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  #261 (permalink)  
Old 15th December 2007, 02:10 PM
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Default Fbn Heritage Fund

Quote:
Originally Posted by Yusuf View Post
From my own analysis, First Bank can go places. Who say the stock cannot appreciate maximally with 5% on daily trading days till 20th August. See the analysis below

DAYS DATE OPENING CLOSING
Thursday 8/2/2007 54.11 56.82
Friday 8/3/2007 56.82 59.66
Monday 8/5/2007 59.66 62.64
Tuesday 8/6/2007 62.64 65.77
Wednesday 8/7/2007 65.77 69.06
Thursday 8/8/2007 69.06 72.51
Friday 8/9/2007 72.51 76.14
Monday 8/11/2007 76.14 79.95
Tuesday 8/12/2007 79.95 83.94
Wednesday 8/13/2007 83.94 88.14
Thursday 8/14/2007 88.14 92.55
Friday 8/15/2007 92.55 97.17
Monday 8/17/2007 97.17 102.03
Tuesday 8/18/2007 102.03 107.13
Wednesday 8/19/2007 107.13 112.49
Thursday 8/20/2007 112.49 118.12

Though this is theoretical but it shows that it is very possible the stock goes places. For investors that want to cash-in on the bullish trend, they should be ready.

Hi Mr. yusuf, pls. i want u 2 guide me on FBN Heritage Fund is it good to buy?.
thanks.
dhinnurain3@yhaoo.com.sg
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  #262 (permalink)  
Old 15th December 2007, 04:43 PM
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Default First Bank allotment basis

Please, can anyone assist me with the basis of allotment for FBN Shares
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  #263 (permalink)  
Old 15th December 2007, 05:18 PM
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Per their advert in the dailies. Applicantions for 10,000units and above were not alloted fully while others had full allotment. If u applied for amounts above 10,000units u'd know ur exact allotment when ur rtn money comes or if they publish allotment details
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  #264 (permalink)  
Old 18th December 2007, 01:04 PM
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Cool

I think every body here should hold their peace, we are digressing from the purpose of the topic which is how to get our money back from 1st bank. We are all patrotic Nigerians and my brother when things are not done properly, I think we have the right to express our feeling and that does not makes us un-patrotic Nigerians rather it show maturity, understading and ability to see other people's point of veiw.Therefore I think that your comment of him not investing in Nigeria because he is a non resident is un-call for and childish. He was only trying to just to express his frustration , which he is entitle to. You have no wright to attack him in that way. So please let us return back to the main topic. Let keep it cool, simple and curdial.

thanks

Jerry

Last edited by Jerry Duruiheoma; 18th December 2007 at 01:25 PM.
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  #265 (permalink)  
Old 19th December 2007, 12:40 AM
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Default FBN:what happened to at least =N=6.9B interest income generated by our returned money

Finally got my cheque from FBN with no interest.
That brings this question but before the question, some simple statements
FBN offer was for =N=100B, it was over 700% over subscribed. That means at least =N=700B accrued in some account from the period the offer ended till such time as allotments determined and monies returned. For the sake of arguement, say ...60 days. Also for the purpose of arguement, lets say the base rate (CBN treasury rate) is 6%. That means the income generated by this is =N=6.9B. (=N=700B @ 6% for 60days)
Now my question.....what happens to this generated income if no one is given interest on their returned monies
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  #266 (permalink)  
Old 19th December 2007, 01:47 AM
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The returned money was never accessed by FIRSTBANK. It is the practice everywhere to not pay interest on returned monies for public offers; it's one risk investors run as they want to cash-in on attractive offers.

Thanks for the update though.
.
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  #267 (permalink)  
Old 19th December 2007, 06:52 AM
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so how come dangote promised to pay 10% interest on returned monies if they do not access the money. how come investors to All states didnt get their money back after the failed public offer. pls try and enlighten me, cos i dont think dat is entirely correct. is interest payment on returned monies an optional thing or its not a practice??????
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  #268 (permalink)  
Old 19th December 2007, 12:53 PM
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Quote:
Originally Posted by Avocado View Post
The returned money was never accessed by FIRSTBANK. It is the practice everywhere to not pay interest on returned monies for public offers; it's one risk investors run as they want to cash-in on attractive offers.

Thanks for the update though.
.
First of all, I do not really care if first bank access it or not, that does not mean the money was not earned. Secondly, I am inclined to disagree with you that it is the practice everywhere that returned monies are not with interest.
This is an extract from Platinum Prospectus

APPLICATION MONIES
All application monies will be retained in a separate interest bearing bank account by the Receiving Bank
pending allotment. If any application is not accepted, or is accepted for fewer shares than the number
applied for, a crossed cheque for the full amount or the balance of the amount paid (as the case may be),
with the accrued interest,
will be returned by registered post within 5 working days of allotment. Share
certificates in respect of shares allotted will be sent by registered post not later than 15 working days from
the date of allotment clearance.

