Bank PHB

[riskreturn]

Nigerian Compass: Bank PHB to buy Spring Bank

[dannynoko]

Originally Posted by riskreturn

Nigerian Compass: Bank PHB to buy Spring Bank

.


Hmmmm, is it possible?. I hope this will not doom PHB!

[hispy99]

Latest Market Info
PLATINUM: ADDITIONAL SHARES LISTED

TODAY THE NSE ADDED A TOTAL OF 5 BILLION SHARES TO THE SHARES OUTSTANDING IN THE NAME OF PLATINUMHABIB BANK PLC FOLLOWING THE CONCLUSION OF A SPECIAL PLACING DONE BY THE COMPANY.

[muranay@yahoo.com]

Originally Posted by hispy99

Latest Market Info
PLATINUM: ADDITIONAL SHARES LISTED

TODAY THE NSE ADDED A TOTAL OF 5 BILLION SHARES TO THE SHARES OUTSTANDING IN THE NAME OF PLATINUMHABIB BANK PLC FOLLOWING THE CONCLUSION OF A SPECIAL PLACING DONE BY THE COMPANY.

What is SPECIAL PLACING?

From where?

[tonidol]

Originally Posted by muranay@yahoo.com

What is SPECIAL PLACING?

From where?

Possibly from what was meant to be return money which they never refunded. In fact, my CSCS has been credited with Return money shares while my actual certicate is still awaiting verification with the Registrar.

Naija 4 u!!! Naija 4 show!!!

[Apache]

Originally Posted by tonidol

Possibly from what was meant to be return money which they never refunded. In fact, my CSCS has been credited with Return money shares while my actual certicate is still awaiting verification with the Registrar.

Naija 4 u!!! Naija 4 show!!!

Bank PHB announced they were doing a special placing. it has been discussed somewhere on this thread (don't know the particular page) so this should not be shocking. My guess was that rather than return pples monies, they went for the special placing

[Ehis]

good info!

[knightofdelta]

I must confess that Nigerian banks are beginning to get on my nerves... always looking for new ways of playing a fast one on investors simply because there are no regulations and guidelines to protect the common investor while the SEC sit on their haunches and sleep like an overfed dog...

[zainabusman]

Bank PHB is poised to acquire spring bank. They have called 4 an EGM to approve it on 7th Oct.

[waaan5]

Originally Posted by zainabusman

Bank PHB is poised to acquire spring bank. They have called 4 an EGM to approve it on 7th Oct.

Yes and it would also mean about extra 10 bln units of Bank PHB shares in exchange.

[knightofdelta]

Hmm... this would have been a very good time to buy Spring bank and short sell bank phb...

[dannynoko]

Originally Posted by knightofdelta

Hmm... this would have been a very good time to buy Spring bank and short sell bank phb...

So what is the effect on bank PHB price wise? Going up the tube or down?

[prince dagbolu]

Originally Posted by knightofdelta

Hmm... this would have been a very good time to buy Spring bank and short sell bank phb...

KOD, sounds a good business idea, after the Sterling Bank thing, remember things don't always work out the way they should in NSE. I am sure PHB are also thinking of how they will out smart Spring Bank.

[muranay@yahoo.com]

Senate wades into Springbank, Bank PHB crisis



Bank PHB holds EGM in bid to buy Spring Bank

WORRIED by the various petitions trailing the acquisition of Spring Bank shares by Bank PHB, the Senate yesterday asked the Securities and Exchange Commission (SEC) and Nigeria Stock Exchange (NSE) to abide by the court injunction regarding the transaction.



Aggrieved shareholders of Spring Bank petitioned the National Assembly over alleged irregularities in the sale of Spring Bank shares to Bank PHB. In separate letters to the Director- General (DG) of SEC, Musa Al-Faki and his couterpart in the NSE, Ndi Okerek-Onyuike and signed by the Clerk of the Senate Committee on Capital Market, Mr. James Idenyi, the committee maintained that it could not close its eyes to the allegation by shareholders of Spring Bank of gross irregularities in the sale of its shares and acquisition by Bank PHB.

While stressing that the crisis calls for urgent intervention by ihe regulatory agencies and all stakeholders, the committee, in the letter, directed SEC and NSE to immediately furnish the committee with detailed information on the acquisition . The letters dated 6th October, 2008 and entitled ‘Re:Acquisition of shares of SpringBank PLC by Plantinum Habib Bank (Bank PHB) PLC’, reads: "I am directed to inform you that the attention of this committee has been drawn by various petitions written by Progressive Shareholders Association of Spring Bank PLC., newspaper publication and a court injunction on the acquisition of shares of Spring Bank PLC by Bank PHB PLC, alleging gross irregularities and breach of due process in the exercise."

"As a committee that is committed to transparency and integrity of the Nigerian Capital Market, it will be out of place to fold our arms in the face of such grievous allegations in respect of the said exercise."

"When shareholders of a corporate entity express misgivings over a serious transaction like mergers and acquisition, it calls for concern and immediate intervention of regulatory agencies and all stakeholders."

"While we enjoin you to abide by the recent court injunction on the transaction, we request that you furnish us with detailed information on the exercise," the committee directed.

