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Federal Government Girls College Owerri • View topic - First Bank's N100b hybrid offer opens May 14

First Bank's N100b hybrid offer opens May 14

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First Bank's N100b hybrid offer opens May 14

Postby weruche » Tue May 15, 2007 1:24 pm

First Bank's N100b hybrid offer opens May 14
By Gbenga Agbana

PARTIES to the N100 billion hybrids offer of First Bank of Nigeria Plc met yesterday to endorse the documents relating to the offer, while shareholders unanimously approved the directors' proposition to raise the additional fund.

The bank is offering for subscription 1.624 billion ordinary shares of 50 kobo each at N33 per share, and a rights issue of 1,497 billion ordinary shares of 50 kobo at N31 per share.

Application for the hybrid offer opens on Monday 14 and closes on Thursday 21, 2007.

Packaged by FBN Capital and IBTC Chartered Bank Plc as joint issuing houses, the offer is being undertaken to enable the bank enhance its branch network and working capital, while also enhancing the bank's competitive edge.

Specifically, according to the prospectus, the proceeds of the offer would be used to deepen the bank's retail infrastructure in the country through the expansion of branch network, strengthen subsidiaries' capital base to support business growth, expand First Bank's capital resources to selectively exploit value creation opportunities in the regional markets and elsewhere (particularly Africa, Middle East and Asia).

Besides, part of the proceeds would be used to support enlarged operations and broaden its relationship management capabilities.

Specifically, increase in working capital would get 28.3 per cent or N27.14 billion, while expansion of branch network gulps 22.8 per cent or N21.93 billion, and mordenisation of branch network gets 12.7 per cent or N12.22 billion.

Increase in equity investment in subsidiaries like FBN Bank (UK) Limited, and FBN Mortgages Limited gets N11 billion or 11.5 per cent among others.

Already, an application has been made to the Nigerian Stock Exchange for the admission to its Daily Official List, the offer of 3.12 billion ordinary shares representing the offer for subscription of 1.62 billion ordinary shares and offer by way of rights to existing shareholders of 1.496 billion ordinary shares of 50 kobo each.

According to the prospectus, a maximum of 649.7 million shares representing 40 per cent of the offer size shall be preferentially allotted to high networth individuals and institutional investors.

Source The Guardian Newspaper, Tuesday May 7, 2007 Edition.
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First Bank's N100b hybrid offer opens May 14

Postby Omar » Tue May 15, 2007 1:36 pm

Thanks for this info, thats what am talking abt,
Thanks alot Weruch
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Postby kk » Tue May 15, 2007 1:58 pm

fantastic news....i am getting into shares oh....i wld definitely get some shares....good investment...
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Postby weruche » Tue May 15, 2007 7:45 pm

what happened to those coca cola shares that they sold to us, back in the day in tuc-shop, for 50k, per share?
Why didn't i recieve anything, abi did coca cola steal from me?
Hmm...i can sue o! :P
...but this one thing I do, forgetting those things which are behind and reaching forward to what lies ahead, I press toward the mark for the prize of the high calling of God in Christ Jesus. ( Phil. 3: 13-14)
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Postby gloria » Fri May 18, 2007 1:56 pm

subscription price - N33 a share, value - 50k a share, chai!
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Postby sophienwagwu » Fri May 18, 2007 5:09 pm

for real oh, thats the way 2 go as in investing in shares. i actually bought some from zenith bank last year in march when they had their public offer @ N16 /share and as @ this momemt the share value is about N50. Shey if i had known i would have bought a lot more than i did :( it has actually appreciated by over 200%
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Postby darinka » Sat May 19, 2007 4:02 am

FIRST BANK HAS BEEN A REPUTABLE AND RELIABLE BANK FOR MANY YEARS BUT MY UNCLE'S EXPERIENCE HAS LEFT ME COLD ABOUT BUYING SHARES IN NIGERIAN ORGANISATIONS. HE IS NOW RETIRED BUT HE BOUGHT MANY SHARES IN DIFFERENT COMPANIES INCLUDING BANKS IN NIGERIA. THE WORST THING IS THAT HE HAS LOST MOST OF HIS BENEFITS BECAUSE MANY BANKS WERE ABITRARILY CLOSED. NOW HE LIVES IN EUROPE BUT FROM TIME TO TIME HE IS OBLIGED TO TRAVEL TO NIGERIA TO SEE IF HE CAN FIND ANY SOLUTION TO THIS PROBLEM AND OF COURSE FOR NOW THERE IS NO SOLUTION :(
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Postby igoloa » Sat May 19, 2007 11:29 am

very true it is a big risk :D
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