National Sports Lottery commences N12.4 billion public offer.
July 14th, 2008 Ikechukwu Emelike || ikechukwu@stockmarketnigeria.com
Today National Sports Lottery is to begin its much awaited hybrid offer of N12.4 billion. The offer is to last from July 14 2008 to August 20 2008. It is to offer a total of 800 million ordinary shares of 50 kobo each at N15.50 kobo per share to willing investors.
The purpose of the offer is to enable the company become a platform for the convergence of Lottery and Electronic Transaction Processing; which include credit/debit card payments, electronic airtime vending, bill payment and funds transfer.
From the proceeds of the offer N5.750 billion is to be used to fulfill contractual obligation to purchase a further 30,000 POS terminals from Ingenico, SA, Paris by the end of the current financial year, this is in addition to the 20,000 already purchased. N4.0 billion would be used to refinance short term expensive debt, while another N1.541 billion would finance working capital requirements and contingencies which will include a significant spend on publicity and advertisement. N700 million would be used to finance various Network and Communication expansion.
According to the offer forecast, it is expected that turnover of the company is to grow from N10.820 billion in 2008 to N31.869 billion in year 2010 indicating a growth of 195.53 percent in the forecast period. Profit before tax is also expected to increase from N4.496 billion in year 2008 to N18.836 billion in year 2010 showing an increase of 318.93 percent in the forecast period. While Profit after tax is expected to rise from N3.739 billion in year 2008 to N13.185 billion in year 2010 representing a rise of 252.63 percent.
The company is also hoping to increase its dividend from 37 Kobo in year 2008 to N1.32 Kobo in year 2010 indicating an increase of 256.75 percent in the forecast period. It is to pay 37 Kobo, 96 Kobo and 132 Kobo in years 2008, 2009 and 2010 respectively.
(4 votes, average: 2 out of 5)
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Good day. NSL have proven time and time again that they are indeed dishonest and unscrupulous people. Why this licence has not been taken away by the authorities is a mystery. A long history exists of their dishonest dealings!
I am the 50% owner of Nlot. The company registered by myself and NSL for the purposes of launching, implementing and managing NSL’s lottery licence.
Upon the success based on my IP, effort, know how and integrity, NSL forced us out by not paying us. To make matters more dishonest and in my mind absolutely fraudulent, NSL went along and registered a new company in which to operate. My agreement stands. How can anyone be allowed to this? These are the kind of people who give Nigeria a bad name!
Do not be fooled into buying shares from this crowd. My legal rights are being investigated by a team of attorneys who NSL cannot get to. Yes i believe they have done this with my previous attorney.
Perhaps a honest person who deals with this type of deceit, honesty, unethical business practices will take the time to investigate these guys and what they are doing!
Check the sales figures quoted. Check the financial administration. You will be shocked!
How can the Nigerian Stock Market even even entertain allowing these guys to list and further “rob” honest people.
In my case, I and all my crew have lost just about everything due to NSL’s crooked business dealings.
We will not let it go and are committed to expose them.
I agree with last post, there is not enough transparency between the Government and the people who manage, adding the microns of public offer direct from the macrons. This is cheating the public and no one knows which banks are coming up with this lottery thing…something that should be left to the General public from work force. Look at our Tax system, I tril. in excess of 400 mill, yet schools are doing so badly that chairs are missing.
Lottery and tax revenue is university domain stuff cum education cum health. The IPO should follow the wend of Public service. Else, rich stealing with the goeverment in the banks and there will get better.
iroabuchi