First Bank Allotment

[hiabhay]

Hello Guys,

I understand that First Bank has announced allotment of shares and people who applied for 1000 units or less have received 100% allotment while others have received between 5 to 9% allotment.

However, in supplimentary allotment they have allotted 100% until 10,000units and then have reduced allotment from 74% to 5%.

Can anyone get a copy of allotment/ preferential allotment schedule?

Regards,
Abhay

[nigeriandollar]

It will be bad if First bank does not conclude its PO on time. I borrowed heavily from banks with high interest to buy the First bank PO. Would they refund my money with interest?

[mastro]

how much of the 2,000,000,000 did you get?

[dejino]

Hi everybody,
Another 'Newbie' in the house. I must give credit to all of you for all the things you've spent your time to do on this forum. You are just worthy of emulation.
Like every rookie, l applied for a substantial quantity of 1st bank IPO but the news l am getting is unsettling. Can somebody please add flesh to this "reduced allotment" before l develop migraine!
My money had been with them since June and now they are saying about 22% is what l can get? Haa, money wan catch fire O! I dont have a CSCS account, l am not presently in Naija and my address can not be trusted with the return cheque. Even my Broker is playing games with me: Instead of opening a CSCS account for me, personally, as l requested and signed relevant forms, he ended up opening it using his company's "initials" and just sent a screenshot of the opened account (using his own logon) to me but will not repond when l asked for the password to the username he used!!
What should be my next option now........so confused.

[Doyin]

The link was not clear.

Can you please tell me which national daily and what date this was published?

This is really depressing news though, I only hope the funds will be returned on time....

[hispy99]

Originally Posted by dejino

Hi everybody,
Another 'Newbie' in the house. I must give credit to all of you for all the things you've spent your time to do on this forum. You are just worthy of emulation.
Like every rookie, l applied for a substantial quantity of 1st bank IPO but the news l am getting is unsettling. Can somebody please add flesh to this "reduced allotment" before l develop migraine!
My money had been with them since June and now they are saying about 22% is what l can get? Haa, money wan catch fire O! I dont have a CSCS account, l am not presently in Naija and my address can not be trusted with the return cheque. Even my Broker is playing games with me: Instead of opening a CSCS account for me, personally, as l requested and signed relevant forms, he ended up opening it using his company's "initials" and just sent a screenshot of the opened account (using his own logon) to me but will not repond when l asked for the password to the username he used!!
What should be my next option now........so confused.

He is your broker and you are paying him. Replace the broker if he is doing mago mago.

Don't think you can do anything about the 1st bank IPO except wait for return check at your address.

[Murphy]

Originally Posted by mastro

how much of the 2,000,000,000 did you get?

Thiis result is not encouraging for small investors that decided to muster more funds for the big elephant. I begin to think that the elephant is now for the 'preferential allottees' that got their full allottment irrespective of quantities applied for at the detriment of small investors. Anyway the young shall grow.

Anyone in the forum with telephone number of Meristem Registrars limited? pls post it.

What exactly qualify an applicant as preferential allottee, their rights (apart from getting full allottment)? I used to believe that the quantity of their shares will remain locked in i.e. cannot sell, for a period of time. Anyone knowledgeable with this can share it with us.

[Gengen]

What has just happened is why some people, as a policy, stopped buying IPOs/Offers. Some companies are suspected to "intentionally plan for over-subscription" in offers/IPOs. They state low share prices for their stocks, thereby making it more attractive. With this, everybody rushes to buy. When the "intentionally planned over-subscription" occurs, the company then seeks for approval to absorb the excess. At the end, not all may be absorbed. This has it's pros and cons:
Cons:

1. The outstanding shares increases. This diminishes the projected financial stated statistics (PE, EPS etc.) in the offer.
2. If after the absorbtion of the over-subscription, and there is still a lot of excess not absorbed, the shareholder's funds is tied down for a long period before getting his money back.

Pros:

1. The company gets more that its stated offer size. However, this might be what it wanted initially.
2. The excess amount might eventually might even be beneficial to the shareholder if the company utilises it well and getter better performance per unit share.

In addition, you have to wait for the certificate, lodged it and get it verified before you can trade.

In summary, if buying offers/IPOs, take into consideration possibilities of over-subscription, reduced allotment, long wait for excess funds returns, share certificate, logement and verification period.

[Doyin]

The phone no of meristem registrars is 8920491. I just called them and they say First Registrars is doing the refunds, but they will handle the certificates.
First registrars say refunds will start next week Thursday (Nov 15).Their number is 2701078.

Hope this helps.

[Hammed_9]

I want to Invest

[yomyomng]

Originally Posted by Doyin

The phone no of meristem registrars is 8920491. I just called them and they say First Registrars is doing the refunds, but they will handle the certificates.
First registrars say refunds will start next week Thursday (Nov 15).Their number is 2701078.

Hope this helps.

hi Doyin,
Many thanks for the phone nos. I am one of those who rushed to buy first bank shares in June. I have no CSCS no. I bought it through my bank SKYE bank and I am resident in the UK. Could you advise on how to obtain the share certificate or process of getting a refund. Should I contact meristem of first registrars as well or my own case requires different approach?
thanks

[Yomik]

Originally Posted by yomyomng

hi Doyin,
Many thanks for the phone nos. I am one of those who rushed to buy first bank shares in June. I have no CSCS no. I bought it through my bank SKYE bank and I am resident in the UK. Could you advise on how to obtain the share certificate or process of getting a refund. Should I contact meristem of first registrars as well or my own case requires different approach?
thanks

Hey guys , did anyone get any money back from first bank yet. I check my account and see nothing.

[Murphy]

Originally Posted by Yomik

Hey guys , did anyone get any money back from first bank yet. I check my account and see nothing.

@Yomik, the prospectus for this offer did say that unalloted monies will be made by posted cheques to applicants address at applicants risks. If you are still still waiting for electronic transfer into your bank account, you will wait endlessly. i will suggest to you or your authorised representative armed with letter from you to visit First Registrars ltd office in Iganmu and try to arrest your cheque there before it is posted.
Good luck

[Murphy]

Originally Posted by yomyomng

hi Doyin,
Many thanks for the phone nos. I am one of those who rushed to buy first bank shares in June. I have no CSCS no. I bought it through my bank SKYE bank and I am resident in the UK. Could you advise on how to obtain the share certificate or process of getting a refund. Should I contact meristem of first registrars as well or my own case requires different approach?
thanks

I will suggest that you send your authorised representative to Meristem registrars (armed with a letter of authority from you) in Lagos and collect your certificate before it is posted to your address or you might wait for it at your address. For unalloted monies, visit to first Registrars ltd with letter and pick up you cheque or wait for it at your address.

[obinnaD]

...all the more reason I hate POs. Imagine going through so much pain just to get your money back.

[trusttomola]

hi guyz,
i donn't undestand i am getting some funny information here, i am in school and i have not been hearing much news in this village , are you saying the elephant is returning our money after all this long time, what is the basis, i invested about 165000 naira or so , i got about 6000 units is my money going to be refunded too, i donn't get it , they should invest the money i otehr stuffs naa, ahh i should have done IBTC nigeria equity fund ooo, cheyyy, so wetin dey ground now, i ge any body pls yawn me tory for y mail adress i go reallly apprecitae, thanks bros.and sis.
tomola oke
trusttomola@gmail.com

[Betiku Franklin Olugbenga]

Originally Posted by obinnaD

...all the more reason I hate POs. Imagine going through so much pain just to get your money back.

I guess its the price to pay for buying at a discounted rate.