The money we are talking about is quite significant, it is about what bagco is shopping for now.

I don't mind my money being returned within the stipulated time in the prospectus, but if it is more than one week longer than that, then I should be paid with interest!
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  #269 (permalink)  
Old 19th December 2007, 02:26 PM
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Your information appears correct. It is important to know where the responsibility is so that the complaint could be directed accordingly. The section of the prospectus you have highlighted is quite an important and standard aspect of Offer documents that is perhaps simply overlooked (the First Bank Abridged Prospectus has this on page 21 - see: www.icml-ng.com/fbnprospectus.pdf ). Thank you for this specific and important information.

Note what the First Bank Abridged Prospectus does not say:

Quote:
3 Application Monies
All application monies will be retained in separate interest bearing bank account by the Receiving Bankers pending allotment. If any application is not accepted, or is accepted for fewer shares than the balance applied for, a crossed cheque for the full amount or the amount paid (as the case may be) will be returned by registered post within 5 working days of allotment. A share certificate will be sent by registered post not later than 15 working days from the date of allotment.
Clearly, the First Bank Abridged Prospectus omits the statement clear in the Bank PHB Prospectus. This is not to say that a credible case can't be mounted; there's an intuitive injustice in the owners of the funds not getting the accrued interest. This is surely sth for the SEC to look into.

Does anyone have the full prospectus for the last First Bank Offer?

Last edited by Avocado; 19th December 2007 at 02:34 PM.
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  #270 (permalink)  
Old 19th December 2007, 02:36 PM
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so are we now saying some companies can decide to hold our money and do business while others return with interest, i guess there should be a law guiding these things..... or is it that returning people's monies with interest is now a privilege and not a right???? i really dont know but anybody with knowledge about this topic should please step in cos its not enough for a company to say cos its not in my prospectus means i dont have to pay u if the law states that. so if anybody knows about a law that guides things like this then lets know b4 we start criticizing... just my take on this
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  #271 (permalink)  
Old 19th December 2007, 02:41 PM
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Quote:
Originally Posted by Avocado View Post
Your information appears correct. It is important to know where the responsibility is so that the complaint could be directed accordingly. The section of the prospectus you have highlighted is quite an important and standard aspect of Offer documents that is perhaps simply overlooked (the First Bank Abridged Prospectus has this on page 21 - see: www.icml-ng.com/fbnprospectus.pdf ). Thank you for this specific and important information.

Note what the First Bank Abridged Prospectus does not say:



Clearly, the First Bank Abridged Prospectus omits the statement clear in the Bank PHB Prospectus. This is not to say that a credible case can't be mounted; there's an intuitive injustice in the owners of the funds not getting the accrued interest. This is surely sth for the SEC to look into.

Does anyone have the full prospectus for the last First Bank Offer?
find fbn full prospectus http://www.africanselect.com/www/ipo...Prospectus.pdf
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  #272 (permalink)  
Old 19th December 2007, 02:52 PM
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Default Interest Should Be Paid.

Based on Chineduz link, interest should be paid. You may find the words below on page 94 of the prospectus.

APPLICATION MONIES
All application monies will be retained in separate interest yielding bank accounts by the Receiving
Bankers pending allotment. If any application is not accepted, or is accepted for fewer shares than the
balance applied for, a crossed cheque for the full amount or the amount paid (as the case may be) will be
returned by registered post within 5 working days of allotment. A share certificate will be sent by
registered post not later than 15 working days from the date of allotment.
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  #273 (permalink)  
Old 19th December 2007, 03:54 PM
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chineduz: thanks for that link.

rtw: a contract is a contract; the document does not say accrued interest will be paid; BUT, "fairness" intuitively instructs this, which is the reason it should make sense to demand for amounts that would have accrued as interest. The SEC may have to mediate on the status of accrued interest; it is quite straightforward that a substantial part of this must be returned to the investor.

First port of call:
1) The Registrars: Meristem Registrars (with a CC to First Registrars and your stockbroker)
2) The Receiving Bankers: there're 4 of them: GTB, IBTC, Oceanic, Diamond

Needed:
3) Opening Date = 14May 2007
4) Closure Date = 21-Jun-07 (Note: this date changed, correct date needed)
5) Return Cheque Date
6) Postal stamped date on cheque
7) Date Cheque received
8) Date of Return of excess monies* + Add 7 days
9) Unit cost of shares = N33
10) # of shares applied for =
11) # of shares alloted =
12) Amount on returned Cheque =
13) Accrued interest rate ~6.5%

*27 August 2007 in the full prospectus, pg. 8 of chineduz's link; must be shifted forwards by the extension period.

