Quote:
Originally Posted by riskreturn
For more information, you may please wish to see the posting earlier in the day in the Thread on Firstinland Vs wema Vs skye banks po's.
|
More information has now surfaced in respect of Skye Bank public offer. According to reports in the Guardian and Punch of today, the offer will now commence on 14 January and end on 20 February.
"Only" about 50 billion Naira will be raised by issuing 3.732 billion ordinary comprising 2.232 billion shares at 14.00 Naira each via offer for subscription and the balance of 1.5 billion shares at 12.50 Naira each via rights issue.
While still waiting for the details, the performance projections in the prospectus are reported to be very attractive. For instance, after-tax profit will increase by over 200% from 5.51 billion Naira in 2007 to 16.98 billion in 2008 year ending 30 September. This translate to 2008 EPS OF 1.51 Naira and P/E ratio of 9.26 times. However, further profit growth post 2008 is projected to be modest, viz: 16% and 11% profit growth in 2009 and 2010 respectively, implying that the low P/E ratio is front-loaded.