Sovereign Trust Insurance Plc

[hispy99]

Latest Market Info
SOVRENINS: FIRST QTR RESULTS ENDED MARCH 31, 2008

SOVEREIGN TRUST INSURANCE PLC, FIRST QUARTER RESULT ENDED 31ST MARCH 2008

GROSS PREMIUM WRITTEN 08 N1.331b, 07 N605.901m

PBT 08 N305.411m, 07 N177.969m

TAXATION 08 (N36.649m) 07 (N21.356m) PROFIT AFTER TAXATION 08 N268.762m, 07 N156.613m

[hispy99]

The Punch :: STI to list 780.8 million shares of merged allies

[billions]

SOVEREIGN TRUST INSURANCE PLC
2ND QUARTER RESULT FOR THE PERIOD ENDED 30TH JUNE 2008
2008 2007
GROSS PREMIUM WRITTEN N2.145b N1.389b
PROFIT BEFORE TAXATION N503.383m N253.765m
TAXATION N54.365m N31.720m
PROFIT AFTER TAXATION N449.018m N222.045m

[threecrown]

"Copyright infringement"

[hispy99]

Acen shareholders okay acquisition by Sovereign Trust

[zainabusman]

SOVEREIGN TRUST INSURANCE PLC
AUDITED FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31ST DECEMBER 2008
PROFIT AND LOSS ACCOUNTS INFORMATION
2008 2007
GROSS PREMIUM WRITTEN N3.811b N2.487b
PROFIT BEFORE TAXATION N415.657m N407.868m
TAXATION (N54.861m) (N50.079m)
PROFIT AFTER TAXATION N360.795m N357.789m
RETAINED EARNINGS N246.443m N22.968m
BALANCE SHEET INFORMATION
FIXED ASSETS N530.185m N392.615m
STOCK N1.648b N1.218b
TRADE DEBTORS N1.329b N1.117b
CASH AND BANK BALANCES N44.491m N16.331m
OTHER DEBIT BALANCES N1.804b N1.214b
TRADE CREDITS N239.695m N103.010m
OTHER CREDIT BALANCES N474.359m N638.639m
WORKING CAPITAL N2.309b N2.352b
NET ASSETS N4.643b N3.217b

[zainabusman]

Originally Posted by zainabusman

SOVEREIGN TRUST INSURANCE PLC
AUDITED FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31ST DECEMBER 2008
PROFIT AND LOSS ACCOUNTS INFORMATION
2008 2007
GROSS PREMIUM WRITTEN N3.811b N2.487b
PROFIT BEFORE TAXATION N415.657m N407.868m
TAXATION (N54.861m) (N50.079m)
PROFIT AFTER TAXATION N360.795m N357.789m
RETAINED EARNINGS N246.443m N22.968m
BALANCE SHEET INFORMATION
FIXED ASSETS N530.185m N392.615m
STOCK N1.648b N1.218b
TRADE DEBTORS N1.329b N1.117b
CASH AND BANK BALANCES N44.491m N16.331m
OTHER DEBIT BALANCES N1.804b N1.214b
TRADE CREDITS N239.695m N103.010m
OTHER CREDIT BALANCES N474.359m N638.639m
WORKING CAPITAL N2.309b N2.352b
NET ASSETS N4.643b N3.217b

Another modest result from Insurance. Flat growth. They have 4.593 billion shares. So EPS is 7.8 kobo. It closed today at 87 kobo. That is a PE of 11. No dividend announced yet. Maybe they are doing the smart thing and not paying any.

Infact the full year result is lower than the half year result of N449 million. This means a loss was made in the last 6 months of the year to bring down the profit from N449 million to N361 million.

[iluvstocks]

Originally Posted by zainabusman

Another modest result from Insurance. Flat growth. They have 4.593 billion shares. So EPS is 7.8 kobo. It closed today at 87 kobo. That is a PE of 11. No dividend announced yet. Maybe they are doing the smart thing and not paying any.

Infact the full year result is lower than the half year result of N449 million. This means a loss was made in the last 6 months of the year to bring down the profit from N449 million to N361 million.

Are you sure the float is 4.593B? Meristem has 5.133B.

[zainabusman]

Originally Posted by iluvstocks

Are you sure the float is 4.593B? Meristem has 5.133B.

The 4.593B is what is on NSE webiste and BGL data. However, if there is a larger figure from Meristem, then it is safer to use the larger figure.

[hispy99]

Originally Posted by zainabusman

The 4.593B is what is on NSE webiste and BGL data. However, if there is a larger figure from Meristem, then it is safer to use the larger figure.

I have 6.15B

[zainabusman]

Originally Posted by hispy99

I have 6.15B

If this is correct, it makes the result even worse.

[hispy99]

Originally Posted by zainabusman

If this is correct, it makes the result even worse.

Bloomberg has 5.2B shares which seems like the 4.59B shares you had plus the 0.7B additional shares they issued for the acquisitions of Coral, Confidence and Prime Trust Insurance (listed sometimes in 2008 i think). I also have a 1 for 5 bonus for FYE 2007. Hopefully their annual report will shed some light on the actual #

[pumping]

They have at least 5.51B.

