okitipupa oil palm plc

[Gbike]

Guys I need some serious advice on this stock. Is it a very good investment oportunity or a bad gamble?

[phoneworks]

Its a penny stock so it depends on what you want. Its good to build for building portfolio

[pesadilla]

a pennystock doesn't translate to a good stock,always invest in companies you know in and out.what do you know about okitipupa oil?if somebody tells you when to buy,who is going to tell you when to sell? i will surgest you do your homework and as for okitipupa, stay clear.there are many fundamentally strong coys out there waiting to do business with you.

[pumping]

Originally Posted by pesadilla

a pennystock doesn't translate to a good stock,always invest in companies you know in and out.what do you know about okitipupa oil?if somebody tells you when to buy,who is going to tell you when to sell? i will surgest you do your homework and as for okitipupa, stay clear.there are many fundamentally strong coys out there waiting to do business with you.

Spot on.

I have never even seen any result from the company this year. Not any year for that matter. Buying such a stock is a gamble. You could make money but why gamble when you can make informed decisions?

[DaInvestor]

okitipupo is what some people can call a dead company. they have not paid dividend in years unless ofcourse they have been sending it to the wrong address. the problem with stocks like these is that u tend to see activity on them when the market is bullish so people tend to trade these shares b ut like in the case of this textile company that just closed down UNTL or so most of these companies are moribond. i suggest u do ur research well b4 investing in these ventures dats not to say if u do invest u cant make moey but i can assure u, u ll have to wait for a buyer like u b4 u can toss it no matter the price. a word is enough for the wise. good luck

[knightofdelta]

Heard that there is a turnaround expert who wants to invest N400million into Okitipupa. Who knows? It could be one of those rumors where people do insider trading and dump useless stocks on unwary investors.

Be careful.
The KOD

[faoogoke]

Originally Posted by knightofdelta

Heard that there is a turnaround expert who wants to invest N400million into Okitipupa. Who knows? It could be one of those rumors where people do insider trading and dump useless stocks on unwary investors.

Be careful.
The KOD

GTBank was reported in a major newspaper to have given loans to the coy in the millions even as new investors have taken over the company with the aim of turning around it's fortune.

[cooldudeng]

I thought if one can get this stock to buy i just checked the activity of this stock. Just 1000units was traded as for today

[jamiescrown]

I read the story about the GT bank given Okitipupa 320million naira for turn around and the foreign inveator Estaport has alos agreed to take up its Right issues when they are issued. I think this is a green light but my concern is the illiquid state of the stock and of course who knows the state of the balance sheet?

[shinacept]

hi,just want to know to know which one is better off investing in,since u guys adviced okitipupa oil is not a good investment n is ellah lakes another stock in dis sector a goog buy or should one just look into another sector?wats your opinion.Lest i forget do u think d loan by GTBank can turn things around for good for okitipupa in the future ?

[riskreturn]

Originally Posted by shinacept

hi,just want to know to know which one is better off investing in,since u guys adviced okitipupa oil is not a good investment n is ellah lakes another stock in dis sector a goog buy or should one just look into another sector?wats your opinion.Lest i forget do u think d loan by GTBank can turn things around for good for okitipupa in the future ?

Whatever is discussed about Okitipupa Oil would largely be just academic, as the shares are not even available to buy. I ordered for few units to be bought since early January but my brokers have still not succeeded. The number of trades in the stock is usually 1 or 2, involving just about 1,000 units - and, on most dayes, there are no trades at all.

[hispy99]

Latest Market Info
OKITIPUPA: YEAR END 2007

OKITIPUPA OIL PALM PLC. 2007 AUDITED ACCOUNT. TURNOVER 07 N214.3M 06 N186.0M

PBT 07 N12.7M 06 N14.3M

TAXATION 07 NIL 06 (N4.48M)

PAT 07 N12.7M 06 N18.7M

[hispy99]

Okitipupa Oil Palm to raise N3.5bn from capital market
By Femi Makinde, Akure
Published: Thursday, 9 Oct 2008
The management of the Okitipupa Oil Palm Limited has said that the company will soon go to the floor of the Nigerian Stock Exchange to raise N3.5bn in order to reposition it.

