Spring Bank

Effizyguy · #1 (**permalink**) 10th October 2006, 05:52 PM

I want to know if Spring Bank Stock have been listed on the stock exchange floor.
Thanks

blackgeneral · #2 (**permalink**) 12th October 2006, 07:45 PM

Do they want to do a public offer?

dapo · #3 (**permalink**) 18th October 2006, 09:20 PM

i believe they are there already.

gabikwulono · #4 (**permalink**) 2nd November 2006, 02:43 PM

WANT TO KNOW ABOUT MY SPRING BANK SHARE
T

o: eic@stockmarketnigeria.com

Dear Sir,

Kindly help me out. I bought shares from former CITIZENS Bank and ACB International Bank - now Spring Bank. I have not received any certificate. Please can you tell me what is happening? Any hope for my money, when will I get my certificate?

IKWULONO GABRIEL ODUGBO

EIC · #5 (**permalink**) 2nd November 2006, 07:13 PM

Quote:

Originally Posted by gabikwulono

WANT TO KNOW ABOUT MY SPRING BANK SHARE
T

o: eic@stockmarketnigeria.com

Dear Sir,

Kindly help me out. I bought shares from former CITIZENS Bank and ACB International Bank - now Spring Bank. I have not received any certificate. Please can you tell me what is happening? Any hope for my money, when will I get my certificate?

IKWULONO GABRIEL ODUGBO

Hi Gabriel,

We have received your message and our Editors are currently investigating the issue and will get back to you.

Cheers!

gabikwulono · #6 (**permalink**) 3rd November 2006, 01:43 PM

MY SPRING BANK SHARE

Dear Sir,

Thank you for your quick response, I am waiting for the result of your fruitful investigation.

Thanks.

mishydear · #7 (**permalink**) 3rd November 2006, 07:18 PM

Spring Bank has not been listed on the Stock Exchange. The bank is currently carrying out a share reconstruction exercise in a bid to reduce its post-consolidation share capital from an unwieldy N21 Billion(42 Billion units of shares) to something more manageable. The new shares will be listed after the reconstruction has been concluded and you are not likely to get a share certificate till next year.

c kenneths · #8 (**permalink**) 4th November 2006, 07:16 PM

Nice information, but do you have any current news about what is happening at access bank?. Everything seems confusing there.

gabikwulono · #9 (**permalink**) 6th November 2006, 10:48 AM

Thank you. At least, this information gives me a threshold of hope.

paragon · #10 (**permalink**) 6th November 2006, 11:00 AM

access bank is a good buy. they just embarked on a reconstruction exercise but their share value is still the same. the share is expected to sell for about N10.00 befor the end of their financial year.

fesola · #11 (**permalink**) 6th November 2006, 08:35 PM

I have my SpringBank Certificate. I also bought the IPO of Citizens. SpringBank is already quoted. The moderator may want to expand further on what he meant.

mishydear · #12 (**permalink**) 9th November 2006, 01:51 PM

Spring Bank has just been listed on the floor of the Nigerian Stock Exchange. 11.321 Billion ordinary shares of the bank were listed yesterday at a price of N6.00. Check the stock blog for more details.

gabikwulono · #13 (**permalink**) 10th November 2006, 05:17 PM

Re: Spring Bank Shares

On the 9th November 2006, people were greeted with long awaited news about Spring Bank shares that were listed on the Floor of The Nigerian Stock Exchange (see Blog). The shares listed @ N6.00 per share is a welcome development and will soon put smile on the faces of many investors.

However, there are areas that need further explanaion;

1) Has the consolidation process for the Spring Bank Plc completed?
2) Is the 11.321 Billion Ordinary Shares of Spring Bank Plc, a product of the former six Banks that constituted Spring Bank?
3) When will Spring Bank Plc certificates be sent to investors that purchased the shares of former Banks?
4) Will Spring Bank soon go to the Market for Public offer?
5) More Explanation on why Omega Bank, ACB International Bank, Guardian Express Bank and Trans International Bank were delisted from the Daily Official List?

I commend the MD/CEO Spring Bank, CBN Governor and those that worked relentlessly to achieve this important goal.

paragon · #14 (**permalink**) 11th November 2006, 03:37 PM

hi there,
well the listing of spring bank on the stock exchange concludes the consolidation process. the 11.321 billion outstanding shares is a product of the six merged banks. it originally was mare than this but the was a share reconstruction exercise the brought it to this figure.

Also,the share certificates are already being sent out, so be patient, you'll definately get yours. People that purchased the shares of the former bank will get their certificates based on the new agreed ratio for allotment.

A bank only goes to the stock exchange to raise fresh funds when the is a need for it.The issue of a public offer depends on the plans and goals of the bank. For now, Spring bank wants to focus on retail banking and not raising fresh funds.

The other member banks were delistede because they are no longer a legal entity. they merged to become one big family.

Hope you are cool with all this information. Feel free to ask more questions and invite your friends to join the forum.

gabikwulono · #15 (**permalink**) 17th November 2006, 09:13 AM

Moderator,

Thank you for providing diligent and excellent answers to my impending questions. However there is an emerging question.

Based on the new allotment of shares, if for instance sombody has 100,000 units of shares with former ACB or CITIZENS Bank, what units has he with Spring Bank now?

prof · #16 (**permalink**) 19th November 2006, 08:59 PM

I bought 10,000 units of Guardian Express Bank shares during their IPO, please can some one help me with the number of unit am entiled to in the new Spring Bank after the merge and recent restructuring of the bank, it is becoming confusing to me. Thanks

gabikwulono · #17 (**permalink**) 10th January 2007, 06:26 PM

Happy new year to everybody.

For quite sometime now, Spring Bank did not appear in daily listing. Can someone tell me why?

Avocado · #18 (**permalink**) 13th June 2007, 07:20 AM

CBN sacks Springbank's board, management

The CBN & NDIC have begun a post-consolidation verification of the 25 banks; Spring Bank appears to be doing quite badly:

- bank's board and management sacked
- reasons: unethical banking practices, including false returns on the bank's financial position
- new Chairman appointed for the bank: Vincent Omoike, former director of banking supervision of CBN
- new managing director: Suleyman Ndanusa, immediate past Director-General of the Securities and Exchange Commission (SEC)

More at: This is not a permalink! Only active for 24 hrs

blackgeneral · #19 (**permalink**) 13th June 2007, 07:53 AM

I guess this means Sell, Sell, Sell! Sell your spring shares immediately?

Quote:

Originally Posted by Avocado

CBN sacks Springbank's board, management

The CBN & NDIC have begun a post-consolidation verification of the 25 banks; Spring Bank appears to be doing quite badly:

- bank's board and management sacked
- reasons: unethical banking practices, including false returns on the bank's financial position
- new Chairman appointed for the bank: Vincent Omoike, former director of banking supervision of CBN
- new managing director: Suleyman Ndanusa, immediate past Director-General of the Securities and Exchange Commission (SEC)

More at: This is not a permalink! Only active for 24 hrs