Partnership Investment passes resolution on Listing




-offer investors 1 for 2 bonus, 5 Kobo dividend


Proshare NI
June 19, 2009 at 17:32 GMT


The Board of Directors (BOD) of Partnership Investment Company Plc has passed a Resolution to create a share buy back fund to allow investors who are ready to exit to do so even without the company listing on the Floor of the Nigerian Stock Exchange (NSE).


Victor Ogiemwonyi, Managing Director (MD) of the company confirmed this to Proshare NI to Proshare NI in a telephone chat today in Lagos Nigeria.


“We have recently passed a resolution to create a buy back fund to allow those investors who want to go to do so; because the company would buy back their shares” he said.


Ogiemwonyi made this confirmation to Proshare NI while reacting to the delayed listing of the company as earlier promised in its Private Placement (PP) Memorandum in March year 2008.


As earlier reported by Proshare NI, an e-mail received by it as regards the Partnership Investment Placement from an investor Orikemi, Akeem, Port Harcourt, Nigeria reads thus:


“Sometimes last year, (1st quarter) to be precise I invested into Private Placement made by Partnership Investment and I was assured that they will be listed by 2nd quarter of the same year. My requests are in two folds.


“Till date Partnership Investment is yet to be listed, Could you please help me find out where to go to obtain my share certificate of Partnership Investment.


I subscribed through UBA and when I made enquiries through them, what they told me was that all those that subscribed through them were allotted fully, But I am yet to receive my certificate up till now please help me to find out how to go about its receipt” the mail states.


Also as earlier reported by Proshare NI, Partnership investment issued a 100 percent (100%) allotment on the number of unit investors requested and had planned to list its shares on the Floor of the Stock Exchange at N4.00 Kobo by middle of last year.


Ogiemwonyi further confirmed to Proshare NI that there are two (2) reasons for listing in the Market.


The first reason is that a company is listed to grow value of investment over a long period of time for its shareholders and the second is to ensure liquidity.


“It makes no sense to list into an illiquid Market, you will destroy the value of the company” he said.  


He affirmed that considering the Capital Market Meltdown, so many companies who came to list in the period under review have suffered for it and are yet to recover. “Starcomms Plc has not recovered since it listed on the Exchange during the Meltdown”


“Those who are agitating for our listing on the Stock Exchange are the few who do not understand how the Capital Market operates. This is the reason we came out with the share buy back resolution” Ogiemwonyi said.


He further confirmed to Proshare NI that in order to calm the nerves of those agitating for listing of the company, Partnership Investment has recommended a 1 for 2 bonuses and a 0.5 Kobo dividend per share to investors.


Ogiemwonyi also confirmed to Proshare NI that the company’s Directors are ready to approve the dividend payout and bonus issue early July 2009 when it has scheduled to hold its Annual General Meeting (AGM).


Partnership Investment sought to raise N3.0 billion March 2008 and offered to investors 1.5 billion Ordinary Shares of 50 Kobo each at N2.00 per share. Joint Issuing Houses to Placement were UBA Global Markets, Ecobank Plc and FBN Capital Limited.


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