Igi

[Avocado]

Walcolm: I'll appreciate a clarification of your posts based on the expression: "ordinary shares of 50 kobo each at N2 per share".

Cheers.

[crtide]

Like Apache said, the issue of nominal value has been clarified and buried. What was offered was ordinary shares of 50 kobo each at N2 per share. So there is no splitting as the nominal value on the exchange is N0.50k. However grapevine has it that it will be listed @ N5 by Jan end /Feb.

On the issue of dividents for fy2007. Can the guys who still have the prospectus confirm that. If the shares issued in the PP will qualify for div, then it will be reflected in the calculations for the year to project for EPS,Div/Share, PE etc.

[Avocado]

All right; it not that Walcolm's original explanation wasn't not read; it was misread, and by me; a crime, eh? Now, the very interesting question of qualification for dividends for FY2007 can be answered from the prospectus; all that has to be done is to read it.
.

[Apache]

Originally Posted by Avocado

All right; it not that Walcolm's original explanation wasn't not read; it was misread, and by me; a crime, eh? Now, the very interesting question of qualification for dividends for FY2007 can be answered from the prospectus; all that has to be done is to read it.
.

I have the prospectus but it doesn't say anything about qualification for dividends. I guess i will have to read it again to "be absolutely sure" (coining the Dettol end line).

[balaliyu]

Information for all those who bought IGI shares at the last PP:

You can actually pick up your share certifcates (in 15 minutes max) if you make it to the registrars office:

Union Registrars
Union Bank office (3rd Floor)
2 Burma Road, Apapa.

Picked up mine last week - trust me, you just may be saving yourself 3 months nigerian mailing time.

By the way, there was a note from the MD,(enclosed with the certificate) apologising for the delay (yeah right...), but more importantly stating that listing is planned later this year - when they finalise their 2007 results. Something about SEC rules that to list shares by introduction, your last audited results must not be older than 9 months.

Anyway, from the grapevine, listing is planned for April 2008- and I hear their financials are fantastic.

Cheers...B

[Murphy]

Originally Posted by Apache

I have the prospectus but it doesn't say anything about qualification for dividends. I guess i will have to read it again to "be absolutely sure" (coining the Dettol end line).

@Apache,
Compliments of the season,
pls can you post the prospectus of this PP or you can mail me : murphy_n2003 (at) yahoo.co.uk.

Many thanks my brother.

[Apache]

Originally Posted by Murphy

@Apache,
Compliments of the season,
pls can you post the prospectus of this PP or you can mail me : murphy_n2003 (at) yahoo.co.uk.

Many thanks my brother.

@Murphy,
Sorry, what i have is the hard copy of the prospectus. i do not have the soft copy

[Murphy]

Originally Posted by Apache

@Murphy,
Sorry, what i have is the hard copy of the prospectus. i do not have the soft copy

@Apache,
Thanks man, if you are opportuned to get a scanner, if it is only the forecast projections, pls do for me.
My Regards

[Apache]

Originally Posted by Murphy

@Apache,
Thanks man, if you are opportuned to get a scanner, if it is only the forecast projections, pls do for me.
My Regards

No problem man. will do that tomorrow

[Avocado]

Babaliyu: thanks for sharing... April 2008, fantastic results... we'll see: the benchmark will be their projected results as in the attached prospectus for the PP.

Cheers.

[crtide]

First of all AVOCADO, thanks for the doc,
according to page 26 of the the prospectus, the issued shares are part of the calculations for div in 2006, 2007. The number of shares used for the 2008 calculations is even more, which COULD suggest there's a planned bonus or IPO. But we all know that the prospectus is not always followed to the letter especially when there is massive oversubscription as was reported in this case. Things may have changed since then.

Further reading supports my assumption (page 31 excerpt)
BONUS ISSUE
Bonus or scrip issue of 1 for 4 shares will be made in 2007 and 1 for 5 in 2008 from
the outstanding amount in share premium account. These bonus issues will rank for
dividend in 2008 and 2009 respectively.

The question is, will this still happen.....

[Apache]

I guess everyone that participated in the pp got this letter. Meanwhile, grapevine info has it that their year end result was very good

[crtide]

Uhm...I am so looking forward to the listing, I hope the PP shares are qualified for div.

