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  #121 (permalink)  
Old 28th November 2012, 01:23 PM
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Default Re: Glaxo Smithkline

Quote:
Originally Posted by emmanuel ewumi View Post
I just read the public announcement from GSK in today's punch that they want to increase their holdings to 80%. They hope to buy from investors at N48 per shares.
There are some legal terms in the notice that may require legal advice.
they should be prepared to pay more than that
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  #122 (permalink)  
Old 28th November 2012, 01:24 PM
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Default Re: Glaxo Smithkline

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Originally Posted by nosa2 View Post
If you call what GSK did "thru the back door" then what'll you you call the OANDO deal, GSK has done nothing wrong and I don't even see any adverse effect to the economy in fact it's bringing in much needed FDI.
FDI at whose detriment, Nigerian investors can raise the needed fund. The plan of GSK is to finally delist the company.

A situation whereby Nigerians are becoming strangers in our country should be discouraged. They can increase there holdings from 46% to 80% if Nigerian investors find it difficult to put in there own counterpart funding into the company.
For how long will our economy be ruled by foreigners. These guys ran away from our economy, until when Obasanjo established NAFDAC.
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  #123 (permalink)  
Old 28th November 2012, 01:27 PM
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Default Re: Glaxo Smithkline

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Originally Posted by goldsun View Post
they should be prepared to pay more than that
Even at that Nigerians will still be the losers.

From the notice in today's punch, they are not sure if they can buy up the additional 35% shares of the company on the floor.

I think they will still issue a convertible bond.
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  #124 (permalink)  
Old 28th November 2012, 01:30 PM
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Default Re: Glaxo Smithkline

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Originally Posted by nosa2 View Post
If you call what GSK did "thru the back door" then what'll you you call the OANDO deal, GSK has done nothing wrong and I don't even see any adverse effect to the economy in fact it's bringing in much needed FDI.
Oga Nosa where is the FDI here? They are just buying shares from people. Nothing is going to be invested in the company. The company will just slip back into foreign hands. The tendency is for the eventual delisting of the company from the NSE. And that is what worries some of us.
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  #125 (permalink)  
Old 28th November 2012, 01:32 PM
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Default Re: Glaxo Smithkline

Foreign investors have a way of increasing their holdings and delisting when our market is good for investment.

Cocacola and Afprint that. Afrint delisted from the stock exchange, they are doing well after diversifying into the Agricultural sector. NBC has equally delisted. There shoiuld be laWS TO DISCOURAGE DELISTING OF GOOD COMPANIES.
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  #126 (permalink)  
Old 28th November 2012, 01:49 PM
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Default Re: Glaxo Smithkline

Quote:
Originally Posted by emmanuel ewumi View Post
FDI at whose detriment, Nigerian investors can raise the needed fund. The plan of GSK is to finally delist the company.

A situation whereby Nigerians are becoming strangers in our country should be discouraged. They can increase there holdings from 46% to 80% if Nigerian investors find it difficult to put in there own counterpart funding into the company.
For how long will our economy be ruled by foreigners. These guys ran away from our economy, until when Obasanjo established NAFDAC.
Quote:
Originally Posted by manemi View Post
Oga Nosa where is the FDI here? They are just buying shares from people. Nothing is going to be invested in the company. The company will just slip back into foreign hands. The tendency is for the eventual delisting of the company from the NSE. And that is what worries some of us.
Quote:
Originally Posted by emmanuel ewumi View Post
Foreign investors have a way of increasing their holdings and delisting when our market is good for investment.

Cocacola and Afprint that. Afrint delisted from the stock exchange, they are doing well after diversifying into the Agricultural sector. NBC has equally delisted. There shoiuld be laWS TO DISCOURAGE DELISTING OF GOOD COMPANIES.
These are xenophobic views and it's never good for any country for it's citizens to be afraid of foreign ownership ob businesses.
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Last edited by nosa2; 28th November 2012 at 01:52 PM.
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  #127 (permalink)  
Old 28th November 2012, 03:25 PM
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Default Re: Glaxo Smithkline

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Originally Posted by nosa2 View Post
These are xenophobic views and it's never good for any country for it's citizens to be afraid of foreign ownership ob businesses.

But Nigerians own about 55% of the company, decreasing Nigerians' shareholding to 20% calls for great concern.

