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  #741 (permalink)  
Old 18th May 2015, 11:35 AM
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Default Re: Iei - International Energy Insurance - Iei

NAICOM Dissolves Board Of Int’l Energy Insurance |

FYA esp for folks still chasing shadows re. Heritage Bank.
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  #742 (permalink)  
Old 18th May 2015, 02:07 PM
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Default Re: Iei - International Energy Insurance - Iei

Quote:
Originally Posted by Django View Post
NAICOM Dissolves Board Of Int’l Energy Insurance |

FYA esp for folks still chasing shadows re. Heritage Bank.
Surely, the market will react positively to this development. So far, there are bids with no offer
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  #743 (permalink)  
Old 18th May 2015, 03:35 PM
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Default Re: Iei - International Energy Insurance - Iei

As expected, the market reacted positively to NAICOM's action on IEI. The stock trended up.
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  #744 (permalink)  
Old 18th May 2015, 04:34 PM
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Default Re: Iei - International Energy Insurance - Iei

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Originally Posted by nkpokiti View Post
As expected, the market reacted positively to NAICOM's action on IEI. The stock trended up.
The uptake is due monkey hunting
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  #745 (permalink)  
Old 1st June 2015, 08:53 PM
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Default Re: Iei - International Energy Insurance - Iei

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Originally Posted by nkpokiti View Post
As expected, the market reacted positively to NAICOM's action on IEI. The stock trended up.
IEI's Planned EGM Put on Hold; Company to Announce New Date for AGM/EGM - Proshare
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  #746 (permalink)  
Old 8th June 2015, 08:04 PM
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Default Re: Iei - International Energy Insurance - Iei

Unresolved Board Differences led to NAICOM Intervention in IEI Plc - Proshare
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  #747 (permalink)  
Old 8th June 2015, 08:09 PM
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Default Re: Iei - International Energy Insurance - Iei

Quote:
In the course of our investor centric interest, the Share Support Service met with the Head, Corporate Communication of IEI Plc, Mr. Tamuno Kiri, who clarified a few of the gaps in information published/publicly available, viz:

Here are a few of the Q & A that ensued:

1. What is the status of affairs in the company that necessitated NAICOM’s involvement?

Refer to the Statement by IEI published in The Punch on 25th May, 2015. Statement by IEI Plc on the take-over by NAICOM


2. When will the financials of the company be ready (and why was there no communication with investors when this post-listing requirement was not complied with)?

I am unable to confirm specifically when the financials will be released as it is the function of the board to do that. Further, regulatory approval from NAICOM is a factor/responsible for the delay of the financials. The 2013 accounts has scaled through NAICOM’s approval and it is just left for the board to release it while the 2014 Audited financials is with NAICOM.



3. Further to a publication in the Punch Newspaper that the CAC has withdrawn its letter approving an EGM for May 28, 2015 – Can you give us the official version to ensure that the investing public has up-to-date and verifiable information?

This has been addressed via phone on Sunday and published on Monday…. Statement by IEI Plc on the take-over by NAICOM



4. What should investors look forward to with regards to the going concern status of the business (and perhaps rationale for closing down branches).

He said IEI is a profitable company? The company in its Q1’15 financials made N1.4bn and also paid claims falling due (NB: This information has not been released to the market)



5. The issue of investments in Heritage Bank as mentioned in one of our reports will be good to know (given the documentations seen on same) – if only to assure investors that information from the company is credible.

IEI has no investment(s) in Heritage Bank.

so company discloses Q1 result to Proshare but not to NSE? Well done Mr. Kiri
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  #748 (permalink)  
Old 9th June 2015, 11:27 AM
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Default Re: Iei - International Energy Insurance - Iei

Quote:
Originally Posted by MalamImam View Post
My broker, always in the know, is betting on international energy insurance. He insists that the negative perception on the stock is misplaced. Yes, people lost value because of the reconstructions but the company turned around, has the lowest shares in the insurance sector and owns a promising bank ( Heritage bank). Their business model is ver robust. They control all Daewoo insurance deals (which is mouth watering) and they are well spread out in the oil and gas sector.
Quote:
Originally Posted by Django View Post
Nope, they don't... To my knowledge, IEI does not have any major equty stakeholding in Heritage. The bank majorly belongs to one of GEJ's boys! The only connection with IEI is their current MD, who is the ex-CEO of IEI!
Quote:
Originally Posted by nkpokiti View Post
IEI (through their investment arm, IEI Assets Mt ltd) controls 80% of Heritage bank. The Saraifamily controls only 10%.
Quote:
Originally Posted by Django View Post
Packaging... Forget public records... How come this ownership is not reflecting in the IEI's share price (re. forward looking... cos Mr Market na sharp guy now!) ? Check IEI's balance sheet to see if 80% ownership is reflecting? Moreover, what % equity ownership does IEI really have in this investment vehicle (IEI Assets Mgt) used to acquire Heritage Bank? BTW, control of bank license doesn't mean bank ownership... ask Saraki?
Quote:
Originally Posted by Kotlass View Post
I suggest you do more research.
Quote:
Originally Posted by nkpokiti View Post
I laugh ... please allow people to assume what they want. No need to argue. That IEI owns 80% of Heritage bank is a statement of fact which is verifiable at the Corporate Affairs Commission. Serious investors do their homework.
Quote:
Originally Posted by nkpokiti View Post
For the record:

