Japaul Oil

[aogundele]

Originally Posted by migiets

My stock broker told me yesterday that Japaul has gotten approval from the regulatory authourities to use the returned money for a private placement and that consent forms in that respect are already available with Sterling Registers. He confirmed that he had collected for another of his client who is interested in partaking in the private placement. I went there this morning and when i asked about the returned monies, i was told as usual that it has been posted. It was at this point that i threw in the Private Placement issue and told them that i was interested in it. I was given the form which i signed and returned back to them. I made sure that they gave me a photocopy. I was also shown a copy filled by somebody else. So, those interested in the private placement can go to Sterling Registrars to sign the consent form or get it through their stock brokers. I decided to take the Private Placement option because i do not know when the returned money will be sent and the private placement is going for 3.95.

Hi migiets, i am a bit confused about this affirmation that they posted returned monies. I was there on Monday, and a cheque was issued for my returned money, they however stated that accrued interest will be sent by mail, no one made mention of the private placement. I could rather advise that folks collect their monies back (time value of money) and invest in other interest yielding securities. No one knows exactly when this private placement will take place, and i feel they are just taking investors for a ride.

[investak]

I was at Sterling Registrars early this week to pick up my returned cheque and I was given the option to convert the money to shares. I do not think it is a gimmick the approval was only granted to Japaul at the end of last week, which may account for the details being sketchy. I have requested that the return mony be used to purchase shares. I am confident the stock will do well

[NIAJAKID]

Does Anyone Know The Address And Phone Number For Sterling Registrar?

[olusolakemmy]

Originally Posted by NIAJAKID

Does Anyone Know The Address And Phone Number For Sterling Registrar?

there is a sterling tower at marina, am sure the registra will also be located in that same building.

[migiets]

'there is a sterling tower at marina, am sure the registra will also be located in that same building.'

The registrar is not located there. The address is:


Knight Frank And Rutley Building
24, Campbell Street,
8th Floor
Lagos Island.
01-2646582
email: sterlingregistrars@sterlingbankng.com

[Jsa2463]

Strange that Sterling Registrar offers shares at N3.95/unit for Ja Paul with returned money when the initial intent of the returned money was to buy share to begin with...Unless i misunderstand...Are u able to go to Sterling Registrar and buy the unissued Ja Paul PO with the money they intend to return?

[investak]

Originally Posted by Jsa2463

Strange that Sterling Registrar offers shares at N3.95/unit for Ja Paul with returned money when the initial intent of the returned money was to buy share to begin with...Unless i misunderstand...Are u able to go to Sterling Registrar and buy the unissued Ja Paul PO with the money they intend to return?

Japaul only recently got the ok from the NSE to mop up the excess cash from oversubscription. If this had not happened all that excess from over subscription should be returned to investors. So the answer to your question is Yes. If you have already cashed your cheque I am not sure how that will work. For me, they were to issue a cheque so all I had to do was sign a letter of authorization. If this does not clear the confusion you will have to go to sterling registrars and inquire.

[Jsa2463]

Investak - Thanks for the info, unfortunatley i live in the US and probabaly won't get to the registrar any time soon but will ask my sister to give it a shot. I hope they won't keep the cash for another 7 months and decide to return it back to the subscriber. It is worth a try though.

[zainabusman]

Originally Posted by investak

Japaul only recently got the ok from the NSE to mop up the excess cash from oversubscription. If this had not happened all that excess from over subscription should be returned to investors. So the answer to your question is Yes. If you have already cashed your cheque I am not sure how that will work. For me, they were to issue a cheque so all I had to do was sign a letter of authorization. If this does not clear the confusion you will have to go to sterling registrars and inquire.

I dont understand this kind of arrangement. Why is SEC going bank on their 25% rule with this kind of funny arrangement?

[Jsa2463]

Originally Posted by zainabusman

I dont understand this kind of arrangement. Why is SEC going bank on their 25% rule with this kind of funny arrangement?

zainabusman - Interesting perspective!! please expound on the SEC 25% rule with regards to share issue.

[creflo]

please does anybody has any good working phone number(s) for this sterling people. Please an urgent answer will be appreciated.

[amajike]

Originally Posted by creflo

please does anybody has any good working phone number(s) for this sterling people. Please an urgent answer will be appreciated.

Here's sterling's no 012635607 and their email is sterlingregistrars@sterlingbank.ng.com. cheers!

[amajike]

If i may share from the little i know, Sometime last year sec made a rule that in the event of oversubscription after a public offer, the company can only absorb 25% of the oversubscription, thus making it compulsory for the company to the return the other monies.

[riskreturn]

Originally Posted by zainabusman

I dont understand this kind of arrangement. Why is SEC going bank on their 25% rule with this kind of funny arrangement?

My understanding is that SEC's approval is in respect of a PP, and not to absorb more than 25% of excess subscription. If this my understanding is correct, then no due process is breached since a public company is allowed to apply for SEC approval to embark on a PP - whether or not it has just concluded a PO. It is this "loophole" that is apparently being exploited this time.

[Babs_O]

Originally Posted by riskreturn

My understanding is that SEC's approval is in respect of a PP, and not to absorb more than 25% of excess subscription. If this my understanding is correct, then no due process is breached since a public company is allowed to apply for SEC approval to embark on a PP - whether or not it has just concluded a PO. It is this "loophole" that is apparently being exploited this time.

Spot on......................................

[zainabusman]

Originally Posted by riskreturn

My understanding is that SEC's approval is in respect of a PP, and not to absorb more than 25% of excess subscription. If this my understanding is correct, then no due process is breached since a public company is allowed to apply for SEC approval to embark on a PP - whether or not it has just concluded a PO. It is this "loophole" that is apparently being exploited this time.

Then the loophole should be plugged. Otherwise the whole thing becomes a charade. Why have a rule when it can be broken through a loophole.

[lekepeter]

I sent somone to sterling registrar to check out the update on my application,he was told 27,500 was alloted out of the 500,000 applied for,and the balance was transferred to private placement at 3.95.this was done without my knowledge or consent,he was given a print for the information.
am still confused,what did u guys think.