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Meristem Registrar on Bagco - A rejoinder


July 31 , 2008

- Registrar is definately not saying the truth.
I bought 2000 Units of Bagco shares for each of my three kids but as I write you now, I only have a letter for one of them stating that I should come for Share Certificate and Returned Monies Cheque. The letter was even from Marina Securities Ltd. (not Meristem) and was signed by Wale Okunola and Anita Yakubu. The address of Marina Securities, as stated in their Letter Headed Paper was 45 Saka Tinubu Street, Victoria Island. I was at the address about a month ago only for me to be told that they have moved to Constuction House on Adeyemo Alakija Street, Victoria Island.
The problem is that I live in Abeokuta and am expected to personally come for Share Certificates and Returned Monies which other Companies have been mailing to shareholders in the past. The rationale for Meristem or Marina Securities to subject people to these hasles could not be understood.
My mum is also suffering the same fate. I had to ask her to write a letter empowering me to collect the share certificate and returned money on her behalf.
I was therefore shocked when I read your report that Meristem stated that they have sent the shares to the CSCS accounts of subscribers to Bagco IPO.
I think you need to do a proper investigation on this just as you did on Japaul Offer especially on issues as:
  • What is the role of Marina Securities in the Bagco Offer?
  • Why is Marina Securities asking subcribers to come to to their Office in VI to collect the Share Certificates and Returned Monies not minding where they live?
  • Why is Meristem talking about sending the Shares to CSCS Accounts when Marina is asking people to come to collect?

Kindly help in resoving these and other issues as relate to the Bagco IPO. Thank you.
P. O. BOX 2391 SAPON,

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