Acorn Oil Pp

[muranay@yahoo.com]

Acorn Petroleum plans listing on the Exchange


FOLLOWING the conclusion of its private placement exercise, Acorn Petroleum Plc has concluded plans to raise fresh capital by way of initial public offering from investors.

The decision to raise fresh capital from the Nigerian Stock Exchange (NSE) was reached after the company received the approval of its shareholders to raise additional capital at its extra-ordinary general meeting held in Lagos, recently.

According to the company's Chief Executive Officer, Mr. Doyi Adeyinka, "Acorn Petroleum is certainly prised for greater days ahead. The company has enjoyed tremendous goodwill over the years and our private placement exercise proved to use that we needed to expand our frontiers and current operational potential, hence the need for the issue of additional shares to the investing public."

The company, however, noted that the initial public offer would be executed as a prelude to its listing on the Nigerian Stock Exchange (NSE). It also added that it has resolved to play an actively responsive role in the nation's capital market.

With a current shareholder base of 36, which includes individuals and institutional shareholders, the company hopes to increase its shareholder base to over 9,000 shareholders after the public offer.

Acorn Petroleum Plc commenced business in 1981 as a marketer of refined petroleum products and lubricants. The company has in the last 16 years grown to be recognised in the Nigerian oil and gas industry as a provider of quality service and products.

In recent times, the company has undergone significant institutional and operational changes; a recent rebranding exercise resulted in the company's current corporate identity and logo whilst fresh blood has been pumped into its management team to reposition and rejuvenate its fortunes.

As an integrated service oriented company engaged in the full spectrum of activities in the downstream petroleum, gas and energy sub-sectors, Acorns current clientele base showcases its growing clout and contributions to the national economy.

The additional capital, which will be raised by the company, will shore up its shareholder base and profile, boost its capacity to service current and new clients (and economic sectors) across the country and also fuel its drive into the West African sub-region, where it has identified copious opportunities in several Anglophone and Francophone economies.

[wkogunbiyi]

What exactly is the situation with Acorn? How viable is this IPO? What is the likely offer price? Pls advise

[dare834]

Proshare News and Analysis
Acorn Petroleum to raise N18 billion through IPO
Posted Friday, August 29, 2008



PETER OBIORA

Proshare NI

August 28, 2008 at 17:51 GMT



Acorn Petroleum Plc is making plans to raise a fresh fund of N18 billion through an Initial Public Offer (IPO). A source at the Nigerian Stock Exchange (NSE) made this affirmation to Proshare NI today in Lagos Nigeria.



“The company is seeking to raise about N18 billion through an IPO” the source said.



Our source also affirmed that Futureview Financial Services is expected to be Issuing House to the offer that would be sold at N20.00 per share.



Acorn Petroleum some few months back sought to raise N280 million by way of Private Placement (PP) by offering 100,000,000 Ordinary Shares of N1.00 each at N2.80 Kobo per share. Intercontinental Capital Markets was the Issuing House to that Placement.



Our source further confirmed to Proshare that the company only allotted shares to about 35 percent of those that applied for that Placement and returned money without interest.



“This is fraudulent if they have to collect money from so many people other than their select investors as written in their Placement Memorandum” the source said.



“Now they are coming back to raise fresh funds by way of IPO; what happened to the first one they raised; which they affirmed was oversubscribed?” the source queried.



As earlier reported, the decision by Acorn Petroleum to raise the fresh funds was reached after a recent Extra Ordinary General (EGM) of the company held in Lagos Nigeria where it got the approval of its shareholders to do so.



The company however, affirmed that after the IPO, its shareholders base is expected to grow to about 9,000 from the current 36.



However, as at the time of filling in this report, Proshare NI could not get further details as regards the Acorn Petroleum IPO.

[creflo]

Originally Posted by dare834

Proshare News and Analysis
Acorn Petroleum to raise N18 billion through IPO
Posted Friday, August 29, 2008



PETER OBIORA

Proshare NI

August 28, 2008 at 17:51 GMT



Acorn Petroleum Plc is making plans to raise a fresh fund of N18 billion through an Initial Public Offer (IPO). A source at the Nigerian Stock Exchange (NSE) made this affirmation to Proshare NI today in Lagos Nigeria.



“The company is seeking to raise about N18 billion through an IPO” the source said.



Our source also affirmed that Futureview Financial Services is expected to be Issuing House to the offer that would be sold at N20.00 per share.



Acorn Petroleum some few months back sought to raise N280 million by way of Private Placement (PP) by offering 100,000,000 Ordinary Shares of N1.00 each at N2.80 Kobo per share. Intercontinental Capital Markets was the Issuing House to that Placement.



Our source further confirmed to Proshare that the company only allotted shares to about 35 percent of those that applied for that Placement and returned money without interest.



“This is fraudulent if they have to collect money from so many people other than their select investors as written in their Placement Memorandum” the source said.



“Now they are coming back to raise fresh funds by way of IPO; what happened to the first one they raised; which they affirmed was oversubscribed?” the source queried.



As earlier reported, the decision by Acorn Petroleum to raise the fresh funds was reached after a recent Extra Ordinary General (EGM) of the company held in Lagos Nigeria where it got the approval of its shareholders to do so.