Nothing stops GSK from starting another company from the scratch which will be owned 100% by the foreign investors.

Repatriating 100% of your profit out of the country is not good for our economy, importing technicians to service your generator, computers, photocopier is not good for our country. Importing the caterer to work in the staff canteen or restaurant is not good for the country, but these are what we see in some of the companies that are 100% owned by foreigners.

The indiginisation policy Obasanjo in the mid 70s made a lot of average Nigerians to partake in the economic prosperity of our nation.
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  #128 (permalink)  
Old 28th November 2012, 04:04 PM
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Default Re: Glaxo Smithkline

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Originally Posted by nosa2 View Post
These are xenophobic views and it's never good for any country for it's citizens to be afraid of foreign ownership ob businesses.
One has to balance idealism with some wisdom sometimes.
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  #129 (permalink)  
Old 28th November 2012, 04:37 PM
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Default Re: Glaxo Smithkline

Quote:
Originally Posted by emmanuel ewumi View Post
Foreign investors have a way of increasing their holdings and delisting when our market is good for investment.

Cocacola and Afprint that. Afrint delisted from the stock exchange, they are doing well after diversifying into the Agricultural sector. NBC has equally delisted. There shoiuld be laWS TO DISCOURAGE DELISTING OF GOOD COMPANIES.
Really? Yet, you want the telcos and multinationals to list abi?
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  #130 (permalink)  
Old 28th November 2012, 04:39 PM
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Default Re: Glaxo Smithkline

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Originally Posted by emmanuel ewumi View Post
But Nigerians own about 55% of the company, decreasing Nigerians' shareholding to 20% calls for great concern.

Nothing stops GSK from starting another company from the scratch which will be owned 100% by the foreign investors.

Repatriating 100% of your profit out of the country is not good for our economy, importing technicians to service your generator, computers, photocopier is not good for our country. Importing the caterer to work in the staff canteen or restaurant is not good for the country, but these are what we see in some of the companies that are 100% owned by foreigners.

The indiginisation policy Obasanjo in the mid 70s made a lot of average Nigerians to partake in the economic prosperity of our nation.
Nothing stops Nigerians from starting a company from scratch that will be owned 100% by Nigerians.
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  #131 (permalink)  
Old 28th November 2012, 04:44 PM
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Default Re: Glaxo Smithkline

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Originally Posted by hispy99 View Post
Nothing stops Nigerians from starting a company from scratch that will be owned 100% by Nigerians.
The company is 55% owned by Nigerians, but now want to reduce Nigerians' holdings to 20%.

If GSK is ready to pay 80 Naira per share, Nigerians should sell and use the money to start another company from the scratch. Fidson started from the scratch less than 20 years ago, when these foreigners left the country and the company is giving the foreigners a good fight for market share in the sector.
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  #132 (permalink)  
Old 28th November 2012, 04:54 PM
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Default Re: Glaxo Smithkline

Quote:
Originally Posted by emmanuel ewumi View Post
The company is 55% owned by Nigerians, but now want to reduce Nigerians' holdings to 20%.

If GSK is ready to pay 80 Naira per share, Nigerians should sell and use the money to start another company from the scratch. Fidson started from the scratch less than 20 years ago, when these foreigners left the country and the company is giving the foreigners a good fight for market share in the sector.
Why should they pay N80/share? What basis did you use to arrive at that number? They have offered N48, if Nigerians don't like it, then reject it. Also reject any convertible loan or whatever structure you think they will use to gain "back door" entrance. You own 55%, so they can't make you do anything you don't want to do. But thinking that they will pay N80 is a stretch
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  #133 (permalink)  
Old 28th November 2012, 04:58 PM
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Default Re: Glaxo Smithkline

Quote:
Originally Posted by emmanuel ewumi View Post
Foreign investors have a way of increasing their holdings and delisting when our market is good for investment.

