Omega Savings & Loan

[Yusuf]

Omega Savings & Loan will be coming out in form of PP, please lets fish out for the Prospectus and post it here.

[solainvest]

Nice information. We will fish for the prospectus/memo.

Does anyone have any research or ratings on this interesting sector (Savings & Loan/mortgage)? We will have many of them coming soon.

[polosco]

Pls i saw the memo on this pp somewhere on this site and wen i looked at it it has 2006 as its date, does it mean it was done in 2006 or they didn't change the ddate while packaging it for the offer.

[faoogoke]

Originally Posted by polosco

Pls i saw the memo on this pp somewhere on this site and wen i looked at it it has 2006 as its date, does it mean it was done in 2006 or they didn't change the ddate while packaging it for the offer.

I am aware they had a pp some years ago. Wondering why they are doing another. Perhaps to profit from the capital market "madness".

[Apache]

Don't know if this is the same one but have a look

[faoogoke]

Originally Posted by Apache

Don't know if this is the same one but have a look

Members should start making inquiries.

[princed]

Originally Posted by Apache

Don't know if this is the same one but have a look

Proshares also refered to it as for the 'record only'. i do not understand what that mean. The gurus may inform us.

[princed]

Originally Posted by Apache

Don't know if this is the same one but have a look

Proshares also refered to it as for the 'record only'. i do not understand what that mean. The gurus may inform us.

Proshare Blog » Blog Archive » Omega savings memo

[fowologba]

The dates on the application form shows 2007. Is this still relevant ?

[zainabusman]

Originally Posted by fowologba

The dates on the application form shows 2007. Is this still relevant ?

Omega Savings has a new PP that will close on July 8th 2008. The price is N2 for a share of N1 par value. Last year they did a PP at N1.5 for N1 per value.

I will check their office on Thursday and see if i can get the form. What i have seen is the form only.

[faoogoke]

Originally Posted by zainabusman

Omega Savings has a new PP that will close on July 8th 2008. The price is N2 for a share of N1 par value. Last year they did a PP at N1.5 for N1 per value.

I will check their office on Thursday and see if i can get the form. What i have seen is the form only.

Zainab, while we wait for you to post the documents for the pp, I just found out the greenwich is one of the issuing houses. Members intrested can go and pick up the pp forms there.

[creflo]

Originally Posted by faoogoke

Zainab, while we wait for you to post the documents for the pp, I just found out the greenwich is one of the issuing houses. Members intrested can go and pick up the pp forms there.

this is curious. well I will await the prospectus to be posted here but a company that raised money last by year for N1.5 for N1 and then this yearis doing N2 for N1 hasnt grown significantly but lets see the documensts shay

[zainabusman]

Originally Posted by creflo

this is curious. well I will await the prospectus to be posted here but a company that raised money last by year for N1.5 for N1 and then this yearis doing N2 for N1 hasnt grown significantly but lets see the documensts shay

My apologies. I have been so caught up with work and the general negative trend that i have forgotten all about this. Will check them out on Friday.

[zainabusman]

Originally Posted by faoogoke

Zainab, while we wait for you to post the documents for the pp, I just found out the greenwich is one of the issuing houses. Members intrested can go and pick up the pp forms there.

Yes greenwhich is the issuing house. only got a hard copy of the PP. Below is a summary. I will scan the form and 2 or 3 pages of the memo and post tommorrow.
----------------------------------------
Licensed by CBN in 2004 and started operations in July 2004.

A rights issue is going on at the same time. 437 million at N1.5 for each N1 share.

The current offer is 1.33 billion units at N2 per share for each N1 par value. Minimum is 50,000 units.

Listing expected in first qtr 2009.

It appears the PP of last year did not go through. From the accounts 15.594 million is recorded as Deposit for shares for the year ended 31st Oct 2007. Otherwise the share capital is the same N100 million since 2005.

Amounts in millions of Naira except the per share data.
Year ending oct 31
Forecast Stats
2008 2009 2010
Income... 1123.9....1439.7... 1844.3
PBT........494.9..... 783.1..... 1239.2
Tax........99..........156.6.....247.8
PAT........395.9.....626.5..... 991.4
EPS (kobo).21.......34......... 53
Dividend Per Share.6..8....... 15
(kobo)
PE at N2 offer Price...9.5...5.9...3.8


Financial summary...2007...2006....2005
Income..................344.7...342.....85.9
PBT.......................51....... 103.8...18.6
Tax........................0........11.6.....2.5
PAT.......................51........92.2....16.1
EPS (kobo)..............51........92.......16
Dividend Per Share.....0...... 0........... 0
(kobo)

PE at N2 offer Price...3.9..... 2.2........ 12.5

Shareholders funds as at Oct 31, 2007 is 271.1 million Naira. Shares outstanding is 100 million units. At the end of the offer, there will be 1.867 billion shares.

On the surface the offer looks ok. Not as expensive as others. Also, the previous years shows a reasonable level of profitability.

Probably worth a second look.

Closing date is 8th July.

[zainabusman]

Attached are the PP documents as promised.

[faoogoke]

Originally Posted by zainabusman

Attached are the PP documents as promised.

Thanks Zainab. You are blessed!

[polosco]

Originally Posted by zainabusman

Yes greenwhich is the issuing house. only got a hard copy of the PP. Below is a summary. I will scan the form and 2 or 3 pages of the memo and post tommorrow.
----------------------------------------
Licensed by CBN in 2004 and started operations in July 2004.

my question is have they been paying dividend for the past 3 years or is it 5 years SEC gave? pls so much of my money is already tied down in Valueline and Golden, pls clarify me on this question. thanks.