Nascon

[egoldman]

i have very little time to consider this offer and check things closely , it looks good from what people are saying , but i have not enough time to come up with any views that i personally understand , so i wont buy and i wish you guys the best, i dont invest in what i dont have 100% understanding of how it works .

[Miss_Risky]

Originally Posted by Gengen

- Does the Stock Exchange now allow selling additional shares (close to a public offer) in this manner?

Here's an article on Proshare that might address your question about NSE involvement in this... but like the author, take it with a pinch of salt. No pun intended

http://www.proshareng.com/myproshare...ws.php?id=2500

[Avocado]

Originally Posted by richestowealth

@Avocado. I like your outside the box thinking. At any rate, Adeniji said raise fresh funds and not PO. Additionally, I also think this is a smart move.

Correct! If the aim was to raise fresh funds (and Fresh Funds it is. In retrospect, a brilliant turn of phrase), then they will have it: and in record time, and without the usual PO paperwork, and with nice, quick money for companies on the floor: Dangote pays quite a reduced fee, but buyers mostly paying the regular fee (fees of more than NGN 400 million at stake; with some % reduction, that must be a minimum of N250m from this)... all the advantages of a quicksell; and if Dangote still believes in the company, then USD12 million is small change in the more than USD 65 million that this sale will raise (if all the units are bought).

It ought ought to be expected that certain strategic investors would have been contacted (that may partly explain the very short notice to the rest of the public). The end of the trading day will make it all clear. Watch out for the number of deals, and the average volume per deal. It's all speculation yet, but it appears the golden Alhaji Dangote wants to give his friends a cut, and raise extra cash, and allow the rest of the public to have a cut too.

.

[Avocado]

Originally Posted by eriksbmw

All the views above are valid.....issue is will we be able to get these "prized" shares ?

My broker says that they cannot sell on a first come first served basis...if not, no more than 6 investors will take up all the shares; she has clients ready to take 100million units !!!

100 million units?! There!

Strategic positioning.

May be that's why most stockbroking firms were quite very busy yesterday

.

[Avocado]

... but the NSE golden rule is green:

The Nigerian Stock Exchange will be supervising a special sale of NASCON stocks by Dangote Industries limited tomorrow. The sale became necessary to meet one of the regulatory requirements which states that no one person shall hold more than 75% of a publicly quoted company.

Thanks, Miss_Risky.

It is our opinion that it is purely a speculative investment as there are no information to enable us form an opinion.

Of course, this is risky (the pun is intended ): NASCON has not posted profits in the last 12 years. But for Dangote fans, he's not divesting, really, he's obeying the rules. It's a risky buy, but probably a very good buy too.

It is now past 8am in Nigeria. Orders anyone?
.

[Tunde]

Be careful about company information taken from second hand sources like cashcraft. I have seen numerous errors.
Concerning the 'discount' price of N22 per share. Most of us have been to supermarkets where goods are offered at 'half price' sale. Do you sincerely believe the the sellers are loosing money?

Do not get me wrong, I also ordered for NASCON shares for reasons that has little to do with NASCON's fundamentals.

[Tunde]

Miss Risky,
Please let us know how to get information from Proshare as you have just done. I thought Proshare was focused on the Londonn Stock Exchange?

[Miss_Risky]

Hi Tunde,

When I registered with Proshare, I signed up for their Breaking News Service. I think that must have triggered the notification I received about NASCON. If you're already registered and didn't check this option during your initial registeration, you can still sign up by going to MyProshare>>MyNewsletters>>Edit MyNewsletters and then check Breaking News Service. Hope that helps...

[Miss_Risky]

I've just been told by my broker that we were not successful in our bid for the NASCON shares at N22. No surprises there then!

Did anyone out there have better luck?

[Stacks]

Zenith Securities website states that 154 million Nascon shares were traded today. I thought the offer was for 400 million, so how come Miss Risky wasnt able to get some shares? Can someone pls explain how this works?
Im still waiting to hear back from my Broker..

[alanbow]

I just got a positive response from my broker that the quantity I asked for was bought and also for a friend of mine that I instructed them to buy.

So Miss Risky, Have a good word with your broker. did they compile a list as requested by the NSE?

I am waiting for confirmation from my second broker whom I also instructed.

I am assuming that the 154,379,721 is the normal daily trade, but I am not sure.

[olusolakemmy]

Originally Posted by Miss_Risky

I've just been told by my broker that we were not successful in our bid for the NASCON shares at N22. No surprises there then!

Did anyone out there have better luck?

What miss risky said might be right, on my way from the office, i branched at my brokers place to enquire if the quantity i placed an order for was purchased and she said that they are yet to get the disket for daily transaction, that until then they cant say anything, but she insighted that it is possible for them not to get it as the demand was more than supply,hence i have to wait till monday to know how it goes.

I will advice her to wait till monday and make enquiry from her broker.

[richestowealth]

My broker said the house was only given 2 Million units. It's on Monday that they'd then divide it among the clients that booked. Let's wait and see.

[Avocado]

Interesting.

I've not spoken with my stockbroker, but I've no Trade Alert report about my NASCON order. It is also quite interesting - only to the point that some coincidences may not be accidental - that a number of stockbroking firms were not able to report data for yesterday: not FSDH, not AFrinvest, not Vetiva. From the posts above, only Zenith Securities have been able to report anything about NASCON. ZenSec is coming out as quite organised and well informed.

.

[Stockmarket_Voyeur]

Originally Posted by richestowealth

My broker said the house was only given 2 Million units. It's on Monday that they'd then divide it among the clients that booked. Let's wait and see.

Same thing with my stockbroker i.e. they didn't get all the NASCON units they put in for so will divide amongst the clients that expressed an interest in it.

[dotunk]

hi,
its quite unfair that the info got out just bearly 24hrs before the sale. i couldnt send in a bid via my brokers.

sad sad!

[eriksbmw]

Can't understand what is happening here !

Transaction states 154+ million units out of 400 million.......my stockbroker friends say that bids were in excess of 2.8billion !...hence houses were receiving only 8-10 % of their bid requests !

From what i'm told I will not receive more than 9% of my bid request........also....as Avocado stated.....all the sites had no market updates except Zenith...strange !