Lagoon homes and loans ltd

[threecrown]

To raise capital base by N5b. i dont know if its going to be a pp or po.

Watch out for more information.

[solainvest]

Thanks for this information.

I think the next attention on PP will move to the Savings and Loans. Does anyone have any write up/research or analysis on that sector.

This will enable the house know which ones to look out for. There are over 90 of them licenced.

[olusolakemmy]

Originally Posted by solainvest

Thanks for this information.

I think the next attention on PP will move to the Savings and Loans. Does anyone have any write up/research or analysis on that sector.

This will enable the house know which ones to look out for. There are over 90 of them licenced.

yes o, morgage industry, marines services and telecoms shld be the next industry to boom on the NSE.
men, you said more than 90 morgage firms are licensed, pleaseeeeeeeeeeee is there a way we can have a list of this coys?
tanks

[solainvest]

I actually got the full list from the CBN website. I have attached the file. I hope we all find it useful.

Lets all watch the space and hopefully make our billions!

[hispy99]

Originally Posted by solainvest

I actually got the full list from the CBN website. I have attached the file. I hope we all find it useful.

Lets all watch the space and hopefully make our billions!

@SolaInvest,

Thanks for the info. This is also the link to the complete list:

Central Bank of Nigeria:: Primary Mortgage Institution

[hispy99]

Just reading the Standard Alliance prospectus and they own 51% of Lagoon Home and Loans. The prospectus says that Lagoon is expected to post N400 PBT for current fiscal year.

[olusolakemmy]

Originally Posted by hispy99

@SolaInvest,

Thanks for the info. This is also the link to the complete list:

Central Bank of Nigeria:: Primary Mortgage Institution

thanks for the link.

[solainvest]

::: Welcome to Independent Newspapers Limited -- A VOICE OF YOUR OWN

They have a Private Placement in the pipeline.

Lagoon Home Holds AGM Thursday


Lagoon Home Savings and Loans Ltd, one of the nation's frontline primary mortgage institutions and a subsidiary of Standard Alliance Insurance Group, will hold its 15th annual general meeting in Lagos on Thursday

In a release signed by the Group's Head of Corporate Communications, Mr. Nelson Egboboh, shareholders shall, among the businesses lined up for the day, be asked to consider and if thought fit, pass a special resolution authorising the directors to issue 3,539,355,558 units ordinary shares of 50 kobo each for subscription by way of private placement at a date or time to be determined by the directors.
According to Egboboh, owners of the bank shall be receiving and considering the financial statement of the bank together with the report of the directors and auditors for the period ended 31st December 2007.

He noted that apart from re-appointing and authorising the directors to fix the remuneration of the auditors, the shareholders should be re-electing directors retiring by rotation.

Meanwhile, the Managing Director of the mortgage institution, Mr. Kehinde Taiwo, has said that as part of current efforts at repositioning the bank to a medium sized type, the management has evolved a new business strategy for the bank which will see it grow the asset base from its current N4bn to N20bn and achieve a profit level of N500million by the end of this year.

Towards realising this objective, Taiwo said "we have commenced deployment of a new banking solution with capabilities for internet banking, ATM and SMS banking and we have lined up new products to be unveiled very soon for all classes of the Nigerian public," adding that "these are being done to give vent to our aggressive plans to open ten new branches in some strategic states of the federation before the close of this year."

In 2007, Standard Alliance Insurance Group acquired controlling interests in the mortgage bank through its Life subsidiary.

At the moment, the bank thrives in the provision of, among others, home loans, housing financing and deposit mobilisation.

[BLUEMONEY]

Originally Posted by solainvest

::: Welcome to Independent Newspapers Limited -- A VOICE OF YOUR OWN

They have a Private Placement in the pipeline.

Lagoon Home Holds AGM Thursday


Lagoon Home Savings and Loans Ltd, one of the nation's frontline primary mortgage institutions and a subsidiary of Standard Alliance Insurance Group, will hold its 15th annual general meeting in Lagos on Thursday

In a release signed by the Group's Head of Corporate Communications, Mr. Nelson Egboboh, shareholders shall, among the businesses lined up for the day, be asked to consider and if thought fit, pass a special resolution authorising the directors to issue 3,539,355,558 units ordinary shares of 50 kobo each for subscription by way of private placement at a date or time to be determined by the directors.
According to Egboboh, owners of the bank shall be receiving and considering the financial statement of the bank together with the report of the directors and auditors for the period ended 31st December 2007.

He noted that apart from re-appointing and authorising the directors to fix the remuneration of the auditors, the shareholders should be re-electing directors retiring by rotation.

Meanwhile, the Managing Director of the mortgage institution, Mr. Kehinde Taiwo, has said that as part of current efforts at repositioning the bank to a medium sized type, the management has evolved a new business strategy for the bank which will see it grow the asset base from its current N4bn to N20bn and achieve a profit level of N500million by the end of this year.