With these data, computing the "Amount owed" is easy in a spreadsheet. I'm yet to receive anything from FirstBank, but I have a certain other offer than got me burnt some in mind (they returned >62% of a handsome sum, without any extra), and this useful info crtide means the Registrars and Receiving Bankers deserve some grief. Not that they're going to pay up easily, but this is quite familiar territory.
.
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  #274 (permalink)  
Old 19th December 2007, 05:49 PM
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Default FBN not Legally Bound

Since the contract (prospectus) does not state that interest will be paid, legally FBN is not duty bound to pay any interest to PO subscribers whose funds are returned. Fairnes demands that they should, but with the "I don't care attitude" of these operators they will hold on to the statement in the contract and refuse to pay. In court they will win. What needs to happen is the SEC changing the rules to mandate interest payment on returned funds. When this happens you will find that companies will not be looking for oversubsription to make cheap money, as has been the practice.

Ikpong
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  #275 (permalink)  
Old 19th December 2007, 06:47 PM
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Agreed, ikpong, and that's what one's been trying to let our friends realise: with contracts, whatever has not been written has not been said. But it is legitimate to request to know what will happen to the specific instruction to keep the monies in separate interest-bearing accounts; it is a question worth asking. The SEC will have to weigh-in, because it's clear that the "fine print" had been altered for some gain, gain which wouldn't be coming to the owners of the monies.
.
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  #276 (permalink)  
Old 19th December 2007, 08:00 PM
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Default first bank allottment

We put our trust in the FBN and we purchased the public offer. For the bank to say that it will be sending out certificates contrary to what SEC said.I hope Madam Ndi and Al-faki are still alive to witness FBN contravening their instructions.
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  #277 (permalink)  
Old 19th December 2007, 08:34 PM
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Quote:
Originally Posted by Avocado View Post
chineduz: thanks for that link.

rtw: a contract is a contract; the document does not say accrued interest will be paid; BUT, "fairness" intuitively instructs this, which is the reason it should make sense to demand for amounts that would have accrued as interest. The SEC may have to mediate on the status of accrued interest; it is quite straightforward that a substantial part of this must be returned to the investor.

First port of call:
1) The Registrars: Meristem Registrars (with a CC to First Registrars and your stockbroker)
2) The Receiving Bankers: there're 4 of them: GTB, IBTC, Oceanic, Diamond

Needed:
3) Opening Date = 14May 2007
4) Closure Date = 21-Jun-07 (Note: this date changed, correct date needed)
5) Return Cheque Date
6) Postal stamped date on cheque
7) Date Cheque received
8) Date of Return of excess monies* + Add 7 days
9) Unit cost of shares = N33
10) # of shares applied for =
11) # of shares alloted =
12) Amount on returned Cheque =
13) Accrued interest rate ~6.5%

*27 August 2007 in the full prospectus, pg. 8 of chineduz's link; must be shifted forwards by the extension period.

With these data, computing the "Amount owed" is easy in a spreadsheet. I'm yet to receive anything from FirstBank, but I have a certain other offer than got me burnt some in mind (they returned >62% of a handsome sum, without any extra), and this useful info crtide means the Registrars and Receiving Bankers deserve some grief. Not that they're going to pay up easily, but this is quite familiar territory.
.

no worries at all, the least I could do for some wonderful people
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  #278 (permalink)  
Old 19th December 2007, 08:41 PM
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Quote:
Originally Posted by ikpong View Post
Since the contract (prospectus) does not state that interest will be paid, legally FBN is not duty bound to pay any interest to PO subscribers whose funds are returned. Fairnes demands that they should, but with the "I don't care attitude" of these operators they will hold on to the statement in the contract and refuse to pay. In court they will win. What needs to happen is the SEC changing the rules to mandate interest payment on returned funds. When this happens you will find that companies will not be looking for oversubsription to make cheap money, as has been the practice.

Ikpong
I do not believe they would win in court, this is not FBN money in question (It is potential investors money), so I do not think they(FBN) are entitled to inherit the accrued interest. It seems because the situation of not paying interest has been the "norm", everything is left to assumption. There should a channell for formal complaint after which, if it did not work, a legal interpretation may be sought... my opinion though
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  #279 (permalink)  
Old 19th December 2007, 10:51 PM
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Quote:
Originally Posted by adeoba okekunle View Post
We put our trust in the FBN and we purchased the public offer. For the bank to say that it will be sending out certificates contrary to what SEC said.I hope Madam Ndi and Al-faki are still alive to witness FBN contravening their instructions.
Reason why it's always written that before applying for an offer, the potential investor should read the prospectus, and seek the assistance of a professional to digest the details if necessary.
.
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  #280 (permalink)  
Old 19th December 2007, 10:54 PM
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Quote:
Originally Posted by adeoba okekunle View Post
We put our trust in the FBN and we purchased the public offer. For the bank to say that it will be sending out certificates contrary to what SEC said.I hope Madam Ndi and Al-faki are still alive to witness FBN contravening their instructions.
Reason why it's always written that before applying for an offer, the potential investor should read the prospectus, and seek the assistance of a professional to digest the details if necessary.

Note: The Receiving Bankers are responsible for depositing the monies into interest-bearing accounts, not FBN. If there's been any play between the receiving bankers and FBN, that's not known.
.
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