Equity Life Insurance

[hispy99]

Equity Assurance shops for N7.2b on Exchange

EQUITY Assurance Plc has gone to the capital market to raise additional capital of N7.212 billion towards achieving its strategic objective of becoming a one-stop non-bank financial services provider.

The company is expected to realise this amount through the insurance of 2,270,788,260 new shares made up of right issue of 770,788,260 and an offer for subscription of 1.5 billion ordinary shares of 50 kobo at N3.00 and N3.50 per share respectively.

The offer began on Monday September 1st, 2008 and closes on Tuesday, September 30th 2008. The lead issuing house is Skye Financial Services Limited, while the joint issuing houses are Greenwich Trash Limited and ICMG Securities Limited.

The Group Managing Director of the company, Mr. Ibidolapo Balogun, addressing a news conference in Lagos on the offer said: "The offer is a further step in the company's drive towards achieving its strategic objective of becoming a one-stop non-banking financial services provider. The funds raised will be directly utilised for its growth and development objectives via branch network expansion, upgrade of Information Technology infrastructure, strengthening its capital base as well as exploiting and profiting from emerging opportunities within the Nigerian financial service industry and sub-Saharan Africa."

According to him: "The net proceeds of the offer shall be used for the implementation of the company's strategic plan of expansion and diversification through the provisions of the full complement of financial service with the exception of commercial banking activities."

Said he: "During the last private placement that came out in the wake of merger with First Assurance Plc, subscribers enjoyed significant share appreciation and multiplication. Share bought at 80 kobo was exchanged at five units for every two units owned and was listed at N1.50 kobo. The share price rose as high as N5.40 kobo per share early this year."

On the half year current performance ended June 30th, 2008, he said: "We have further consolidated on our December 31, 2007 performance as reflected in the half year performance for the current financial year. For instance, gross premium went up 17.3 per cent from N1.051 million to N1.233 million, profit before tax went up by 168.27 per cent from N212.04 million to N568.83 million, while profit after tax increase by 167.21 per cent from N188.71 million to N504.26 million.

[chibiks]

is this a good buy at the current NGN3.50 price?

di you think they will distribute share certificate by december as stated on prospectus?

I intend to `buy and forget'.

[hispy99]

Originally Posted by chibiks

is this a good buy at the current NGN3.50 price?

di you think they will distribute share certificate by december as stated on prospectus?

I intend to `buy and forget'.

Going by what I have experienced in the past, I doubt if you will get your cert by December 2008, maybe be Dec 2009 .

If you decide to buy, please do not forget it. Continous portfolio monitoring is part of a successful investment strategy.

[austine_stock]

Originally Posted by hispy99

Going by what I have experienced in the past, I doubt if you will get your cert by December 2008, maybe be Dec 2009 .

If you decide to buy, please do not forget it. Continous portfolio monitoring is part of a successful investment strategy.

i got my right issue application for today and aboput to send it to my stockbroker

[billions]

Proshare News and Analysis
Equity Assurance source strategic investors in ongoing offer
Posted Thursday, September 25, 2008


PETER OBIORA

Proshare NI

September 25, 2008 at 01: 03 GMT



Equity Assurance Plc (EA) is currently sourcing for Strategic Investors in its ongoing offer. Ibidolapo Balogun, Group Managing Director/Chief Executive Officer (GMD/CEO) of the company confirmed this to Proshare NI in Lagos Nigeria.

“We are looking for various investors that can add value in terms of generating insurance business for us and to support our investment drive” he said.

To achieve this, Equity Assurance is seeking for investors that are active in the Oil and Gas sector and the development of infrastructure.

Apart from these, Balogun affirmed that Equity Assurance is also seeking investors that major in industrial concerns and generate a lot of insurance business as a result of their operations.

He further affirmed that Equity Assurance is also seeking for investors such as Asset Management companies that could help them better utilise the funds that would be raised.

“We also want some investors that can help us rollout the plans that we have in terms of the utilisation of the funds that we would raise; such as Asset Management companies due to their knowledge base” Balogun said.

In the same vein, Balogun also affirmed that Equity Assurance in its ongoing hybrid offer is emphasising more on capital appreciation compared to dividend payout.

However, he confirmed that Equity Assurance would like to pay dividend that would be better than savings rate.

“If you save your money, there is still substantial capital appreciation in the company, this is one of the areas that we believe that investors can have substantial returns” Balogun affirmed.

He further confirmed to Proshare NI that Equity Assurance is also providing and giving a discount of over 40 percent to the current value of its share.

Balogun also confirmed to Proshare NI that the offer expected to end September 30, 2008 would be extended for two weeks to last up till the second week of October.

He further confirmed to Proshare NI that in the event of oversubscription, Equity Assurance would make an application to Securities & Exchange Commission (SEC) to absorb the oversubscription.

“We don’t intend to return any money; if nothing else, institutional investors would not get as much as they want; if we have a lot of retail in the market” Balogun said.

In its bid to raise N7.0 billion, Equity Assurance is offering to investors by way of offer for subscription 1,500,000,000 Ordinary Shares of 50 Kobo each at N3.50 Kobo per share and Rights Issue of 707,000,000 units of 50 Kobo each at N3.00 per share.

[austine42007]

Has anyone in the house recieve his/her dividend on EQUITY ASSURANCE PLC DECLEARATION for the financial year ended 2007and is their any hope for us to recieve it before the year finally end ? plz i am tired of all this company of their releases they are too slow in doing thing and i also think people are running out from the market due to all the robish they are seeing in the market

I do learnt that some investor have turn their back on the primary market due tho the hard headach in the issue of share certioficate and return maone plz i fo not urgent reply on the dividend issue