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CSCS processes over 100,000 e-certificates on BAGCO offer



Proshare NI

June 02, 2008 at 16:00 GMT


The Central Securities Clearing System Limited (CSCS) has verified over 100,000 e-certificates on the Nigerian Bags Manufacturing Company Plc, (BAGCO) 2007 Initial Public Offer (IPO) and sent back to Meristem Registrars Limited, Registrars to the BAGCO offer.


This was confirmed to Proshare NI by a source close to it today at the CSCS office located on the Nigerian Stock Exchange (NSE) in Lagos Nigeria.


“For the past few weeks, we have verified over 100,000 e- certificates and forwarded them to the Registrar who would in turn dispatch same electronically to investors through whatever outlets they bought the shares” the source affirmed.


Prior to this time, when BAGCO visited the NSE to list its shares, Bunmi Oguntoye Registrar/Chief Executive Officer (CEO) of Meristem Registrars had confirmed to Proshare NI that about 400,000 investors are to get the e-certificate in the last BAGCO offer.


Oguntoye further confirmed to Proshare NI that 300,000 had already been sent to the CSCS for verification. 


As at the time of filling in this report, Proshare NI could not confirm from the CSCS if actually about 300,000 was sent to them by Meristem Registrars for verification; in order to let investors have their certificates electronically.


“All we can say is that Meristem Registrars are sending in the names by batches and so far we have done over 100,000 and returned to them” the source affirmed.


In the same vein, Oguntoye cannot be reached by Proshare NI to furnish the true status of the 400,000 investors getting the e-certificate, which 300,000 had been sent to CSCS for verification.


 Nigerian Bags in November, 2007 sought to raise N7.273 billion and came to the NSE and offered to investors 1.865 billion ordinary shares of 50 Kobo at N3.90 Kobo per share; which was about 700 percent subscribed.

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