Core Trust seeks to raise N5.0 billion through hybrid offer

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Core Trust, board to meet on proposed hybrid offer
Posted Monday, August 4, 2008

- To open in 9 days time

PETER OBIORA

Proshare NI

August 04, 2008 at 19:59 GMT

The Board of Directors (BOD) Core Trust & Investment Limited would meet tomorrow August 05, 2008 to conclude on the company’s proposed hybrid offer.

Fisayo Oyedeji, Chief Executive Officer (CEO) of the company made this affirmation to Proshare NI in Lagos Nigeria.

“We need to seek approval from the Directors; before we eventually open the hybrid offer” he said.

Oyedeji affirmed that their Financial Advisers made a proposal as regards their observation in connection with the hybrid offer; which they needed to sort out.

Though he declined to comment on the observation. “All is still intact concerning the offer, nothing had really changed” Oyedeji said.

As earlier reported by Proshare NI, Core Trust is seeking to raise N5.0 billion through a hybrid offer of Rights Issue and Private Placement (PP).

Financial Advisers to the hybrid offer is BGL Securities Limited and it is expected to be sold at N2.00 per share for the Placement and N1.00 for the Rights Issue.

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Core Trust now to raise N8.7bn through Placement
Posted Tuesday, August 26, 2008
Core Trust now to raise N8.7bn through Private Placement

-Opens 1st week of September



PETER OBIORA

Proshare NI

August 26, 2008 at 16:18 GMT



After due diligence, Core Trust & Investment Limited (CORETRUST) is now set to raise fresh funds of N8.7 billion through a Private Placement (PP).



Fisayo Oyedeji Chief Executive Officer (CEO) and Adewale Yusuf Head of Operations (HOO) of the company confirmed this to Proshare NI today in Lagos Nigeria.



To raise this amount, CORETRUST is offering to a select group of investors 5.0 billion Ordinary Shares of 50 Kobo each at N1.75 Kobo per share.



“By first week of September, this placement would open” Oyedeji said.



He further affirmed that the company is targeting at institutional investors that would leverage on CORETRUST to do their business.



“These institutional investors are those that want value and CORETRUST is set to offer that” Oyedeji affirmed.



He confirmed to Proshare NI that CORETRUST would allow existing shareholders to buy into the Placement. “Existing shareholders who strongly believe in CORETRUST would be allowed to participate in the Placement” Oyedeji said.



Prior to this time, as reported by Proshare NI, the company had proposed to raise the sum of N5.0 billion through a hybrid offer.



Oyedeji had before this change, affirmed that the minimum of N5.0 billion can go more than expected given the capital requirement of CORETRUST.



The company had recently increased its authorised share capital to N2.5 billion from N250.1 million.

As earlier reported by Proshare NI, proceeds of the Placement would be used to enhance the firms Information and Communication Technology (ICT) in order to deliver quality service to its customers.



Further use of the offer proceeds would be to train its staff both on specific and sector function to enhance productivity.



Apart from these, the company is seeking to enhance its brand, not only locally; but internationally.



“Therefore, there is every need for us to raise fresh funds in order to meet up with the current market trend” he said.