Bank PHB

[timothywill]

Originally Posted by shakasha

Even firms that sold as high as 3 billion units were oversuscribed, PO for me last year was a monumental mistake and members in the house should be wary this year. With good tracking and analysis we could take good chances in the secondary market!!!!! Both DAAR & STACO can wait in hell!!!!!!!!!!!!

i damn agree with you 100%, but how an someone get over this last year PO effect that is really eating up every gain man has made this year, ehh. GOD help us sha ooo

[zainabusman]

I think it is dangerous to borrow money for a PO. Ask those we subscribed to First bank with borrowed funds. All subsequent PO's after First Bank have been over subscribed with money being returned. I advise members to only buy a little amount of PO's with their own money not borrowed funds.

For example i applied for 35,000 units of Dangote Flour and was alloted 4300 units. I sold at N48. So in the end it was not that bad. In the future, i will not invest more than N100k in any PO

[nichobabe81]

Originally Posted by zainabusman

I think it is dangerous to borrow money for a PO. Ask those we subscribed to First bank with borrowed funds. All subsequent PO's after First Bank have been over subscribed with money being returned. I advise members to only buy a little amount of PO's with their own money not borrowed funds.

For example i applied for 35,000 units of Dangote Flour and was alloted 4300 units. I sold at N48. So in the end it was not that bad. In the future, i will not invest more than N100k in any PO

Abeg when the allotment coming out? I hear say anything above 8000units will be cut.

[timothywill]

is bank phb keeping us waiting on their allotment result? atleast they should just release it so we can know where the crusificion will start from, or are they scared? please any one with 'GENUINE' info on this PHB guys

[riskreturn]

Originally Posted by timothywill

is bank phb keeping us waiting on their allotment result? atleast they should just release it so we can know where the crusificion will start from, or are they scared? please any one with 'GENUINE' info on this PHB guys

Probably we may need to be patient a bit more, considering the fact that nothing has also been heard about Fidelity Bank PO, which ended about a month earlier. However, I do not support the pessmistic view about massive under-allotment - at least, not to the extent witnessed for Access Bank PO or First Bank PO, except the allowable 25% excess subcription is not made use of by the issuer. First, the volume of shares (about 38 billion Naira) not subject to preferential allotment was more than that of FCMB where those subscribing for 1 million units (less 100) got 100% allotment and was almost the same as for each of Access Bank PO and First Bank PO. Second, it coincided with festival period and, unlike the First Bank and Access Bank, there was no extension to offer period (in fact, it closed on 18 December, as the official closing date of 19 December was a public holiday). It was not too much MORE popular than FCMB with investors, although a few discerning investors would have realised that the offer's pricing was more attractive than that of FCMB. So, I feel we should not feel too nervous about but patiently await the outcome, whenever it comes out - irrespective of the "assertion" that only subscribers for 8,000 or 10,000 units get full allotmenmt.

[aogundele]

Originally Posted by riskreturn

Probably we may need to be patient a bit more, considering the fact that nothing has also been heard about Fidelity Bank PO, which ended about a month earlier. However, I do not support the pessmistic view about massive under-allotment - at least, not to the extent witnessed for Access Bank PO or First Bank PO, except the allowable 25% excess subcription is not made use of by the issuer. First, the volume of shares (about 38 billion Naira) not subject to preferential allotment was more than that of FCMB where those subscribing for 1 million units (less 100) got 100% allotment and was almost the same as for each of Access Bank PO and First Bank PO. Second, it coincided with festival period and, unlike the First Bank and Access Bank, there was no extension to offer period (in fact, it closed on 18 December, as the official closing date of 19 December was a public holiday). It was not too much MORE popular than FCMB with investors, although a few discerning investors would have realised that the offer's pricing was more attractive than that of FCMB. So, I feel we should not feel too nervous about but patiently await the outcome, whenever it comes out - irrespective of the "assertion" that only subscribers for 8,000 or 10,000 units get full allotmenmt.

Dear Riskreturn, i wish i could share in your optimism, but the truth is that Bank Phb was massively oversubscribed in spite of the facts you painted above. Above 8,000 unit subscribers will be chalked off........

[timothywill]

Originally Posted by aogundele

Dear Riskreturn, i wish i could share in your optimism, but the truth is that Bank Phb was massively oversubscribed in spite of the facts you painted above. Above 8,000 unit subscribers will be chalked off........

only if you can share you info broadly, i think the house will be very grateful. explicitly tell us about the allotment, pls

[son5070]

Guys,it also depends on how each house handles its' offer.FCMB has being the most transparent offer i have seen 4 now.There is so much politics attached with bank PHB ,lots of politicians involved and also the heavy discount on the offer.

Personally,i wish it's not that bad for we poor masses,but with all this delays its quite obvious so thing is amiss.Fidelity is not out probably cos of their considering reconstruction.I really do not see why PHB should be massively over-subscribed if not for shady deals!(my own thinking though)

[yang2005]

Any one more update about Bank PHB allotment? Will Bank PHB release close to year end financial result? Will new investors benefit from any bonus or dividend?

