Npf Mfb

[hispy99]

NPF MFB to raise N2bn through hybrid offer
By Ifeanyi Onuba
Published: Thursday, 14 Aug 2008

As part of efforts to reposition for effective competition and improved service delivery, The Nigeria Police Force Microfinance Bank has concluded plans to increase its shareholders fund by N2bn.

This was disclosed by the bank’s Chairman, Mrs. Rachael Iyamabo, at the end of its completion board meeting on a hybrid offer in Lagos on Tuesday.

She said the directors of the bank had at its meeting of March 2008; resolved to offer by way of rights of 417 million ordinary shares at N2.50 to the existing shareholders on the basis of one new share for every one already held and a public offer of 339 million ordinary shares at N3.00.

Iyamabo added that reforms in the financial sector, which had triggered the recapitalisation process in the community banks and the upgrading of their status to microfinance banks, had opened a new vista of hope for driving economic activities of rural dwellers and small scale businesses across the country.

She noted that prior the reform in the sector, the nation was dotted with poorly capitalised, managed and supervised community banks that could not respond to the challenges of grass root micro financing.

The recapitalisation exercise, according to her, has not only eliminated the existence of fringe players but also strengthened the capital base, widen the business horizon and improved solvency within the industry.

According to her, “Our immediate and future plans is to make use of the opportunity of migrating into a microfinance bank. We shall implement the plan to establish our presence in every state in the country”.

The bank’s Managing Director, Alhaji. Mohammed Hassan said that the purpose of the hybrid offer, which opens on August 20, 2008, was to raise funds for the execution of the bank’s expansion programme.

This, he said, include the enhancement of information technology infrastructure which is estimated to cost N400m; establishment of branch network in all the Police zonal commands valued at N900m training and manpower development, and provision of working capital, which is estimated at N670m.

[BLUEMONEY]

Originally Posted by hispy99

NPF MFB to raise N2bn through hybrid offer
By Ifeanyi Onuba
Published: Thursday, 14 Aug 2008

As part of efforts to reposition for effective competition and improved service delivery, The Nigeria Police Force Microfinance Bank has concluded plans to increase its shareholders fund by N2bn.

This was disclosed by the bank’s Chairman, Mrs. Rachael Iyamabo, at the end of its completion board meeting on a hybrid offer in Lagos on Tuesday.

She said the directors of the bank had at its meeting of March 2008; resolved to offer by way of rights of 417 million ordinary shares at N2.50 to the existing shareholders on the basis of one new share for every one already held and a public offer of 339 million ordinary shares at N3.00.

Iyamabo added that reforms in the financial sector, which had triggered the recapitalisation process in the community banks and the upgrading of their status to microfinance banks, had opened a new vista of hope for driving economic activities of rural dwellers and small scale businesses across the country.

She noted that prior the reform in the sector, the nation was dotted with poorly capitalised, managed and supervised community banks that could not respond to the challenges of grass root micro financing.

The recapitalisation exercise, according to her, has not only eliminated the existence of fringe players but also strengthened the capital base, widen the business horizon and improved solvency within the industry.

According to her, “Our immediate and future plans is to make use of the opportunity of migrating into a microfinance bank. We shall implement the plan to establish our presence in every state in the country”.

The bank’s Managing Director, Alhaji. Mohammed Hassan said that the purpose of the hybrid offer, which opens on August 20, 2008, was to raise funds for the execution of the bank’s expansion programme.

This, he said, include the enhancement of information technology infrastructure which is estimated to cost N400m; establishment of branch network in all the Police zonal commands valued at N900m training and manpower development, and provision of working capital, which is estimated at N670m.

I realy dont have any interest investing in Microfinance Schemes talkless of when the Nigerian Police is added to it. But it think the offer will be successful given the amount of money they are sourcing for.

[faoogoke]

Originally Posted by hispy99

NPF MFB to raise N2bn through hybrid offer
By Ifeanyi Onuba
Published: Thursday, 14 Aug 2008

As part of efforts to reposition for effective competition and improved service delivery, The Nigeria Police Force Microfinance Bank has concluded plans to increase its shareholders fund by N2bn.

This was disclosed by the bank’s Chairman, Mrs. Rachael Iyamabo, at the end of its completion board meeting on a hybrid offer in Lagos on Tuesday.

She said the directors of the bank had at its meeting of March 2008; resolved to offer by way of rights of 417 million ordinary shares at N2.50 to the existing shareholders on the basis of one new share for every one already held and a public offer of 339 million ordinary shares at N3.00.

Iyamabo added that reforms in the financial sector, which had triggered the recapitalisation process in the community banks and the upgrading of their status to microfinance banks, had opened a new vista of hope for driving economic activities of rural dwellers and small scale businesses across the country.

She noted that prior the reform in the sector, the nation was dotted with poorly capitalised, managed and supervised community banks that could not respond to the challenges of grass root micro financing.

The recapitalisation exercise, according to her, has not only eliminated the existence of fringe players but also strengthened the capital base, widen the business horizon and improved solvency within the industry.

According to her, “Our immediate and future plans is to make use of the opportunity of migrating into a microfinance bank. We shall implement the plan to establish our presence in every state in the country”.

The bank’s Managing Director, Alhaji. Mohammed Hassan said that the purpose of the hybrid offer, which opens on August 20, 2008, was to raise funds for the execution of the bank’s expansion programme.

