Thomas Wyatt Plc

[billions]

Proshare News and Analysis
Thomas Wyatt eyes Capital Market for fresh funds
Posted Tuesday, September 9, 2008



PETER OBIORA

Proshare NI

September 08, 2008 at 18:40 GMT

Thomas Wyatt Nigeria Plc, a player in the Computer and Office Equipment sector of the Nigerian Stock Exchange (NSE) is proposing to approach the Capital Market for fresh funds.

This was contained in the notice of the company’s proposed 60th Annual General Meeting (AGM) scheduled for October 02, 2008; made available to Proshare NI today in Lagos Nigeria.

It is part of the Special Business to be discussed at the AGM; where a resolution will be approved so that Directors of the company would have the authority to raise additional capital for Thomas Wyatt Nigeria.

The notice affirms that the fresh funds may be sourced by way of debenture, other debt instruments or by the issuance of Equity to be undertaken by way of a Public Offer (PO), Rights Issue or a combination of the two.

However, the notice further affirmed that in the event of oversubscription of the Offer/Issue to capitalise the excess money and allot additional shares to the extent that can be accommodated by the company’s unissued share capital subject to the approval of Regulators.

Apart from the above, the proceeds is expected to be used for the same purpose as the Offer/Issue.

As at the time of filling in this report, Proshare NI could not get further details as regards the proposed fund raising by Thomas Wyatt Nigeria.

Turnover of Thomas Wyatt Nigeria in its year ended March 31, 2008 increased from N121.852 percent in year 2007 to N162.746 in year 2008 indicating an increase of 34 percent in the review period.

[BLUEMONEY]

Originally Posted by billions

Proshare News and Analysis
Thomas Wyatt eyes Capital Market for fresh funds
Posted Tuesday, September 9, 2008



PETER OBIORA

Proshare NI

September 08, 2008 at 18:40 GMT

Thomas Wyatt Nigeria Plc, a player in the Computer and Office Equipment sector of the Nigerian Stock Exchange (NSE) is proposing to approach the Capital Market for fresh funds.

This was contained in the notice of the company’s proposed 60th Annual General Meeting (AGM) scheduled for October 02, 2008; made available to Proshare NI today in Lagos Nigeria.

It is part of the Special Business to be discussed at the AGM; where a resolution will be approved so that Directors of the company would have the authority to raise additional capital for Thomas Wyatt Nigeria.

The notice affirms that the fresh funds may be sourced by way of debenture, other debt instruments or by the issuance of Equity to be undertaken by way of a Public Offer (PO), Rights Issue or a combination of the two.

However, the notice further affirmed that in the event of oversubscription of the Offer/Issue to capitalise the excess money and allot additional shares to the extent that can be accommodated by the company’s unissued share capital subject to the approval of Regulators.

Apart from the above, the proceeds is expected to be used for the same purpose as the Offer/Issue.

As at the time of filling in this report, Proshare NI could not get further details as regards the proposed fund raising by Thomas Wyatt Nigeria.

Turnover of Thomas Wyatt Nigeria in its year ended March 31, 2008 increased from N121.852 percent in year 2007 to N162.746 in year 2008 indicating an increase of 34 percent in the review period.

my Question is what have they done with the money they raised from their right issue Ealier this Year ????? Now they are asking for more, I hope this is not Oliver Twist company.

[Abinishio]

Originally Posted by BLUEMONEY

my Question is what have they done with the money they raised from their right issue Ealier this Year ????? Now they are asking for more, I hope this is not Oliver Twist company.

They paid their debts (Gbes'e)

[billions]

Thomas Wyatt’s management gets nod to roll out public offer
07 October, 2008 02:00:00 SIMON NJOKU
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Part of the funds will also be used to meet increased raw materials and working capital requirements as well as resolve the issues regarding the company’s head office building which, to many shareholders, poses the greatest challenge.

Not a few shareholders seem to have some kind of sentimental attachment to the head office building. "We must not lose the headquarters. The name is a good brand that gives us good image," said A. Omogbebi, a shareholder.

For Sunny Nwosu, National Co-ordinator, Independent Shareholders Association of Nigeria, "shareholders should purchase the company’s public offer to enable us repurchase our headquarters. It is our identity."

The company’s headquarters was placed under receivership in 2003, by its major creditor First Bank of Nigeria Plc, during the firm’s turbulent period. A sale and lease back deal brokered with Leadway Assurance Limited saved the company’s head office at 10, Abebe Village Road from being sold by First Bank which had already placed it on sale.

For the deal to be acceptable to Leadway, Thomas Wyatt offered to lease the property as sole lessee for a period of four years during which period the company may exercise the option to buy back the property from Leadway at a rate agreed on by the parties.

The purchase price of the property settled fully the indebtedness to FBN and secured the company’s release from receivership.

Having offset almost all of its debts, the head office issue has come to the front burner. The shareholders who were full of praises for the board and management gave them free hand to take all decisions regarding the planned public offer.

"The company is ripe enough for a public offer. People are waiting to see the offer. We are happy that today we are presiding over a better company," noted Nwosu.

Emmanuel Olagunju, another shareholder, commended the management for returning the company to the path of profitability within such a short period.

Though the company offered shareholders a bonus issue of 1 – 10, Olagunju suggested that this could be moved forward to a more auspicious time.

He urged the board and management to discuss fully the public offer issue with a view to determining exactly how much is needed and what it is going to be used for.

Some other shareholders saw the 1 – 10 bonus issue as a sign of good things to come

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Thomas Wyatt Plc released its un-audited results for half year ended September 30th, 2008. Turnover increased by 50.63% to N130.929 million, PBT also increased by 113.02% to N1.033 million while PAT surged by 108.77% to N0.723 million from a loss of N8.244 million in the corresponding period of year 2007