Towards realising this objective, Taiwo said "we have commenced deployment of a new banking solution with capabilities for internet banking, ATM and SMS banking and we have lined up new products to be unveiled very soon for all classes of the Nigerian public," adding that "these are being done to give vent to our aggressive plans to open ten new branches in some strategic states of the federation before the close of this year."

In 2007, Standard Alliance Insurance Group acquired controlling interests in the mortgage bank through its Life subsidiary.

At the moment, the bank thrives in the provision of, among others, home loans, housing financing and deposit mobilisation.

""pass a special resolution authorising the directors to issue 3,539,355,558 units ordinary shares of 50 kobo each for subscription by way of private placement at a date or time to be determined by the directors.[/b]""

I hope they wont end up listing about 7 billion ordinary shares because what they intend to issue (in my opinion) is large enough.

[Jake]

I sense something untoward in this PP. When Standard Alliance did an offer, the stated recapitalization of this company as one of the uses of funds. Why are they doing a separate PP for the company now, when they have raised money for it in the past? Any ideas?

[BLUEMONEY]

Originally Posted by Jake

I sense something untoward in this PP. When Standard Alliance did an offer, the stated recapitalization of this company as one of the uses of funds. Why are they doing a separate PP for the company now, when they have raised money for it in the past? Any ideas?

Maybe the money they raised during the Standard Alliance P.O was not enough.

[hispy99]

Lagoon Home returns to profitability
By Nike Popoola
Published: Monday, 18 Aug 2008
The Chairman, Lagoon Home Savings and Loans Limited, a subsidiary of Standard Alliance Insurance Group, Olorogun Emerhor Ortega, has said that the company recorded profit after tax of N87m for the financial year ended December 31, 2007, compared with a loss after tax of N29.3m recorded in 2006.

Ortega said this during the company’s annual general meeting in Lagos on Thursday.

He said that its balance sheet grew from N2.4bn in 2006 to N3.8bn in 2007, a 65.7 per cent rise.

“It is a delight to report that our company has started operating profitability after two years of losses and we are set for greater growth and more profitable future,” he said.

The chairman said that despite the fact that the regulatory authority was yet to come up with a directive on recapitalisation of the PMI, it became apparent to operate competitively in the industry, order to expand its capital base.

The company, he said, was offering 3.5 billion units of its existing authorised share capital for sale by way of private placement.

By this he added, the company would raise a minimum of N5bn.

The chairman said this would enable the company expand and improve its ability to deliver services to its clients.

“With this lofty arrangement, we shall be in position to achieve our objective of expanding the banks branch network, improve its technology through introduction of more robust information technology. We shall also be positioned to invest positively in our human capital development,” he said.

He said that the impact of the consolidation of banks had become more challenging to privately owned financial institutions as the banks have become more dominant, safer, and more liquid with much lower costs of funds, which were assisted substantially by their massive funding base through public offers.

It said, mega banks had turned more attractive to both the depositing and the borrowing public.

For obvious reasons he added, the need for recapitalisaion of major sectors, including the mortgage banks became fundamental and inevitable.

Recapitalisation, he said, would boost the business of mortgage institutions just as it did for the commercial banks.

[hispy99]

Standard Alliance rebrands Lagoon Homes
Posted Thursday, October 16, 2008


PETER OBIORA

Proshare NI

October 16 2008 at 16:35 GMT

The Standard Alliance Insurance Group (SA Group) has commenced rebranding on acquired Lagoon Homes Savings and Loans Limited. Nelson Egboboh, Manager/Head, Group Corporate Communications of the Standard Alliance Group (SA Group) confirmed this to Proshare NI today in Lagos Nigeria.

“We have fully commenced the rebranding of the Primary Mortgage Institution (PMI)” Egboboh said.

He confirmed to Proshare NI that the new name of the company is now SA Lagoon Homes and Savings Limited.

As earlier reported by Proshare NI, the SA Group had sometime in year 2007 acquired controlling interests in the mortgage bank through its Life subsidiary.

Egboboh confirmed to Proshare NI that Standard Alliance has acquired 90 percent (90%) stake in Lagoon Homes which gives it the right of a controlling stake in the Mortgage Home.

Prior to this time, as part of repositioning the new company, SA Lagoon Homes proposed to raise fresh funds fresh via a Private Placement (PP) when it considered offering to select investor 3,539,355,558 units Ordinary Shares of 50 kobo each.

Kehinde Taiwo, Managing Director (MD) of the Mortgage Institution, had affirmed that as part of the current efforts at repositioning the acquired Lagoon Homes, the management has evolved a new business strategy for the company which will enable it grow the asset base from its current N4.0 billion to N20 billion

Apart from the above, the Mortgage Home would expect to achieve a profit level of N500 million by the end of the current Financial Year.

Taiwo had also affirmed that Lagoon Homes plans to open 10 new branches in some strategic states of the federation before the end of year 2008.

However, as at the time of filling in this report, Proshare NI could not get further details from Egboboh as regards the Placement of the SA Lagoon Savings and Loans or the 10 new branches the company had expected to open before the end of 2008, as he declined to comment on these.