion. This is followed by Investments in insurance companies, expected to gulp N2 billion, equal to 28.22 percent of the total net offer proceeds.


For the Rights issue, lead issuing house is Chapel Hill Advisory Partners Limited, while Capital Bancorp Limited is the lead broker to the offer. For the Convertible Debenture, Diamond Bank plc is the lead issuing house, while Capital Bancorp is also the lead broker.

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