This, he said, include the enhancement of information technology infrastructure which is estimated to cost N400m; establishment of branch network in all the Police zonal commands valued at N900m training and manpower development, and provision of working capital, which is estimated at N670m.

Latest information is that this is not a private placement but an Initial public offer. They would be listing atfer the public offer just like daar communication did (don't ask me when daar will list).
It was on the news yesterday.

[hispy99]

NPF Microfinance projects 50.29 kobo in 2010
Posted Monday, August 25, 2008

-Seeks fresh funds of N2.0 billion through hybrid offer

PETER OBIORA

Proshare NI

August 25, 2008 at 17:36 GMT

NPF Microfinance Bank Plc has projected a 50.29 Kobo dividend payout in year 2010 Financial Year End (FYE). This was contained in a document made available to Proshare NI today in Lagos Nigeria.

The Microfinance Bank has made a forecast to offer its investors a 20.03 Kobo, 30.00 Kobo and 50.29 Kobo per share dividends in years 2008, 2009 and 2010 respectively.

However, the document affirms that the forecast dividend per share for the years are based on the number of shares expected to be in issue as at December 31, 2008 of 1,173,197,203 Ordinary Shares of N1.00 each.

Forecast Gross Earnings is expected to increase from N1.157 billion in year 2008 to N2.025 billion in year 2010 representing an increase of 75 percent in the period.

Profit before Tax (PBT) is also expected to grow from N466.261 million in year 2008 to NN1.049 billion in year 2010 indicating a growth of 125 percent.

While Profit after Tax (PAT) has been projected to increase from N401.261 million in year 2008 to N892 million in year 2010 showing an increase of 122.29 percent in the projected period.

In the same vein, Five Year Financial Summary of the Microfinance Bank made available shows that Gross Earnings increased from N358.118 million in year 2003 to N943.416 in year 2007 indicating an increase of 163.44 percent in the review period.

While PBT also rose from N118.122 million in year 2003 to N331.269 million in year 2007 showing a rise of 180.45 percent in the period under review.

PAT also grew from N85.801 million in year 2003 to N286.132 million in year 2007 indicating a growth of 233.48 percent.

NPF Microfinance Bank is seeking to raise fresh funds of N2.0 billion through a hybrid offer by offering to investors 338,812,797 and 417,192,203 Ordinary Shares of N1.00 each at N3.00 and N2.50 Kobo respectively.

The Rights Issue is on the basis of one new Ordinary Share for every one Ordinary Share held as at December 31, 2007.

However, NPF Microfinance Bank affirmed in the document that they have made no application to the Council of the Nigerian Stock Exchange (NSE) to list either the shares on offer or the existing shares of the bank.

The hybrid offer is expected to close September 26, 2008; Lead Issuing House is FirstInland Capital Limited, while the Joint Issuing Houses are Integrated Trust & Investment Limited and SanTrust Securities Limited.

[muranay@yahoo.com]

Originally Posted by hispy99

NPF Microfinance projects 50.29 kobo in 2010
Posted Monday, August 25, 2008

-Seeks fresh funds of N2.0 billion through hybrid offer

PETER OBIORA

Proshare NI

August 25, 2008 at 17:36 GMT

NPF Microfinance Bank Plc has projected a 50.29 Kobo dividend payout in year 2010 Financial Year End (FYE). This was contained in a document made available to Proshare NI today in Lagos Nigeria.

The Microfinance Bank has made a forecast to offer its investors a 20.03 Kobo, 30.00 Kobo and 50.29 Kobo per share dividends in years 2008, 2009 and 2010 respectively.

However, the document affirms that the forecast dividend per share for the years are based on the number of shares expected to be in issue as at December 31, 2008 of 1,173,197,203 Ordinary Shares of N1.00 each.

Forecast Gross Earnings is expected to increase from N1.157 billion in year 2008 to N2.025 billion in year 2010 representing an increase of 75 percent in the period.

Profit before Tax (PBT) is also expected to grow from N466.261 million in year 2008 to NN1.049 billion in year 2010 indicating a growth of 125 percent.

While Profit after Tax (PAT) has been projected to increase from N401.261 million in year 2008 to N892 million in year 2010 showing an increase of 122.29 percent in the projected period.

In the same vein, Five Year Financial Summary of the Microfinance Bank made available shows that Gross Earnings increased from N358.118 million in year 2003 to N943.416 in year 2007 indicating an increase of 163.44 percent in the review period.

While PBT also rose from N118.122 million in year 2003 to N331.269 million in year 2007 showing a rise of 180.45 percent in the period under review.

PAT also grew from N85.801 million in year 2003 to N286.132 million in year 2007 indicating a growth of 233.48 percent.

NPF Microfinance Bank is seeking to raise fresh funds of N2.0 billion through a hybrid offer by offering to investors 338,812,797 and 417,192,203 Ordinary Shares of N1.00 each at N3.00 and N2.50 Kobo respectively.

The Rights Issue is on the basis of one new Ordinary Share for every one Ordinary Share held as at December 31, 2007.

However, NPF Microfinance Bank affirmed in the document that they have made no application to the Council of the Nigerian Stock Exchange (NSE) to list either the shares on offer or the existing shares of the bank.

The hybrid offer is expected to close September 26, 2008; Lead Issuing House is FirstInland Capital Limited, while the Joint Issuing Houses are Integrated Trust & Investment Limited and SanTrust Securities Limited.

Can someone please upload the Memorandum for this PP