ACEN Insurance

[ebuka_2]

Please,
I don't understand. What is going on with ACEN insurance stock? it has been at almost 95K for almost a year now. Are they having a problem or what? Or is this an opportunity to buy more?

[olusolakemmy]

ACEN?????????????????
i dont think the company is anywhere near been healthy, i dont see the domancy as an opportunity to buy more or invest further.
there are other low price that can give youa good return.
peace

[ebuka_2]

Originally Posted by olusolakemmy

ACEN?????????????????
i dont think the company is anywhere near been healthy, i dont see the domancy as an opportunity to buy more or invest further.
there are other low price that can give youa good return.
peace

Can you give me some that you know will give a good return in the short to medium term.
Thank you.

[Survival2006]

Based solely on their quarterly performances so far, the following are a good buy for short/medium term:

• Crusader
• Mutual Benefit
• Niger Insurance
• Standard Alliance
• Lasaco
• C & I Leasing
• Staco
• Law Union & Rock
• Japaul Offer

Secondary Consideration

• Sovereign Insurance
• Cornerstone
• International Energy Ins
• Wapic
• AIICO
• Berger Paints
• Live Stock
  NEM Insurance

Outside Penny Stock

• Intercontinental Bank
• Wema Bank
• University Press
• Longman
• Beta Glass
• Nigerian German Chemicals
• Diamond Bank
• GT Bank
• First Bank
• Dangote Sugar
• Wapco
• Nigerian Breweries
• Nigerian Bottling Co
• CAP (Expect higher dividend this year)

[Survival2006]

I am sorry I missed out my favorites, also based on impressive quarterly results:

• Custodian & Allied Insurance
• Vitafoam
• R T Briscoe

[olusolakemmy]

Originally Posted by ebuka_2

Can you give me some that you know will give a good return in the short to medium term.
Thank you.

you already have loads of companyies to buy from.
let me just add ikeja hotels plc, is the toast of investors right now, although scarcity might not allowed you.
take care

[ebuka_2]

Thank you very much. I really appreciate it. Permit me please, to ask you if these are based on fundamental or technical analysis. Thank you

[lekmak]

im very curious about this company.Any of my ogas,i mean the gurus that have authentic info on this company should info me pls

[solainvest]

Originally Posted by lekmak

im very curious about this company.Any of my ogas,i mean the gurus that have authentic info on this company should info me pls

Unfortunately, I am not a guru but the latest information on this company in quote and on the link below:

''According to a statement from the commission, ACEN Insurance Plc. is in a merger with Sovereign Trust Insurance Plc.''

Proshare News

You can find out the latest on this merger from Sovereign Trust.

[billions]

Proshare News and Analysis
Update on ACEN Insurance
Posted Wednesday, September 24, 2008

Our News & Investigations unit sought to resolve enquiries with Wema Registrars; whom were Registrars to the ACEN Insurance offer.

The followings were our findings:

1. Money would be returned soon with interest

2. Sovereign Trust Insurance has not finished their acquisition of ACEN Insurance before they were delisted.

3. No share certificates yet.

However, the above information would be clarified by the Managing Director who was not in as at the time Proshare NI team visited.

We would do a follow up and revert to you before the end of next week.

[hispy99]

Acen Insurance - Updates
Posted Friday, September 26, 2008
As a follow up to our earlier mail, below is further information gathered as regards the ACEN Insurance offer.



1. Securities and Exchange Commission has given approval for the payment of investors refund to the failed ACEN Insurance offer with a reasonable interest rate.



2. The funds are deposited in Intercontinental Bank who are joint Issuing House to the offer.



3. Intercontinental Bank are proposing to pay 4 percent (4%) interest on the money, but SEC says they should make it more reasonable.



4. The refund would soon be paid to Wema Registrars from Intercontinental Bank for onward dispatch of return money warrants to investors.

[hispy99]

SEC gives approval on return money of aborted ACEN 07 offer
Posted Sunday, September 28, 2008



Proshare NI

September 27, 2008 at 08: 01 GMT





Securities & Exchange Commission (SEC) has given its approval to for the refund of money to investors in the aborted ACEN Insurance Plc (ACENICO) 2007 Public Offer (PO).



Gbenga Ajiboye, Chief Executive Officer (CEO) of Wema Securities & Finance Plc, (WEMASEC) who were joint Issuing House to the offer made this confirmation to Proshare NI in Lagos Nigeria.



“The investors’ money is safe and secured and it is currently being deposited at Intercontinental Bank Limited; who were also joint Issuing House to the ACENICO offer” Ajiboye said.



He affirmed to Proshare NI that SEC has also demanded that the funds be refunded to investors with a reasonable interest rate. “SEC has given its approval to pay a reasonable interest” he said.



Though he confirmed to Proshare NI that Intercontinental Bank is proposing paying the return money with a four percent interest; which the regulatory authority has advised otherwise.



In the same vein, Lanre Oloyi, Head, Media of the Commission also confirmed this to Proshare NI, “it is true that SEC has given its approval for the refund of money to investors following the abortion of ACENICO’s 2007 offer” Oloyi said.



Proshare NI sought to clarify the issue with Wema Registrars Limited, who were Registrars to the offer, Niran Omololu, Head, operations of the Registrars confirmed that they are working on paying the money back to investors very soon.



“We have made all arrangements to pay back the money to investors and this would be very soon, immediately Intercontinental Bank release the funds to us, we would prepare the warrants and dispatch through the post to investors addresses” Omololu affirmed.



Though as at the time of filling in this report, Proshare NI could not ascertain the exact time that they said refund would commence.



This is coming on the heels of investors’ enquiries to Proshare NI as regards the refund of the investments made in the aborted insurance company’s 2007 offer; following the delisting of the company recently on the Floors of the Nigerian Stock Exchange (NSE).



In 2006, the Federal Government (FG) through the National Insurance Commission (NAICOM) issued a directive to players in the insurance industry to recapitalise, ACENICO sought to raise N2.1 billion through an offer in order to shore up its capital base and meet up with the requirements deadline.



The company in its bid to raise the N2.1 billion offered for subscription 3.0 billion Ordinary Shares of 50 kobo each at 70 kobo per share.