At some point they had 3.54B. Then the additions below.

- Added 1B supplementary shares on 20th Nov 07

- Sovereign Trust Insurance Plc has received the approval of the Nigerian Stock Exchange to list on the trading floor, the 264,695,000 units of the over subscribed portion of the one billion ordinary shares offered for subscription during the company’s private placement in 2006.

-In another development, a total of 700,833,333 Ordinary shares have been added to the shares Outstanding in favour of Sovereign Trust Insurance Plc following their merger with Coral, Confidence and Prime Insurance Ltd

[zainabusman]

Originally Posted by pumping

They have at least 5.51B.

At some point they had 3.54B. Then the additions below.

- Added 1B supplementary shares on 20th Nov 07

- Sovereign Trust Insurance Plc has received the approval of the Nigerian Stock Exchange to list on the trading floor, the 264,695,000 units of the over subscribed portion of the one billion ordinary shares offered for subscription during the company’s private placement in 2006.

-In another development, a total of 700,833,333 Ordinary shares have been added to the shares Outstanding in favour of Sovereign Trust Insurance Plc following their merger with Coral, Confidence and Prime Insurance Ltd

It baffles me that NSE cannot maintain an accurate data base of very basic information.

[iluvstocks]

Originally Posted by pumping

They have at least 5.51B.

At some point they had 3.54B. Then the additions below.

- Added 1B supplementary shares on 20th Nov 07

- Sovereign Trust Insurance Plc has received the approval of the Nigerian Stock Exchange to list on the trading floor, the 264,695,000 units of the over subscribed portion of the one billion ordinary shares offered for subscription during the company’s private placement in 2006.

-In another development, a total of 700,833,333 Ordinary shares have been added to the shares Outstanding in favour of Sovereign Trust Insurance Plc following their merger with Coral, Confidence and Prime Insurance Ltd

I did have 5.2 but without the 264,695,000 units. I guess 5.51 is close to the real number.
Hispy99,
How did you get to 6.15?

[hispy99]

Originally Posted by iluvstocks

I did have 5.2 but without the 264,695,000 units. I guess 5.51 is close to the real number.
Hispy99,
How did you get to 6.15?

4.54B + 0.91B (1 for 5 bonus) + 0.7B.

[iluvstocks]

Originally Posted by hispy99

4.54B + 0.91B (1 for 5 bonus) + 0.7B.

did some digging and here is what I found. Initially they had 2.371B shares, then they an offer for 1B shares with 264 695 000 shares oversubscription. Then 1 for 5 bonus and 700 833 333 merger shares. This comes to 2.371 + 1 + 0.265 + 0.7272 + 0.7008 = 5.064.
Makes me think that your 0.91B must already be included in the 4.54B. Sounds like the Bloomberg 5.2B is correct.
How do you check shares outstanding on Bloomberg?

[hispy99]

Originally Posted by iluvstocks

did some digging and here is what I found. Initially they had 2.371B shares, then they an offer for 1B shares with 264 695 000 shares oversubscription. Then 1 for 5 bonus and 700 833 333 merger shares. This comes to 2.371 + 1 + 0.265 + 0.7272 + 0.7008 = 5.064.
Makes me think that your 0.91B must already be included in the 4.54B. Sounds like the Bloomberg 5.2B is correct.
How do you check shares outstanding on Bloomberg?

Go to their website :Bloomberg.com

If you check the top right hand corner of your screen, there's a "Symbol Lookup" tab. It is located aftter "Quote", "Chart" and "News" tabs. Click on it and it'll take you to this web page: Bloomberg.com: Personal Finance. Type in the name of the firm and it'll give you a list of options. Select the company you are interested in.

[zainabusman]

Originally Posted by zainabusman

sovereign trust insurance plc
audited financial statements for the year
ended 31st december 2008
profit and loss accounts information
2008 2007
gross premium written n3.811b n2.487b
profit before taxation n415.657m n407.868m
taxation (n54.861m) (n50.079m)
profit after taxation n360.795m n357.789m
retained earnings n246.443m n22.968m
balance sheet information
fixed assets n530.185m n392.615m
stock n1.648b n1.218b
trade debtors n1.329b n1.117b
cash and bank balances n44.491m n16.331m
other debit balances n1.804b n1.214b
trade credits n239.695m n103.010m
other credit balances n474.359m n638.639m
working capital n2.309b n2.352b
net assets n4.643b n3.217b

sovereign trust insurance plc
audited financial statement for the year ended
31-12-2008 corporate action proposed dividend
3kobo agm august 6, 2009 closure of register
july 16 to 17 2009 payment date september 7 2009
14th agm venue civic centre ozumba mbadiwe street
victoria island lagos at 12 noon

[edunko]

Originally Posted by zainabusman

sovereign trust insurance plc
audited financial statement for the year ended
31-12-2008 corporate action proposed dividend
3kobo agm august 6, 2009 closure of register
july 16 to 17 2009 payment date september 7 2009
14th agm venue civic centre ozumba mbadiwe street
victoria island lagos at 12 noon

Chei, this is too bad