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First Inland Registrars to begin dispatch of share cert in 8



Proshare NI

May 20, 2008 at 16:50 GMT


First Inland Registrars Limited is to begin the dispatch of share certificates to investors who took part in the First Inland Bank Plc 2007 hybrid Offer. A Source at First Inland Registrars made this affirmation to Proshare NI today in Lagos Nigeria.


“We have finished collating and are currently posting, in the next two months; we will start to dispatch the certificates” the source said.


This is coming on the heels of enquiries by investors on the issue of share certificate and return monies following the offer.


Prior to this time Okey Nwosu, Managing Director/Chief Executive Officer (MD/CEO) of the bank confirmed to Proshare N/I that its concluded hybrid offer in January, 2008 was a huge success in terms of oversubscription, though he declined to mention what level of oversubscription First Inland enjoyed when it approached the market to raise fresh funds.


“It was a very good outing, we are very happy and pleased with it, I will not say the level of oversubscription now, but we have got much more than we came to the market to raise” he said.


Though as at the time of filling in this report, Proshare NI could not confirm from Securities and Exchange Commission (SEC) the true status of the First Inland Bank hybrid offer.


First Inland offered   investors by way of 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. The offer opened January 03 and closed January 31 2008.


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