[billions]

Skye Bank’s 08 hybrid offer, no share certificates for inves
Posted Friday, August 22, 2008

-Registrars accused of negligence

PETER OBIORA

Proshare NI

August 22, 2008 at 18:18 GMT

Investors who took part in the Skye Bank Plc 2008 hybrid offer have complained of non-receipt of share certificates.

This is coming on the heels of recent complaints that have inundated the mail box of Proshare NI by the Skye Bank shareholders.

A mail sent from one Emeka to Proshare NI reads thus: “Kindly use your reliable contact to ask City Securities Registrars how long it will take them to release Skye Bank’s share certificates.

I bought Skye Bank’s Public Offer early this year; I received my return money but have not received my certificate.

Most of my friends have not received theirs also. Since last month City Securities Registrars keep telling investors all Skye Bank’s certificates have been posted through NIPOST; but it won’t take NIPOST more than one month to deliver a letter within Lagos.

I think City Securities Registrars are not being honest to the investors”.

Proshare NI sought to clarify the true situation from City Securities (Registrars) Limited (CSL Registrars) on the Skye Bank’s 2008 hybrid offer share certificates.

A source at the company affirmed to Proshare NI that for two weeks now, CSL Registrars has sent out the share certificates as regards the Skye Bank hybrid offer to investors through the Nigerian Postal Services (NIPOST).

However, this confirms the complaints of the investors from the above mail to Proshare NI that CSL Registrars insist on telling investors that all share certificates as regards the offer has been dispatched to investor true NIPOST.

The source further affirmed that over 200,000 of such share certificates have been posted out. “Investors should expect to receive their share certificates through NIPOST; as they have just been posted out” the source said.

Meanwhile investors are worried over the development as to the length of time it will take NIPOST to deliver share certificates; especially the ones within Lagos State.

As at the time of filling in this report, Proshare NI could not confirm the claims of its sources for CSL Registrars from NIPOST officials.

However, Proshare NI has copied the above compliant to Skye Bank for a follow up.

As earlier reported, Skye Bank between mid January and late February 2008, sought to raise about N50 billion by offering to investors by way of Public Offer (PO) 2,231,599,145 Shares and Rights Issue of 1,500,608,958 of 50k each at N14 and N12.50 per share respectively.