First Bank plc seeks SEC approval
October 19th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
Few months after the conclusion of its successful public offer,First Bank of Nigeria (FBN) is seeking for the approval of the Securities and Exchange Commission (SEC) to absorb N250-billion out of the N470-billion pooled in.
It would be recalled that the bank on May 14 offered to raise N100-billion through 3,121,015,920 new shares by way of rights issue of 1,496,762,682 units of 50 kobo per share at N31 per share on the basis of one new ordinary share for every seven ordinary shares held by existing shareholders and an offer for subscription of 1,624,253,238 ordinary shares of 50 kobo each at N33 per share.
The offer which currently has been regarded as the most successful in terms of number of applpicants was 370 percent oversubscribed with a record 1-million individual applications. The highest before now was Zenith Bank’s record of 420, 000 applications.
First Bank is asking for the absorption of N150-billion extrawhich when totalled with the intended N100 billion totals N250 billion comprising N203-billion from public offer and N47- billion from rights offer. It is expected that SEC would give its approval within the next 14 days.
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i m yet to receive the certificate of the last public offer of first bank. of which i bought 750 units. please let me know what the problem is. thanks
I bought 10,000 units of your shares during the last public offer. At first I was alerted as follows:NSE-CSCS A/C PREMS-9237547, later given a CSCS ACCT No. C3949108BD, where I was told of my the 13,000 units bought on my behalf and alerted as: ..ur CSCS A/C C4240557BD registered on NSC/CSCS. However, I wrote a letter through your First Bank, Zoo Road Branch in Kano, authorising you to sell the 13,000 units and remit my Afribank Account No.0092261801517 with the proceeds. Iam still yet to hear anything from your side.
i m yet to receive the certificate of the last public offer of TRANSCORP. of which i bought 1,000 units. please let me know what the problem is. thanks