[DaInvestor]

thank God, the long wait is over, i ll have to go to the registrers to get my cert. i guess we are entitled to dividend

[Etubom]

Originally Posted by Walcolm

'there's nothing to be concerned about.
most PPs are like that and believe me, it is good for you as an investor.

what happens is that for the company to go public or get listed on the NSE, the nominal share value must change from N1 to N0.50k meaning, if you bought 100k unit of N1 each, you now have 200k units of 50k each. this is where it gets really good; there's no law that says IGI cannot say their listing price is N3 per 50k unit meanin you are now the proud owner of 200k units of IGI shares valued at N600,000

Bros Walcom: I think the issue is beyond the arithmetic of expected gains. We can all work that out. The kernel of the matter is that IGI has not been completely truthful with the investing public about this their endless PP without listing, or at least releasing the share certificates. Pray, in this a 2nd round, or 3rd round of PP wil they release the certificates?? Buying a piece of company which is represented by a figure on a piece of paper called shares is based completely on trust. Once you begin to default on disclosures, cook the financial books, and say one thing and do another, you loose that trust. Ask Bunmi Oni's Cadbury.

How can a company keep doing PP after PP, while hanging on tight to the share certificates of those who bought thier shares for ages. What is the gain for the hapless investor?? Just the comfort of knowing that the coy they bought into has a fat balance sheet without them sharing in the good fortune??

To add insult to injury, these days IGI is carrying newspaper advert strips calling itself "Plc". For those who know CAMA intimately, can you address yourself as a publicly quoted company without listing? Doing PP without listing doesnot transform the company into a Plc. We need lots of answers from IGI.

Trans-corpse (Oops, sorry, Transcorp) has been playing the same wayo on those who bought thier PP. They use all kinds of subterfuge through thier registrar to come up with all kinds of funny reasons why the share certificate cannot be verified. IT IS FRAUDULENT!!

[Apache]

Originally Posted by Etubom

Bros Walcom: I think the issue is beyond the arithmetic of expected gains. We can all work that out. The kernel of the matter is that IGI has not been completely truthful with the investing public about this their endless PP without listing, or at least releasing the share certificates. Pray, in this a 2nd round, or 3rd round of PP wil they release the certificates?? Buying a piece of company which is represented by a figure on a piece of paper called shares is based completely on trust. Once you begin to default on disclosures, cook the financial books, and say one thing and do another, you loose that trust. Ask Bunmi Oni's Cadbury.

How can a company keep doing PP after PP, while hanging on tight to the share certificates of those who bought thier shares for ages. What is the gain for the hapless investor?? Just the comfort of knowing that the coy they bought into has a fat balance sheet without them sharing in the good fortune??

To add insult to injury, these days IGI is carrying newspaper advert strips calling itself "Plc". For those who know CAMA intimately, can you address yourself as a publicly quoted company without listing? Doing PP without listing doesnot transform the company into a Plc. We need lots of answers from IGI.

Trans-corpse (Oops, sorry, Transcorp) has been playing the same wayo on those who bought thier PP. They use all kinds of subterfuge through thier registrar to come up with all kinds of funny reasons why the share certificate cannot be verified. IT IS FRAUDULENT!!

Please note that IGI has concluded their PP and certificates have been despatched. I have received mine. They are looking at listing in the first quarter of this year.
I think there are 2 threads on IGI in this forum bcos iu know we had discussed this in another thread

[Were it not for God]

Hi All,

Let's get something right. A company is a plc as long as it has more than 7 members according to CAMA (formerly CAMD 1990) so IGI can call itself a plc whether or not it is publicly listed on the Stock EXchange.

[DaInvestor]

go to union registrers to collect ur certificate, got mine today and it was quick. dont wait for them to post it cos i dont think they have any intention of doing dat. its great to have u guys back

[chizobam]

Hi! guys,
I'm new in this forum and I enjoyed every bit of it.
Please, has anyone receive IGI PP certificate?

[newton]

Sure. It was discussed exhaustively in earlier posts. Just go to union registrars 3 burma road apapa wt valid means of id n pick it up.