Personal Trust and Savings

[hispy99]

The Punch: Personal Trust set for listing

Personal Trust Savings and Loans Limited has set plans in motion to be listed on the Nigerian Stock Exchange.

The Managing Director/Chief Executive Officer, Personal Trust, Mr. Kunle Owuye, said that the company would list the shares at the conclusion of its private placement.

The company recently received approval from its shareholders to shore up its capital base from N20m to N1.5bn, and to raise an additional N1.38bn through private placement.

Owuye, who spoke with journalists on Thursday, said that the funds raised would be channelled into providing adequate funds for mortgage assets creation, working capital requirement, branch expansion and upgrading of technology for excellent service delivery.

He stated that the company had put various proposals in place to add value to its customers and ensure that it further created wealth for its investors.

According to him, “We are the earliest, first generation primary mortgage institution in Nigeria. As a matter of fact, one of the first to be licensed. But the sector has faced ups and downs based on the fact that the culture of mortgage is very new to our people.

“Also, the economy did not help matters at all. This is because the economy did not have a medium to long term funding, and again, the Land Use Act nearly destroyed the industry.”

He added, “However, Personal Trust would seek to address these issues and to enable us play our role in providing houses at affordable prices, especially for the home starters by fortifing our capital base.

“The increased capital will enable us upgrade our Information Technology and increase the estate development activities of our subsidiary.”

He also stated that mortgage business in Nigeria had begun to show a lot of growth potential and that the company had seen a lot of prospect in the business and that was why it was seeking the cooperation of private individuals to assist it in improving activities in the sector.

The Chairman of the company, Mr. Akinlade Falomo, said the firm wished to pursue its mission to assist customers to acquire the capacity to own properties and, thus engage in lasting capital formation through the provision of preferred mortgage banking products and services.

“The success of a mortgage banking services company is its ability to make products and services available at the right time for its customers,” he noted.

[olusolakemmy]

hmmmmmmmmmmmmm
want to shore up capital from 20m to 1.5b?
from where, among the existing shareholders?
also want to raise, 1.38b through PP.

what an ambitous coy, want to raise to 2.88b from 20m.

waiting dem shop?
well, we dey wait

[hispy99]

Personal Trust Savings & Loans plans listing on the Exchange
By Gbenga Agbana

PERSONAL Trust Saving and Loans Limited has indicated its intention to list its entire shares in the mortgage sub-sector of the Nigerian Stock Exchange.

Preparatory to that, the company is currently doing a private placement involving 1.38 billion ordinary shares of N1 each at N1.20 per share to raise about N1.7 billion.

In the placement memorandum, the company stated that it intends to make an application to the council of the Nigerian Stock Exchange for the admission of all the issues and paid-up shares of the company to the daily official list of the stock exchange through listing by introduction, not later than six months after the conclusion of the private placement exercise.

The placement, which opened on August 4, and will close on August 25, 2008 is packaged by Cashcraft Asset Management Limited, and Access Bank Plc, and the directors have explained that in the event of oversubscription, the excess monies would be considered by the company through the issue of new shares for the purpose of absorbing the oversubscription.

The company's authorised shares capital is N1.5 billion comprising 1.5 billion ordinary shares of N1 each, while issued capital is N120 million comprising 120 million ordinary shares of N1 each, while fully paid capital stood at N119.44 million.

According to the placement memorandum, the purpose is to enable the company upgrade its technology, establish more branches, increase its market share and strengthen its working capital.

Specifically, 25 per cent or N414 million would be expended on mortgage risk asset creation, while capitalisation of Pertrust Property and Investment Company, (PPIC) will take 15 per cent, and enhancement of working capital will gulp 40 per cent or N662.4 million.

Branch expansion will get 8.65 per cent or N143.24 million, and the remaining five per cent or N82.8 million.

The company's subsidiary, (PPIC) according to its Managing Directors, Mr. Anthony Owaye, is currently developing the Lakeview Housing Estate (A 100-unit estate) at Amuwo-Odofin within the Lagos metropolis.

He added that the company intends to commence work on phase two and three, comprising 150 units, while undertaking urban renewal activities wherein mortgages would be provided for rebuilding of existing dilapidated properties in densely communities at affordable prices.

[Michael]

Originally Posted by olusolakemmy

hmmmmmmmmmmmmm
want to shore up capital from 20m to 1.5b?
from where, among the existing shareholders?
also want to raise, 1.38b through PP.

what an ambitous coy, want to raise to 2.88b from 20m.

waiting dem shop?
well, we dey wait

I think they want to float a new company.?!!!

[tonidol]

Does this Coy have a website?

