Firstinland Bank Plc Public Offer review
January 17th, 2008 The Editor || eic@stockmarketnigeria.com
By Tunde Brown
Firstinland Bank Plc is the result of the merger in December 2005, of four Nigerian Banks namely: First Atlantic Bank Plc, Inland Bank Plc, IMB International Bank Plc and NUB International Bank Limited. The 2-year-old bank whose total assets and contingents stands at N275 billion as at April 2007, was quoted on the Nigerian Stock Exchange on the 27th of June 2006.
Firstinland Bank Plc, on the 3rd of January 2008, commenced its public offer in which it is inviting the public to “share in its future” by buying into its 5 billion ordinary shares of 50 kobo each at N9.50 per share, and 4 billion irredeemable non-cumulative convertible preference shares of 50 kobo each, also at N9.50 per share. This is one of the few offers in recent past opting for the preference shares alternative for raising funds.
The irredeemable non-cumulative convertible preference shares has a tenor of seven (7) years, with the conversion option exercisable between 30th April 2010 and 30th April 2015, subject to the 30% of nominal value of total holdings per conversion. The preference dividend is at a fixed rate of 9.25 per cent.
According to the prospectus issued by the bank, the monies realized is meant to upgrade information technology infrastructure, renovate its head office and extend branch network, recapitalize and further develop its subsidiaries and boost working capital.
The bank unlike some other players in the industry has not enjoyed the affluent bottom-lines others have within the short period of its listing, but has paced going by the various performance indices in operation and profitability. The forecasted earning per share of 92 kobo and 182 kobo by April 2008 and April 2010 respectively, are rational based on the fact that given a boost in the funds deployed in doing business, coupled with a promising performance tempo, it is set to make an impact within the industry.
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I bought first Inland Public offer since Jan 2007. Since then I don’t received my share certificate, what can i do? to get my share certificate.
Thank you.
Yours faithfuly
pls kindly help me oh.i bought fidelity,firstinland bank shars but uptill now no respond and no certificate.
Please help, i purchased Firstinland public offers since last January,but have not received my certificate up till now please wat can i do to get my citificate soon.
Firstinland Bank pls wht is going on with my Share?…. no certificate, no nothing since January 2008 could you pls tell me atleast wht is going on so tht my mind can be at rest.
Thanks,
Abayomi
i bought first inland bank share offer on the 28 january 2008, unfortunately am yet to receive my share certificate.
what do i do??????????????????????????????????????????????
please help i bought firstinland public offer in january 2008 and till date i have not receive my certificate
thanks
I bought your shares in january 2008 in your public offer am yet to receive my certificate please assist.thanks
I bought firstinland bank shares since January and I am yet to receive my certificate as a proof of such transaction, please assist me on the appropriate channel to follow so I can get my certificate.
Thanks,
Saint Chibu-Mbah
when is our certicate coming out
I bought First Inland Bank Plc shares in january, but I’m yet to receive my share certificate. When should I be expecting my share certificate? Thanks
first inland, whats going on, ten months now of buying shares with you. No share certificate no explaination. I think i deserve to know at least what is going on or what do you think.
i need my share certificate , what’s happenin