[nazzyon]

Originally Posted by yang2005

Any one more update about Bank PHB allotment? Will Bank PHB release close to year end financial result? Will new investors benefit from any bonus or dividend?

I am concerned the new offer.

I just wish they would start trading soon.

[riskreturn]

Originally Posted by yang2005

Any one more update about Bank PHB allotment? Will Bank PHB release close to year end financial result? Will new investors benefit from any bonus or dividend?

I have to answer the first part of the question negatively, viz: that I do not have any update about the allotment. Concerning other questions, the bank cannot afford to delay release of of allotment results till close to year-end financial result, which, initially was to be end-June 2008 but which, due to the need to adopt end-December uniform accounting year, will now have to be shifted to end-December 2008 when 18-month result will be released (say, by March 2009). Release of allotment results (which we should expect by April-end 2008) cannot be delayed till March 2009, obviously. Second, the offer prospectus makes subscribers entitled to any dividend or bonus that might be delared after 19 December 2007, when the offer closed.

[sammydanido]

Hi

i applied for some units of the bank phb shares also i filled a CSCS form to get a CSCS account, i was told i would fasten up the process and i would receive a text containing my CSCS account no after 2 weeks but its getting to 6 months now and no reply. Please is there any thing that i have to do that i haven't yet done?

[Murphy]

Originally Posted by sammydanido

Hi

i applied for some units of the bank phb shares also i filled a CSCS form to get a CSCS account, i was told i would fasten up the process and i would receive a text containing my CSCS account no after 2 weeks but its getting to 6 months now and no reply. Please is there any thing that i have to do that i haven't yet done?

What are you missing? CSCS numbers or your alloted units of bank PHB? For the former consult your broker whom you fill the CSCS form with, it should have been ready. And for the latter, the result of allotment is not yet out. We are all eagerly awaiting this result.

[solademi]

Originally Posted by Rapidresult

House any news on this PO?

The info is that it is possibly over subscribed by over 200% and according to the rule, they can only absorb 25% of the excess. At the moment, we do not know what will happen and ow they could absorb more than that 25% otherwise, people will have lots of money returned but possibly not the same scale as Dangote IPO.

[timothywill]

Originally Posted by solademi

The info is that it is possibly over subscribed by over 200% and according to the rule, they can only absorb 25% of the excess. At the moment, we do not know what will happen and ow they could absorb more than that 25% otherwise, people will have lots of money returned but possibly not the same scale as Dangote IPO.

atleast fidelity was more oversubscribed than PHB, so why can they absorbed a considerable amount like fidelity did, i beg they must, is even a must for them to absorbed the same fidelity did, atleast they mention in their prospectus that their is no dividend for us for their year ending june 2008, so they should not be scare and just give us our 100% allotment (dreamer )

[zainabusman]

Originally Posted by solademi

The info is that it is possibly over subscribed by over 200% and according to the rule, they can only absorb 25% of the excess. At the moment, we do not know what will happen and ow they could absorb more than that 25% otherwise, people will have lots of money returned but possibly not the same scale as Dangote IPO.

Well if the offer is only 200% oversubscribed then it is not bad at all. Because it means the worst that can happen for most of us is to get 50% allotment even if Bank PHB decides not to keep the extra 25%. If bank PHB decides to keep the extra 25% as mentioned in the prospectus, then most of us will get at least 62.5% allotment. Which is good in my books.

[riskreturn]

Originally Posted by zainabusman

Well if the offer is only 200% oversubscribed then it is not bad at all. Because it means the worst that can happen for most of us is to get 50% allotment even if Bank PHB decides not to keep the extra 25%. If bank PHB decides to keep the extra 25% as mentioned in the prospectus, then most of us will get at least 62.5% allotment. Which is good in my books.

You seem to be confusing 200% subscription with 200% over-subscription. What is mentioned is 200% over-subscription, which translate to the offer being 300% subscribed. That would mean, after allowing for absorption of 25% over-subscription, the bank would allot only 150% of what was subscribed for so that, on "average", a subscriber would get 50% of what was applied for. But, given 100% allotment to preferential allottees (and 55% of the offer was to go to them), a non-preferential "average" allottee would still get less than 50% of what was apllied for.

But what I still do not understand is the reason why Fidelity Bank was able to absorb more than 25% of its own over-subscription. Does it mean it was able to get waiver or what? In the same vein, it was publicised recently that First Inland Bank PO was over-subscribed and the MD stated, while on the tour of an Eastern State (is it Anambra or so?), that all subscribers would be fully allotted. Would the Bank PHB too be given such a waiver, if it request for it? But the same waiver was denied Japaul Oil and that is why it had to resrt to the alternative of private placement. The whole thing looks confusing to me somehow and I request to be educated on this.