Cocacola and Afprint that. Afrint delisted from the stock exchange, they are doing well after diversifying into the Agricultural sector. NBC has equally delisted. There shoiuld be laWS TO DISCOURAGE DELISTING OF GOOD COMPANIES.
Quote:
Originally Posted by hispy99 View Post
Really? Yet, you want the telcos and multinationals to list abi?
I believe Emma wants laws to discourage DElisting. Of course we want companies to list. That is the only way we local traders can invest, trade and have profits from the companies operating in our economy. It is only big guys like oga Nosa who invest and trade in the home markets of these companies that don't care if the NSE is deserted.
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  #134 (permalink)  
Old 28th November 2012, 05:01 PM
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Default Re: Glaxo Smithkline

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Originally Posted by manemi View Post
I believe Emma wants laws to discourage DElisting. Of course we want companies to list. That is the only way we local traders can invest, trade and have profits from the companies operating in our economy. It is only big guys like oga Nosa who invest and trade in the home markets of these companies that don't care if the NSE is deserted.
I know what he said...if you are MTN that is not interested in listing in the first place, how will this bros Emma law make you more likely to list? You want them to list, but if they decide after listing that they want to get out, you tell them no. Ok o, I go see how you go get them to list.
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  #135 (permalink)  
Old 28th November 2012, 05:04 PM
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Default Re: Glaxo Smithkline

Quote:
Originally Posted by emmanuel ewumi View Post
The company is 55% owned by Nigerians, but now want to reduce Nigerians' holdings to 20%.

If GSK is ready to pay 80 Naira per share, Nigerians should sell and use the money to start another company from the scratch. Fidson started from the scratch less than 20 years ago, when these foreigners left the country and the company is giving the foreigners a good fight for market share in the sector.
but dey ar not forcing pple to sell. Shareholders in dis case have a choice.I dont think there is any place in d world where u prevent companies 4rm exiting d capital market when dey believe dat dat is d best thing 4 them.
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  #136 (permalink)  
Old 28th November 2012, 05:23 PM
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Default Re: Glaxo Smithkline

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Originally Posted by manemi View Post
I believe Emma wants laws to discourage DElisting. Of course we want companies to list. That is the only way we local traders can invest, trade and have profits from the companies operating in our economy. It is only big guys like oga Nosa who invest and trade in the home markets of these companies that don't care if the NSE is deserted.
Quote:
Originally Posted by hispy99 View Post
I know what he said...if you are MTN that is not interested in listing in the first place, how will this bros Emma law make you more likely to list? You want them to list, but if they decide after listing that they want to get out, you tell them no. Ok o, I go see how you go get them to list.
Truth of the matter is that anyone that wants to list should list and anyone that wants to delist should delist. All these noise-making of listing telcos, power companies etc is just white nose and nothing else.

Shebi we are all looking for big ticket listing? Dangote cement has listed. Oya make una go buy, una no gree buy. The free float on Dangote cement is about 10% simply because there is no money to buy yet we are making noise for ALL of them to list. If MTN lists today, the free float is probably going to be only 2.5%, given that MTN makes at least four times Dangote cement makes as profits.
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  #137 (permalink)  
Old 28th November 2012, 05:37 PM
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Default Re: Glaxo Smithkline

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Originally Posted by knightofdelta View Post
Truth of the matter is that anyone that wants to list should list and anyone that wants to delist should delist. All these noise-making of listing telcos, power companies etc is just white nose and nothing else.

Shebi we are all looking for big ticket listing? Dangote cement has listed. Oya make una go buy, una no gree buy. The free float on Dangote cement is about 10% simply because there is no money to buy yet we are making noise for ALL of them to list. If MTN lists today, the free float is probably going to be only 2.5%, given that MTN makes at least four times Dangote cement makes as profits.
Oya let MTN list. I don't mind even if it is 1%. I think our government is not using our nation's economic clout to help its own people, only the few elites who have private placement in these companies. The companies need Nigeria as much as Nigeria needs them. And if you make reasonable laws they will abide by them. There is nothing unreasonable about a law which says that if a company is listed in its own home market, it must also list here.
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  #138 (permalink)  
Old 28th November 2012, 05:47 PM
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Default Re: Glaxo Smithkline

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Originally Posted by manemi View Post
Oya let MTN list. I don't mind even if it is 1%. I think our government is not using our nation's economic clout to help its own people, only the few elites who have private placement in these companies. The companies need Nigeria as much as Nigeria needs them. And if you make reasonable laws they will abide by them. There is nothing unreasonable about a law which says that if a company is listed in its own home market, it must also list here.
It's not feasible. There is a cost to listing; listing is not free. If it's not beneficial to the company, why should it list? To now make matters worse, you want to slam them with a law to make it difficult for them to delist.

