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Afribank Registrars in custody of Omatek share certificates


August 22 , 2008 / Nigerian Stock Exchange


Proshare NI

August 22, 2008 at 19:00 GMT

Afribank Registrars Limited is in custody of Omatek Ventures Plc share certificates.  A source at the Anthony Village Office of the Registrar confirmed this to Proshare NI today in LagosNigeria.

“Some of the Omatek Ventures share certificates are still in our custody” the source said.

This is coming on the heels of investors inundating the mail box of Proshare NI with complaints as regards the warehousing of the share certificates of the Computer producing company, Omatek. Following the company’s March 2008 Private Placement (PP).

A complaint from one N. Nwasike, Attorney, Lagos Nigeria and sent to Proshare NI reads:

“Thanks for the good works aimed at sanitising the stock market.

I bought Omatek Ventures shares via private placement a few months ago, through Afribank Capital Markets. The shares have since been listed, but they have deliberately refrained from posting out the share certificates.

I enquired from Afribank Capital at Victoria Island, and was told to go to their Registrars at AnthonyVillage to retrieve my share certificate if I so desire.

I believe this is a wrong and deliberate practice by Afribank/Omatek. They have not posted the certificates yet the stocks are being traded everyday, with a downward trend from the listed price.

Please find out who/what gave them the right to warehouse the certificates of shareholders at their Anthony Village Registrars office.

A friend of mine went there recently and collected his certificate. Thus, no attempt has been made to post the certificates by the Registrars.

It will be interesting to know the owners of the shares that were traded at the premium price it was listed.  Thank you”

When Proshare NI sought to clarify the matter with Afribank Registrar, a close source at the company affirmed that the share certificates has been dispatched through the Nigerian Postal Services (NIPOST), but could not confirm the exact time the certificates were dispatched.

However, our source further affirmed that these certificates that were sent by post were that of investors who bought from the Issuing House, Stockbrokers and other agents.

The source also affirmed that investors who bought the Placement directly from Omatek should approach the company for their share certificates.

“If you buy from Omatek, you get your share certificate from them, Afribank Registrars sent these certificates to the company” the source affirmed.

Proshare NI had earlier sought to clarify the situation from Florence Seriki, the Managing Director (MD) of Omatek, but she travelled to Ghana and until her return sometime next week.

Omatek Ventures in March 2008 sought to raise N2.0 billion by way of Placement by offering to investors 750,000,000 Ordinary Shares of 50 Kobo each at N2.70 per share.

However, the company listed 1.5 billion Ordinary Shares of 50 Kobo each at N4.90 Kobo per share on the Floors of the Nigerian Stock Exchange (NSE).

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