FTN Cocoa

[Fishbone]

Hello All,
I participated in FTN Cocoa last year, but have not heard any thing since. Have they issued the allotment, and certificates?. When I googled the Company, I found an an old news about them coming to NSE in March 2008

Please anybody have any ideas on this PP?

[solainvest]

I didn't participate but I learnt they are been considered for listing by the NSE committee.

[solainvest]

Proshare News

FTN Cocoa Processors Plc will list by introduction 2.0 billion Ordinary Shares of 50k each at N2.50k per share on Thursday july 24, 2008 on the floors of the Nigerian Stock Exchange.

[andico26]

dear all,
Did u notice that ftn cocoa listed only about 1% of its shares yesterday unlike the other listings we have seen in the past few months. A reversal to the old rule? If true, new listings will begin to do well and possibility of scarcity

[Babs_O]

Originally Posted by andico26

dear all,
Did u notice that ftn cocoa listed only about 1% of its shares yesterday unlike the other listings we have seen in the past few months. A reversal to the old rule? If true, new listings will begin to do well and possibility of scarcity

Perhaps demand didn't reach 10%. I am watching if the price will start falling towards the PP price before I buy. (I am just reviewing the prospectus I picked from the African Select Website. May be more bullish/bearish after reviewing the projected fundamentals)

[andico26]

it was scarce on the floor today. volumes shrinking and few deals

[hispy99]

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[tula007]

Is it worth buying?over to senior members

[Babs_O]

Originally Posted by Babs_O

Perhaps demand didn't reach 10%. I am watching if the price will start falling towards the PP price before I buy. (I am just reviewing the prospectus I picked from the African Select Website. May be more bullish/bearish after reviewing the projected fundamentals)

Took position after my review as it has prospects of growth. They have a bigger plant than Multitrex. Though some caution is required as they have a history of loss making. Their valuation based on a N3 price earlier in the week on the floor is better than Multitrex PP pricing (PE and P/B basis).

[tula007]

thanks,more response pls.......................

[Babs_O]

Results released
Company FTN COCOA PROC.PLC (2Q 30/06/2008 -UA)
Turnover...........%Chng........PBT.............%Chng........PAT................%Chng
N 491.642 mln.....265.5%..... N 194.4 mln...951.0% ......N 174.588 mln..864.23%

At this rate they will not meet their PP profit projections. Price needs to fall further in view of this.

[chuksnwamara]

Guys, take note of this info below from proshare concerning cocoa, cos ftn cocoa exports their products to europe.

Proshare News and Analysis
Economy & Money Market Updates - 180808
Posted Monday, August 18, 2008
New EU agriculture policy threatens livelihood of 10 million Nigerians


At least 10 millions Nigerians and their dependants representing about 6.7 percent of the nation’s population who live on cocoa are due for the labour market if the ministry of agriculture and water resources continues to pretend not to have been informed officially or otherwise of the new Maximum Residue Limits (MRLs), on agricultural commodities by the European Union (EU) which comes into effect from September 1, 2008.

This was the position of the stakeholders who gathered at the Osun state Government House recently to deliberate on the future of the Nigerian cocoa following the recent EU rule which adversely affected cocoa beans.

[hispy99]

COMPANY RESULTS
TURNOVER PBT TAX PAT
N'000 N'000 N'000 N'000
31-Dec-07 12 Mths N267,081 (N69,451) (N4,478) N142,770
31-Dec-06 12 Mths N710,325 N0 (N4,779) N16,310

PAT INCLUDES EXTRAORDINARY ITEM 07 N216.7M, 06 NIL. PROPOSED DIVIDEND 2.5KOBO. PROPOSED BONUS ISSUE 1 FOR 10. CLOSURE DATE SEPT 8 - OCT 3

[muranay@yahoo.com]

Originally Posted by hispy99

COMPANY RESULTS
TURNOVER PBT TAX PAT
N'000 N'000 N'000 N'000
31-Dec-07 12 Mths N267,081 (N69,451) (N4,478) N142,770
31-Dec-06 12 Mths N710,325 N0 (N4,779) N16,310

PAT INCLUDES EXTRAORDINARY ITEM 07 N216.7M, 06 NIL. PROPOSED DIVIDEND 2.5KOBO. PROPOSED BONUS ISSUE 1 FOR 10. CLOSURE DATE SEPT 8 - OCT 3

How viable is this company?

At what price is it okay to buy?