Managing Director of the company, Chief Francis Mogaji, said this at a press conference he addressed in Akure on Thursday.

He said, “If our over 16,000 shareholders approve of the N3.5bn we intend to source from the capital market, the company will bounce back fully.”

Mogaji, who said that the company also required fresh free capital from its existing shareholders, said that he was confident that it would succeed in it fund drive due to the remarkable progress it had made since it got a new management in April 2004.

He said that the board had recommended to its shareholders that the authorised share capital be increased from 100 million shares of 50k each to 1.1 billion shares.

The managing director stated that the new management of the company inherited N240m debt when it took over, but added that the debt had been reduced to N147m.

He said, “We want to report that our company had paid a total of N93m to various creditors from its internally generated funds.”

According to him, the present management team turned around the fortunes of the company as it was able reverse losses incurred.

Mogaji said that the Ondo State Government gave a soft loan of N200m, which was used to pay off indebtedness to the receiver/ manager appointed by creditors, and to commence the rehabilitation of the Okitipupa and Ipoke mills.

[hispy99]

Okitipupa Oil Palm to raise N500 million from capital market
Written by Michael Eboh
Friday, 24 October 2008
Okitipupa Oil Palm Plc has announced its determination to expand the scope of its operations and to return to the path of profitability, declaring that it plans to raise N500 million from the capital market to finance its growth plans.

Speaking during its annual general meeting in Ondo state, the Chairman of the company, Mr. Akin Aduwo disclosed that proceeds from the funds which will be raised through a combination of public offer and rights issue, will be used in the rehabilitation and modernisation of its existing factories and will be used in the acquisition of energy saving equipments.

He said, “The company’s re-engineering is in three phases. With the successful completion of the first phase, the second phase, which involves the complete elimination of unwanted trees in more than 8,000 hectares of plantation and the rehabilitation and modernisation of the Okitipupa and Ipoke mills capable of processing 25 tonnes of fresh fruit bunches per hour will be embarked upon.

The energy saving project, through the conversion of our wastes, which we produce in abundance, will be included to generate steam and electricity. This project will automatically increase profits and stimulate steady growth, paving way for an early resumption of dividend declaration and payment. However, these can be achieved if fresh interest-free capital is available. We plan to increase our authorised share capital from N50 million to N550 million and it may be either through a combination of offer for subscription or rights issue.”

He disclosed that it has identified impediments to its resumption to profitability and has already put in place mechanisms to ensure the systematic removal of the impediments and ensure its steady growth and successes.

The company recorded a turnover of N214.37 million in its 2007 financial year compared with a turnover of N186.04 million in 2006, it posted a profit after tax of N12.73 million compared with N14.36 million in 2006 and a profit after tax of N12.73 million from N9.88 million in 2006.

Aduwo blamed the misfortunes of the company in the past to mismanagement of its resources by its past management and commended the government of Ondo state for its role in the resuscitation and reposition of the company.

He said, “The company was mismanaged in the recent past to the extent that it could not pay its way. Consequently two receiver/managers were appointed for the company. The Ondo State government, in its quest o create employment for Nigerians, decided to champion the repositioning of the company in April 2004 despite the unwillingness of the major shareholders to participate in the recovery.

The state government assisted the company to pay the receiver/managers and it also provided a soft loan to commence the rehabilitation and reposition programmes for the benefit of the entire shareholders.”

He further stated that the fortunes of the company begin to improve significantly in 2004 after the intervention of the Ondo state government, as it returned to profitability afer a more than a decade of loss making.

[hispy99]

Originally Posted by hispy99

Okitipupa Oil Palm to raise N500 million from capital market
Written by Michael Eboh
Friday, 24 October 2008
Okitipupa Oil Palm Plc has announced its determination to expand the scope of its operations and to return to the path of profitability, declaring that it plans to raise N500 million from the capital market to finance its growth plans.

Originally Posted by hispy99

Okitipupa Oil Palm to raise N3.5bn from capital market
By Femi Makinde, Akure
Published: Thursday, 9 Oct 2008
The management of the Okitipupa Oil Palm Limited has said that the company will soon go to the floor of the Nigerian Stock Exchange to raise N3.5bn in order to reposition it.

So which one is it? N3.5B or N500M?