I need to know the subsisting stakeholders in this coy. Personally, l have an interest in investing in mortgage coys cos l believe Nigeria is heading in that direction soon but l need to be sure of the coy l am putting my money in.

More details pls!!!

[BLUEMONEY]

Please the financials of this company will be Appreciated.

[solainvest]

Find attached the PP Memo for Personal Trust

[hispy99]

Originally Posted by solainvest

Find attached the PP Memo for Personal Trust

thank you sir

[hispy99]

Personal Trust projects 20k div in 2011 FYE
Posted Tuesday, August 19, 2008

-As Placement ends August 25



PETER OBIORA

Proshare NI

August 19, 2008 at 17:22 GMT



Personal Trust Savings and Loans Limited have projected a 20 Kobo dividend payout to investors in its 2011 Financial Year End (FYE). This was contained in a Profit forecast for the 2009, 2010 and 2011 year ends made available to Proshare NI today in Lagos Nigeria.



The Mortgage Company is projecting a 10 Kobo and 20 Kobo dividend payout to investors in years 2010 and 2011 respectively; while in year 2009 investors would not receive any dividend.



This is coming on the heels of the Mortgage Company’s ongoing Private Placement (PP).



Personal Trust Savings and Loans is seeking to raise N1.656 billion by offering through Placement to strategic investors 1,380,000,000 Ordinary Shares of N1.00 each at N1.20 Kobo per share.



The company is offering a minimum of 100,000 shares and multiplies of 10,000 thereafter.



However, Personal Trust Savings and Loans affirm that it would list its shares by way of introduction on the Floors of the Nigerian Stock Exchange (NSE) not later than six months after the conclusion of the Placement exercise.



This suggests that the company would list its shares barring unforeseen circumstances in February, 2009.



In the same vein, historical financials of the company between 2004 to 2008 shows that Income grew from N76.850 million in year 2004 to N119.496 million in year 2008 indicating a growth of 55.49 percent in the review period.



Profit before Tax (PBT) increased from N5.581 million in year 2004 to N35.643 million in year 2008 showing an increase of 538.63 percent.



While Profit after Tax (PAT) also rose from N4.781 million in 2004 to N33.218 million in year 2008 representing a rise of 594.74 percent in the review period.



However, the company has projected to increase its Income from N313.504 in year 2009 to N1.175 billion in year 2011 indicating an expected increase of 275 percent.



PBT is also expected to grow from N141.546 in year 2009 to N926.654 in year 2011 showing a growth of 555 percent in the forecast period.



Also PAT is to increase from N99.082 million in year 2009 to N648.658 million in year 2011 indicating an increase of 555 percent.



The Placement is expected to close Monday, August 25, 2008 and Joint Issuing Houses are Cashcraft Asset Management Limited (Cashcraft) and Access Bank Plc.

[tonidol]

Just a quick enquiry, if writing out a bankdraft for this PP, in whose favour would it be? Is it:

1. Personal Trust Savings and Loans Ltd
2. Cashcraft
3. Access Bank

Whoever is very sure should please clarify.

[tonidol]

Originally Posted by tonidol

Just a quick enquiry, if writing out a bankdraft for this PP, in whose favour would it be? Is it:

1. Personal Trust Savings and Loans Ltd
2. Cashcraft
3. Access Bank

Whoever is very sure should please clarify.

No worries my people. I have seen who to address it to in the PP memorandum.
Anyone with concerns on this PP???

[BLUEMONEY]

[quote=tonidol;28196]No worries my people. I have seen who to address it to in the PP memorandum.
Anyone with concerns on this PP???[/QUOTE]



The concern I have is with the proposed 20 kobo dividend as posted above. what number of shares are they using to do thier calculation ?????
Have they factored in oversubcription in thier calculation because there is every possibility it will be oversubcribed and they said they will make provision in case it happens.

[tonidol]

More comments on this PP please

[billions]

PE is abt 17 in 2009,abt 9 in march 2010 and 5 in march 2011.

There are companies on d floor that hv far better ratios.Even if u want a company in d mortage sector...ASO savings has a forward PE of about 8 for march 2009.

It is true that mortage is getting more important in nigeria.

But d fact that there is potential for performance in d mortgage sector does not mean that all d companies in d sector will do well.I prefer companies that hv been "tested" because i know that potential is not a guarantee for performance.

I wld rather invest in ASO Savings but personal Trust may end up being more profitable than ASO but it is a more risky investment at this stage....Cheers.

[solainvest]

Find additional comments by cashcraft on why this is a must buy...

[faoogoke]

This pp has been extended to Decemeber 31, 2008. Your guess as good as mine for the postponement