Refuge Home Savings & Loans

[hispy99]

Refuge Homes to Raise N2.7bn
11.19.2008


Refuge Homes Savings and Loans, a Primary Mortgage Institution plans a private placement of 2,058,000,000 ordinary shares of 50 kobo each at N1.30 per share, its Chief Executive Officer, Mr. Sola Olubode, has said.
Olubode in company of the Chairman of Refuge Homes, Prince Todunbo Odimayo and other board members, Mr. Tim Onebomoi and Mr. Eromosele Okojie informed guests at a special forum on ‘Investment Opportunities in Real Estate and Mortgages in Nigeria’ in Lagos that Oceanic Bank International Plc was the issuing house/advisers.

He said investors are entitled to a minimum of 50,000 ordinary shares and multiples of 5,000 units thereafter, which is payable in full on application.
He said in the event of over-subscription, additional shares in an amount not exceeding the company’s unissued share capital may be allotted subject to the approval of the company’s Board of Directors.

On the application period, he said the application list for the shares would open to each prospective investor for six weeks from the receipt of the private placement memorandum, adding that “this private placement has been underwritten up to 25 per cent of the total amount being raised on a standby basis.

He said no application has been made to the council of the Nigerian Stock Exchange for the admission of the shares being offered to the daily official list of the Exchange, but that “the company intends to apply for the listing of all its shares in the second quarter of 2009”.

The company as at the date of the private placement, he said had no outstanding debentures, charges or similar indebtedness or material contigent liabilities other than in the ordinary course of business and that the new shares to be issued would rank pari passu in all respects with the issued ordinary shares of the company but would not qualify for dividend for the accounting year ended December 31, 2008.

According to Refuge Homes Chairman, Prince Odimayo the institution was incorporated in 1992 as a private liability company and licensed by the Central Bank of Nigeria to embark on mortgage services and that it is registered with the Federal Mortgage Bank of Nigeria (FMBN) to disburse the National Housing Fund.

Odimayo said “the company was inoperative in as at August 2005 when it was acquired by some new core investors. Thereafter, a turnaround strategy was embarked upon with the increase in authorized capital from N20 million to N400 million and fully paid up capital from N14 million to N261 million. A new board and professionally competent management team were also installed to drive the operations of the restructured bank”.

[tonidol]

Originally Posted by hispy99

Refuge Homes to Raise N2.7bn
11.19.2008


Refuge Homes Savings and Loans, a Primary Mortgage Institution plans a private placement of 2,058,000,000 ordinary shares of 50 kobo each at N1.30 per share, its Chief Executive Officer, Mr. Sola Olubode, has said.
Olubode in company of the Chairman of Refuge Homes, Prince Todunbo Odimayo and other board members, Mr. Tim Onebomoi and Mr. Eromosele Okojie informed guests at a special forum on ‘Investment Opportunities in Real Estate and Mortgages in Nigeria’ in Lagos that Oceanic Bank International Plc was the issuing house/advisers.

He said investors are entitled to a minimum of 50,000 ordinary shares and multiples of 5,000 units thereafter, which is payable in full on application.
He said in the event of over-subscription, additional shares in an amount not exceeding the company’s unissued share capital may be allotted subject to the approval of the company’s Board of Directors.

On the application period, he said the application list for the shares would open to each prospective investor for six weeks from the receipt of the private placement memorandum, adding that “this private placement has been underwritten up to 25 per cent of the total amount being raised on a standby basis.

He said no application has been made to the council of the Nigerian Stock Exchange for the admission of the shares being offered to the daily official list of the Exchange, but that “the company intends to apply for the listing of all its shares in the second quarter of 2009”.

The company as at the date of the private placement, he said had no outstanding debentures, charges or similar indebtedness or material contigent liabilities other than in the ordinary course of business and that the new shares to be issued would rank pari passu in all respects with the issued ordinary shares of the company but would not qualify for dividend for the accounting year ended December 31, 2008.

According to Refuge Homes Chairman, Prince Odimayo the institution was incorporated in 1992 as a private liability company and licensed by the Central Bank of Nigeria to embark on mortgage services and that it is registered with the Federal Mortgage Bank of Nigeria (FMBN) to disburse the National Housing Fund.

Odimayo said “the company was inoperative in as at August 2005 when it was acquired by some new core investors. Thereafter, a turnaround strategy was embarked upon with the increase in authorized capital from N20 million to N400 million and fully paid up capital from N14 million to N261 million. A new board and professionally competent management team were also installed to drive the operations of the restructured bank”.

Will buy on the floor when they eventually get listed except they are willing to adjust their price to N1 at N1 per share. End of story!!!

[BLUEMONEY]

Originally Posted by hispy99

Refuge Homes to Raise N2.7bn
11.19.2008


Refuge Homes Savings and Loans, a Primary Mortgage Institution plans a private placement of 2,058,000,000 ordinary shares of 50 kobo each at N1.30 per share, its Chief Executive Officer, Mr. Sola Olubode, has said.
Olubode in company of the Chairman of Refuge Homes, Prince Todunbo Odimayo and other board members, Mr. Tim Onebomoi and Mr. Eromosele Okojie informed guests at a special forum on ‘Investment Opportunities in Real Estate and Mortgages in Nigeria’ in Lagos that Oceanic Bank International Plc was the issuing house/advisers.

