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Honeywell Flour Mills N18.65 bn hybrid offer closes



Proshare NI

January 20, 2009 at 20:02 GMT



Honeywell Flour Mills Plc would tomorrow Wednesday January 21, 2009 close its N18.65 billion hybrid offer. The offer which was scheduled to officially close December 31, 2008 was extended for three weeks.


The company affirms that the reason for the extension was to enable investors who want to buy into the company have enough time to do so.


As earlier reported by Proshare NI, to raise the N18.65 billion, Honeywell Flour Mills offered to members of the Nigerian Investing Public by way of offer for sale of 1,252,941.177 Ordinary Shares and an offer for subscription of 941,176,471 Ordinary Shares of 50 kobo each at N8.50 per share respectively.


It was also affirmed that Honeywell is offering investors a minimum of 1,000 units of shares at N8.50 per share, and additional shares in multiples of 100 units.


Prior to this time, it has been reported that Oba Otudeko, Chairman of the Company affirmed that the hybrid offer would enable the company take advantage of emerging opportunities in the local markets for fast growth and profitability.


In the same vein, Honeywell Flour Mills promised to send out share certificates not later than 15 days after allotment of shares to investors who participated in the hybrid offer; whether they have Central Securities Clearing System (CSCS) account number or not.


In an earlier interview with Proshare NI, Folaranmi Babatunde Odunayo, Managing Director (MD) of the company  had also affirmed that Honeywell have positioned its Registrars to deliver on this promise.


“We have positioned our Registrars in a way that once the offer closes, they would deliver


This is the only offer in town now, the Registrars are not in business right now, and we have put in place a mechanism that very quickly share certificates are sent out.


Those who may not get full allotment would get their money back with interest in the shortest possible time” Odunayo said.


Lead Issuing House to the hybrid offer is FBN Capital Limited, while Joint Issuing Houses include BGL Plc, Bank PHB Plc Oceanic Capital Company Limited and UBA Capital (Africa) Limited.
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