The company however, affirmed that after the IPO, its shareholders base is expected to grow to about 9,000 from the current 36.



However, as at the time of filling in this report, Proshare NI could not get further details as regards the Acorn Petroleum IPO.

anybody who uses his money to buy this IPO must a greenhorn in the capital market. This company doesnt deserve anybody buying its IPO especially with the lessons we have all learned with the capital market. that 35% allotment by acorn was curiosusly fraudulent. It shows the management doesnot exactly have a clear understanding of how to move the company forward. I personally even though I bought the PP would like them to be disgraced with this IPO b/c these companies need to be taught a lesson. They have taken the lack of information and reactiveness in the investing public for granted for far too long

[prince dagbolu]

Earlier this year, we bought into the Private Placement of Acorn Oil When the minimum was N280,000 for 100,000 Units. Bear in mind this was the minimum invested acceptable to Acorn Oil. You know what? They only allotted 35000 Units to all of us who bought the minimum Units, and returned money. I am still waiting for my own Returned Monies Warrant.

I was suprised to read that this same company are looking for funds again. Why did they return money to investors for their Private Placement in the first place? I will leave others to work that out. As for me. I am out of this planned IPO by Acorn Oil. This Company Directors are just taking liberties. I wish the regulatory authorities will ask them to explain their irrational actions to the investing public before granting them permission to undertake an IPO.

[phemmie06]

I want to confirm if it is true that Acorn petroleum,lucky fibers are coming to the market for IPO.I want to know how true it is.

[hispy99]

Originally Posted by phemmie06

I want to confirm if it is true that Acorn petroleum,lucky fibers are coming to the market for IPO.I want to know how true it is.

I am going to close this thread as there are other threads for these companies. Please let's refrain from opening duplicate threads. thx

Acorn Oil Pp

Lucky Fibres Nig Ltd

[prince dagbolu]

Finally, my broker says my Acorn oil return money is back.

[hispy99]

Acorn Petroleum warms up for listing on Exchange
By Gbenga Agbana

AS part of its preparations for eventual listing on the Nigerian Stock Exchange (NSE), the board of directors of Acorn Petroleum Plc has converted the company to a public liability company.

The company's Managing Director, Mr. Doyin Adeyinka, told journalists yesterday that the company was about to list its shares on the NSE after a successful private placement which was over subscribed by over 1,000 per cent.

During a presentation to pressmen yesterday, Adeyinka disclosed that the company's financial advisers are already working on the listing requirements and other modalities for listing.

His words: "We converted to a public company recently. We are currently working on going to listing on the Stock Exchange and we are working with our financial advisers to sort it out.

"We are the fastest growing downstream company today and our business model is strong, and we are diversifying fast. We are poised to give fantastic returns on investment to the investing public."

On the company's performance, he disclosed that the company posted as after tax profit of N279.5 million in the year ended June 30, 2008 over N2.98 million in 2007 showing an increase of 9,276 per cent, on a turnover which rose by 541 per cent from N887.8 million to N5.7 billion.

Earnings per share rose by 833 per cent from 0.03 kobo to 0.28 kobo, while dividends per share rose by 7,471 per cent from 1.95 to 147.6 kobo.

Looking forward, Adeyinka said the company intends to open new outlets within and outside the country in the next few months especially in Lagos, Akure, Ilesa, Ibadan, Kaduna, Jos and Zaria.

Besides, he said the company will soon apply for a refinery business licence from the government as part of its expansion drives.

[hispy99]

Acorn Petroleum translates into integrated energy company
By Bosede Olusola-Obasa
Published: Wednesday, 24 Sep 2008

The Managing Director, Acorn Petroleum PIc, Mr. Doyin Adeyinka, said on Monday that the downstream company was set to translate into an integrated energy company following its turnaround programme.

Speaking during a press briefing in Lagos, Adeyinka presented a business model outlining the specific areas of business to harness in order to improve the overall interest of its stakeholders.

Apart from the current line of supply and delivery of petroleum products through its 14 stations in Nigeria, the new effort will see the company strengthening its stand in areas including: oil field services, refining, exploration and production, as well as gas and power.

He also disclosed that the flow station outlets in Nigeria would increase to 100 by the end of 2009, saying that this would be achieved partly through acquisition of existing stations, some of whose applications are being considered.

While stating that the company also hoped to better its fortunes among its contemporaries with an emphasis on Bitumen exploration and production, he added that it was at the final stage of establishing its presence on the regional scene. This, he said, would begin with at least three countries.

[dejacrue]

dis is d most useless co. i 've ever seen. a co. dat did a pp, returned a chunk part of d money n is coming 2 market asking investors 2 subscribe. i won't b part of it. y did dey return in 1st place?they r yet 2 list the pp shares n dey r askin 4 more. this one is totally a NO GO AREA.

ABEG SHINE UR EYE.

d regulators shd deal with dis guys n sanction. they 've taken the investing public 4 granted. meanwhile kolapo lawson, d MD is also d chairman of Vitamalt who is presently doing a pp. he runs AGBARA estate leasehold/freehold if u care 2 know.

NSE & SEC shd look into dis n sanction co. running foul of the rules. it is high time pp are regulated.

THANK YOU.