He said investors are entitled to a minimum of 50,000 ordinary shares and multiples of 5,000 units thereafter, which is payable in full on application.
He said in the event of over-subscription, additional shares in an amount not exceeding the company’s unissued share capital may be allotted subject to the approval of the company’s Board of Directors.

On the application period, he said the application list for the shares would open to each prospective investor for six weeks from the receipt of the private placement memorandum, adding that “this private placement has been underwritten up to 25 per cent of the total amount being raised on a standby basis.

He said no application has been made to the council of the Nigerian Stock Exchange for the admission of the shares being offered to the daily official list of the Exchange, but that “the company intends to apply for the listing of all its shares in the second quarter of 2009”.

The company as at the date of the private placement, he said had no outstanding debentures, charges or similar indebtedness or material contigent liabilities other than in the ordinary course of business and that the new shares to be issued would rank pari passu in all respects with the issued ordinary shares of the company but would not qualify for dividend for the accounting year ended December 31, 2008.

According to Refuge Homes Chairman, Prince Odimayo the institution was incorporated in 1992 as a private liability company and licensed by the Central Bank of Nigeria to embark on mortgage services and that it is registered with the Federal Mortgage Bank of Nigeria (FMBN) to disburse the National Housing Fund.

Odimayo said “the company was inoperative in as at August 2005 when it was acquired by some new core investors. Thereafter, a turnaround strategy was embarked upon with the increase in authorized capital from N20 million to N400 million and fully paid up capital from N14 million to N261 million. A new board and professionally competent management team were also installed to drive the operations of the restructured bank”.

The M.D/CEO has spoken but we still need more information about this PP.

When is the closing date ?????

What about the Fundamentals of the company, is it okay and worth the risk ?????

The CEO Noted that ''this private placement has been underwritten up to 25 per cent of the total amount being raised on a standby basis''.

I will like to know the Institution that Underwritted this PP, maybe from them we can get the Memo of this Placement.

[BLUEMONEY]

Originally Posted by tonidol

Will buy on the floor when they eventually get listed except they are willing to adjust their price to N1 at N1 per share. End of story!!!

The CEO noted that “the company intends to apply for the listing of all its shares in the second quarter of 2009”, So IF they eventually get listed in say Third Quater 2009, will you be willing to buy this stock Above the PP Price ?????

Even if they sell this stock at 50 kobo and list on the floor of the Exchange Next Month, the Price of this Stock will still fall below the PP Price of 50 kobo Due to the Market Condition.

The Scenerio whereby the Price of a listed Equity falls below the PP or PO Price will not last Forever. Infact I Believe that Scenerio will end next year when the Market faces North. So if the Fundamentals of this company is worth the Price & the Risk why not jump in now instead of waiting to buy at a lower price on the Exchange where there is no Guaranty that you will find it at a lower price come 2009.

[tonidol]

Originally Posted by BLUEMONEY

The CEO noted that “the company intends to apply for the listing of all its shares in the second quarter of 2009”, So IF they eventually get listed in say Third Quater 2009, will you be willing to buy this stock Above the PP Price ?????

Even if they sell this stock at 50 kobo and list on the floor of the Exchange Next Month, the Price of this Stock will still fall below the PP Price of 50 kobo Due to the Market Condition.

The Scenerio whereby the Price of a listed Equity falls below the PP or PO Price will not last Forever. Infact I Believe that Scenerio will end next year when the Market faces North. So if the Fundamentals of this company is worth the Price & the Risk why not jump in now instead of waiting to buy at a lower price on the Exchange where there is no Guaranty that you will find it at a lower price come 2009.

Leave story Bluemoney. It is now confirmed that no listed stock can go below 50K. Any PP more than 50k, l am not interested. It is an Investment decision at this time.

[BLUEMONEY]

Originally Posted by tonidol

Leave story Bluemoney. It is now confirmed that no listed stock can go below 50K. Any PP more than 50k, l am not interested. It is an Investment decision at this time.

Where did you get this your confirmation from ????? With the 5% Rule in Place, Every listed stock can fall down to 19 kobo.

Well I Respect your Investment Decision.

[hispy99]

Originally Posted by BLUEMONEY

Where did you get this your confirmation from ????? With the 5% Rule in Place, Every listed stock can fall down to 19 kobo.

Well I Respect your Investment Decision.

Tonidol is correct, according to the NSE, no stock call fall below the 50k par value. This is why IAA is stuck at 50k. I believe someone posted a press release to this effect in IAA's thread.

[BLUEMONEY]

Originally Posted by hispy99

Tonidol is correct, according to the NSE, no stock call fall below the 50k par value. This is why IAA is stuck at 50k. I believe someone posted a press release to this effect in IAA's thread.

Okay, Then I Will have to go the IAA Thread for the Press Release.