Lbic Lagos Building Investment Corproration

[ibkn]

just heard that the company is coming out private placement.. NGN1=NGN1.20. am currently looking out for the prospestus..
will keep you posted..

[ibkn]

The Lagos Building Investment Company Plc has floated a private placement of 1.5billion ordinary shares of N1 each at N1.20 per share to strengthen its working capital.



The Managing Director, Mr. Babatunde Jinadu, said on Thursday that the placement is being made to finance the company’s strategic business development and create mortgage for low and medium income earners, real estate developers and joint venture activities.



The placement, which opened on October 17, 2007, will close on November 28, 2007,



According to Jinadu, other uses to which the N1.71bn net proceeds from the placement would be put include upgrade of information technology, improvement in head office and branches, increase return to shareholders, establishment of new branches and to take advantage of the emerging opportunities in the housing sector of the economy.



Minimum initial subscription according to the placement memorandum is 100,000 units ordinary shares and in multiples of 10,000 units thereafter.



Upon a successful exercise, the management and board of the company have proposed a dividend of N164m in 2008, N226m in 2009 and N299m in 2010.



Its projected turnover for 2008 is N619m, N805m in 2009 and N1.13bn for 2010, while forecast profit after tax for 2008 is put at N234.m, N324m for 2009 and N498m for 2010.



However, the company has not paid dividend in about three years due to a dip in profit. - Punch

[kiibaati]

The news brief is silent on who is/are the issuing house(s) and how can one get moe infor on the offer. Gists, anyone?

[Yusuf]

How can one get the full prospectus of this PP. Who is the issuing house?

[faoogoke]

Originally Posted by Yusuf

How can one get the full prospectus of this PP. Who is the issuing house?

The issuing house is Greenwich trust limited.

[averynicedoctor]

How long do private placements take before they are issued?Like Shares?

[juliusdudu]

Pumping and Babs, u have done justice to skye bank issue. i AGREE WITH pUMPING ON THE DEBATE btw Skye and Uba. We should not be fooled by this small caps Banks that come for offer. Babs, u will be surprise what Weba bank will post before they start their offer. Look at Access, 1st quarter 3b, 2nd quarter 1.8 what could said to be the reason and another thing about Access is that this same thing happened when they came to the market in 2004. I bought the public offer then and they posted a bad result only telling us that it was as a result of their public offer that made them lose up in the PAT war as if banks like Zenith, Uba, etc doesn't have offer. Yes, u might say that I am basing my view on Access but remeber that skye is also posting incredible result sincerely because of the public offer. Pumping and Babs, the PE and PB of skye is more than what u have quoted after the PO as I gathered from a reliable person in skye that they are actuakky raising 100b as 50b as already been raised from core investors. maybe the prospectus will show that but surely i will post the ling as the guy promised me to forward me the link.
Pls, I am not saying that skye offer is not good but I think we should exercise some restrain on how we structured our investment plan. I think UBA will give one better return this FY than Skye considering a robust dividend and likely bonus from UBA.
Cheers .

[mojiet]

Please has anyone heard anything about the LBIC PP done in November last year? (2007) It was done about the same time as universal Insurance which is already sending out certificates. Help Please

[faoogoke]

Originally Posted by mojiet

Please has anyone heard anything about the LBIC PP done in November last year? (2007) It was done about the same time as universal Insurance which is already sending out certificates. Help Please

You will not believe this. I called Greenwich and was told that the pp is still on! Interested members can make further inquiries from Greenwich.
For those of us who purchased the shares last year it's still a long way to go.

[mojiet]

Originally Posted by faoogoke

You will not believe this. I called Greenwich and was told that the pp is still on! Interested members can make further inquiries from Greenwich.
For those of us who purchased the shares last year it's still a long way to go.

Jesus Christ!


Thanks for the info.

[mojiet]

Hi,

Please is there any new development on LBIC pp. Are they planning to allot the shares anytime this year? How about listing on the stock market? Is anyone aware of any new housing project they have taking on?

[olusolakemmy]

Originally Posted by mojiet

Hi,

Please is there any new development on LBIC pp. Are they planning to allot the shares anytime this year? How about listing on the stock market? Is anyone aware of any new housing project they have taking on?

because the PP is still on, even the management of the coy can accurately give you listing date!!!!!!!!!!!!
you have to wait for them to sort out the issues at hand, that is private placement conclusion

[mojiet]

Originally Posted by olusolakemmy

because the PP is still on, even the management of the coy can accurately give you listing date!!!!!!!!!!!!
you have to wait for them to sort out the issues at hand, that is private placement conclusion

Thank you.

[Prince11]

@ALL

To those of you who bought the LBIC PP, in insight do you think you have spent your money wisely?

@Mojiet, can you attach the prospectus. Thanks

[mojiet]

Originally Posted by Prince11

@ALL

To those of you who bought the LBIC PP, in insight do you think you have spent your money wisely?

@Mojiet, can you attach the prospectus. Thanks

Find attached.

[faoogoke]

Originally Posted by Prince11

@ALL

To those of you who bought the LBIC PP, in insight do you think you have spent your money wisely?

@Mojiet, can you attach the prospectus. Thanks

The reason why I brought into this pp and would buy more given the opportunity is that the majority shareholder, Lagos state government is working with some top banks for a mortgage of about N40 Billion and LBIC will be the channel for accessing the mortgage. You should note that the government is desirous of giving loan to it's workers to buy/build their houses as well as traders at Tejuosho market that will be unable to buy the new structure being put up in the place.
I am not in a hurry about when it will be listed. I suspect it will perfom just like LASACO is doing in the insurance sector.

[Prince11]

@Mojiet, faoogoke

Many thanks. I really appreciate it.

Enjoy your day!