Heritage Banking Company limited Stock OwnershipRankPercentage Ownership1IEI Investments Limited (IEI)80.02Olusola Saraki Family9.03Other Minority Shareholders11.0Total100.00
Quote:
Originally Posted by Django View Post
Me? More research to find out what, sir? ... to corroborate or invalidate already-known fact re. Heritage Bank ownership? BTW, this regional bank is on the cusp of being a national bank - currently bidding for two of the 3 AMCON banks - the asset-rich one esp. And you think is the IEI's tasere funds that is behind this aggressive acquisitive move? Abegi!
Quote:
Originally Posted by Django View Post
Ok o... BTW, other than this bland one-line public record re. ownership that you keep throwing around, please tell this learning forum something else to validate your claim and check the IEI's balance sheet as suggested earlier while at it, sir!

Blessed Sunday!

#InformativeForum
Quote:
Originally Posted by hispy99 View Post
so company discloses Q1 result to Proshare but not to NSE? Well done Mr. Kiri
The issue of investments in Heritage Bank as mentioned in one of our reports will be good to know (given the documentations seen on same) if only to assure investors that information from the company is credible.

IEI has no investment(s) in Heritage Bank.

Gbam!! Almost one year after, when the ownership issue was initially raised... Anyway, some delusional investors and their Shooting-in-the-dark investing approach, sha!

#Throwback
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  #749 (permalink)  
Old 9th June 2015, 04:18 PM
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Default Re: Iei - International Energy Insurance - Iei

Quote:
Originally Posted by Django View Post
The issue of investments in Heritage Bank as mentioned in one of our reports will be good to know (given the documentations seen on same) if only to assure investors that information from the company is credible.

IEI has no investment(s) in Heritage Bank.

Gbam!! Almost one year after, when the ownership issue was initially raised... Anyway, some delusional investors and their Shooting-in-the-dark investing approach, sha!

#Throwback
chai...u sure say u no be CIA double agent? see as you go retrieve all these ancient messages
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"The one absolute requirement of a money manager is emotional maturity. If you dont know who you are, the stock market is an expensive place to find out." - Adam Smith
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  #750 (permalink)  
Old 9th June 2015, 06:26 PM
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Default Re: Iei - International Energy Insurance - Iei

Quote:
Originally Posted by hispy99 View Post
chai...u sure say u no be CIA double agent? see as you go retrieve all these ancient messages
All na for learning purpose, Chairman!

#LearningForum
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  #751 (permalink)  
Old 17th June 2015, 04:32 PM
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Default Re: Iei - International Energy Insurance - Iei

IEI Interim Management Targets Stability,Competitiveness, Articles | THISDAY LIVE
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  #752 (permalink)  
Old 26th October 2015, 04:27 PM
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Default Re: Iei - International Energy Insurance - Iei

http://www.nse.com.ng/Financial_News...TOBER_2015.pdf
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  #753 (permalink)  
Old 29th October 2015, 04:25 PM
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Default Re: Iei - International Energy Insurance - Iei

Quote:
Originally Posted by Django View Post
The issue of investments in Heritage Bank as mentioned in one of our reports will be good to know (given the documentations seen on same) if only to assure investors that information from the company is credible.

IEI has no investment(s) in Heritage Bank.

Gbam!! Almost one year after, when the ownership issue was initially raised... Anyway, some delusional investors and their Shooting-in-the-dark investing approach, sha!

#Throwback
Still in the spirit of learning;

"The Company redeemed its investment in loan notes with Heritage Banking Company Limited during the year at its
face value of N1,700,000,000
Subsequently,during the year ended 31 December 2013, the Company received 1,000,000,000 ordinary shares of
N1.00 each equity investment of Heritage Banking Company Limited in lieu of the amount receivable from
Management Buy-out debtors which had been previously impaired.The value of the amount recovered from the
impaired balance has been recognised as part of other income in the profit and loss account
"

Please kindly spare a few minutes out of your busy schedule to read page 83 of the 2013 audited report of this company. Note (iii) on same page was quoted. Your thoughts are most welcome.
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  #754 (permalink)  
Old 29th October 2015, 04:30 PM
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Default Re: Iei - International Energy Insurance - Iei

Quote:
Originally Posted by El nino View Post
Still in the spirit of learning;

"The Company redeemed its investment in loan notes with Heritage Banking Company Limited during the year at its
face value of N1,700,000,000
Subsequently,during the year ended 31 December 2013, the Company received 1,000,000,000 ordinary shares of
N1.00 each equity investment of Heritage Banking Company Limited in lieu of the amount receivable from
Management Buy-out debtors which had been previously impaired.The value of the amount recovered from the
impaired balance has been recognised as part of other income in the profit and loss account
"

Please kindly spare a few minutes out of your busy schedule to read page 83 of the 2013 audited report of this company. Note (iii) on same page was quoted. Your thoughts are most welcome.
I thought this firm is under NAICOM administration
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  #755 (permalink)  
Old 29th October 2015, 04:48 PM
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Default Re: Iei - International Energy Insurance - Iei

Quote:
Originally Posted by Oracle View Post
I thought this firm is under NAICOM administration
Union bank style

I hope Mr Kiri doesn't feel threatened. I no get interest for your position o.
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