MTN does business in multiple countries, how can it possibly list on all of them? They will list when they think it's beneficial to them to list.
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  #139 (permalink)  
Old 28th November 2012, 07:22 PM
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Default Re: Glaxo Smithkline

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Originally Posted by hispy99 View Post
It's not feasible. There is a cost to listing; listing is not free. If it's not beneficial to the company, why should it list? To now make matters worse, you want to slam them with a law to make it difficult for them to delist.

MTN does business in multiple countries, how can it possibly list on all of them? They will list when they think it's beneficial to them to list.
Oga Hispy I wonder if you are a Nigerian, or somehow associated with MTN. Your logic, and I am sorry to say, sense of patriotism beats me. MTN just sold $360m, or so, worth of MTN Nigeria shares to a South African company. So they need cash. Why not raise it on the floor of the NSE?

I know there are some shares of these foreign companies owned by some select Nigerians who were usually Government officials, politicians or other influential people from whom they got favors, including not being required to list on the NSE. These shares actually change hands with the help of sophisticated market operators who know how to get them. In exchange these companies get what they want and milk us like they are our modern colonial masters. It is a pity we have people who make some living from the NSE actually supporting this.
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  #140 (permalink)  
Old 28th November 2012, 08:50 PM
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Default Re: Glaxo Smithkline

Quote:
Originally Posted by manemi View Post
Oga Hispy I wonder if you are a Nigerian, or somehow associated with MTN. Your logic, and I am sorry to say, sense of patriotism beats me. MTN just sold $360m, or so, worth of MTN Nigeria shares to a South African company. So they need cash. Why not raise it on the floor of the NSE?

I know there are some shares of these foreign companies owned by some select Nigerians who were usually Government officials, politicians or other influential people from whom they got favors, including not being required to list on the NSE. These shares actually change hands with the help of sophisticated market operators who know how to get them. In exchange these companies get what they want and milk us like they are our modern colonial masters. It is a pity we have people who make some living from the NSE actually supporting this.
Oga Manemi, I am a patriotic Nigerian and I want the country as a whole to succeed because some day, I plan on moving back. I want all multinationals to list if possible. However, that does not mean I would support laws that in the long run (I believe) would not work. We seem to want laws that benefits one side (in this case Nigerians), instead of laws that benefit both parties. Why did Zenith and GTB list in the UK? Did the UK govt force them to list? This is the question we should ask ourselves - "What makes the UK attractive that foreign companies list on the LSE?" If you decode that and provide that type of environment, then you won't need to force companies to list, infact they will be running to list on the NSE. I am yet to come across a country in the entire universe that forces foreign companies to list, if there is one such country in the universe, please let me know. So if Honda wants to start a factory in Nigeria, you will tell them to list because they will be "milking us"? Sebi they will just site the factory in Ghana. Then we will come up with a law that we should ban the importation of Honda cars from Ghana.

Instead of attacking the root of the issue "why are companies not listing", we prefer a solution by decree - "force them to list". You need to stop looking at it from the "Nigerian" view alone. Why don't all countries apply the same law? Abi na only Nigeria fit make law? How will companies do business in multiple countries when they know they would have to list? Is that not a recipe for chaos? Exxon has oil refineries in 21 countries, should it list in all 21 countries? Toyota assembles cars in at least 25 countries, should it list in all 25? Worse still, it sells cars in 200 countries; should every country force Toyota to list because Toyota is "milking" them by selling cars in their country? Who is going to pay the cost of all these multiple listings? Shareholders?

By the way, the MTN purchase was made from private individuals, it had nothing to do with MTN itself, so the issue of MTN raising money from NSE does not even arise. May I also ask where you got the impression that one of the favors foreign companies get is not being required to list?

Quote:
``Shanduka will continue to pursue opportunities in other parts of Africa," Phuti Mahanyele, Shanduka Group CEO, said in the statement.

The statement said the stake was bought from three private investors
I am surprised you say MTN is "milking" Nigerians (MTN don turn to WAMCO ). They provide a service for which they receive a payment. If you think they are "milking" you, why use them? Are there not alternatives owned by Nigerians? If you think you are being "milked" by MTN (in spite of there being other Nigerians ready to "milk" you), whose fault is that? Switch to Adenuga or Ovia and continue to be "milked" by your kinsmen. .

To close, I am not associated with MTN, or Adenuga or Ovia.
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Last edited by hispy99; 28th November 2012 at 10:21 PM.
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