In another development, The Nation has gathered that Bank PHB intends to formalise its acquisition of Spring Bank as the bank seeks approval from shareholders at an Extra-Ordinary-General (EGM), today.

Springbank had been on suspension for over a year before it resumed transactions at a fixed price of N5.59 on August 11, 2008. The price was the value on which it was suspended for the period under review.

Just before NSE lifted the suspension of the stock on the floor, the acting Managing Director of Springbank, Dr Suleyman Abdul Ndanusa said the bank had recovered N18 billion from insider related loans and restructured about N12 billion in addition.

He went further to say that the bank is strong and ready to acquire any other bank if found wanting.

[billions]

Proshare News and Analysis
BankPHB Shareholders endorse acquisition of Spring Bank
Posted Tuesday, October 7, 2008



PETER OBIORA

Proshare NI

October 07, 2008 at 16:33 GMT

Shareholders of PlatinumHabib Bank Plc (BankPHB) has endorsed the acquisition of Spring Bank Plc at an Extraordinary General Meeting (EGM) held today in Lagos Nigeria.

The Special Resolution was passed subject to regulatory approval for BankPHB to make bid for the acquisition of the issued share capital of Spring Bank not held by the Bank or part thereof.

Another Special Resolution passed at the EGM was that the Directors were given authority to allot such number of shares in the capital of the bank not exceeding 10 billion Ordinary Shares of 50 Kobo each, upon such terms as they dim fit to shareholders of Spring Bank as consideration for the acquisition of their shares in Spring Bank.

Notable Shareholder Leader Dr. Umaru Faruk, President, Association of Advancement of Shareholders affirmed that it will be a good thing for BankPHB to acquire Spring Bank as a result of the value it has.

“Spring Bank has value, they have assets and it would be very good if BankPHB acquires it” he said.

Faruk affirms that one of the reasons BankPHB would do better to do the acquisition is that Spring Bank has been reported to be almost distressed. “The customers, Asset base and quality of the Management; is something that would add value to BankPHB” Faruk said.

He further affirmed that the acquisition would bring a high level of profitability for BankPHB. “One reason also we support the acquisition of Spring Bank is that BankPHB has raised so much funds from the market and would need an outlet for such funds” Faruk said.

Faruk also called for the full reward of existing Shareholders of BankPHB before the acquisition of Spring Bank.

In the same vein, Francis Atuche, Managing Director (MD) of BankPHB affirms that when the acquisition of Spring Mortgage is complete, BankPHB will be among the top five banks in Nigeria.

“Benefits to shareholders will be for the short, medium and long term” Atuche said.

This is coming on the heels of the deluge of petitions by shareholders of Spring Bank to the House Committee on Capital Markets concerning the under hand shares trading and mop up between Spring Bank and BankPHB.

On September 17, 2008, the Committee received a signed letter from Progressive Shareholders Association (PSA) on behalf of the shareholders of Spring Bank requesting the National Assembly to look into the acquisition of shares of the bank by BankPHB as well as fresh bid for the shares of the Bank after the technical suspension on the shares was lifted on the Floors of the Nigerian Stock Exchange (NSE).

Honourable Ahmed Aliyu Wadada, Chairman House Committee on Capital Market in an advertorial published on BusinessDay, Monday October 06, 2008 on behalf of the shareholders wants the Central Bank of Nigeria (CBN), Securities & Exchange Commission (SEC), the Nigerian Stock Exchange (NSE) and other regulatory agencies involved in the Capital Market to immediately look into the petitions by shareholders of Spring Bank in respect of the planned acquisition of the bank by BankPHB.

Recently, a Federal High Court which sat in Lagos further extended its interim order restraining Spring Bank from entering into any transaction by way of acquisition or merger with any Bank, pending the determination of a suit before the court.

[Michael]

Originally Posted by knightofdelta

I must confess that Nigerian banks are beginning to get on my nerves... always looking for new ways of playing a fast one on investors simply because there are no regulations and guidelines to protect the common investor while the SEC sit on their haunches and sleep like an overfed dog...

What do you mean by Like? All I see is Dog Food!

[cashflowexcel]

Hello Friends,
From My Understanding Of Share Price Movement/trading:mergers & Acquisition Plays A Major Role In Price Gallop,as Phb Is Merging With Spring Is This An Opportunity For Informed Traders/speculators To Take Position As This Will Cushion The Effect Of The Downtrend On Their Stock Value.
Will This Merger Result In Share Price Gallop/profit???
1.take A Look At The Mgt Structure Of Phb,you Will Find That They Are Operating With Lagos Biz School Policy Which Is Culled From The Harvard Biz School Format,this Is A Fundamental That Will Result In Price Increase Even Now & After.
Recall,the Share Reconstruction By Phb Result In Share Price Jump,this Is A Historical Trend That Will Repeat Itself.
2.despite The Underdog Scenerio Around Springbank,you Will Find That The Apponited Mgt Team Was Launching New Products & Even The Shareholders Endorse That The Team Should Stay For One More Term.note That Product Development & Launching Is A Major Fundamental That Will Reflect In The Financials.don't Ask Me Why Is It That Firstbank Launch A Mega-