Resort Developers Limited

[faoogoke]

This company is a subsidiary of Resort savings and loans limited. It's pp is coming at N1.00 for a N1.00 share.
Deap capital is said to be the issuing house.
Members should be on the look out for the pp document.

[riskreturn]

Originally Posted by faoogoke

This company is a subsidiary of Resort savings and loans limited. It's pp is coming at N1.00 for a N1.00 share.
Deap capital is said to be the issuing house.
Members should be on the look out for the pp document.

There is little to cheer in the PP, as the amount to be raised is just only 0.2 billion Naira or so, going by the publication in The Guardian of today (see the link below).

Guardian Newspapers

[faoogoke]

I called Deap capital today and was told that it is Resort Savings and loans that is doing the private placement and that it is not a company by the name Resort developers as mentioned in "The Guardian".
They promised to send me a prospectus, until then I can say little about the amount of shares being offered.

[ikpong]

Originally Posted by faoogoke

I called Deap capital today and was told that it is Resort Savings and loans that is doing the private placement and that it is not a company by the name Resort developers as mentioned in "The Guardian".
They promised to send me a prospectus, until then I can say little about the amount of shares being offered.

The pp opened on Feb 4 and closes Mar 14. Faoogoke have you been able to get the prospectus yet? If anyboby else has it, please post it for the house to comment on.

Thanks.

[Olayimika]

Originally Posted by ikpong

The pp opened on Feb 4 and closes Mar 14. Faoogoke have you been able to get the prospectus yet? If anyboby else has it, please post it for the house to comment on.

Thanks.

The physical prospectus is pretty scarce even in their office. i guess ull have to make do wt going to their office at St Nicholas House.
i believe the offer might not last till Mar 14 though.

[faoogoke]

The Abuja manager of Deap asked for my contact details with a promise to get me the pp documents. I will probably give him a call again. At their office, the staffs I met there claim not to be aware of the pp.
I tried looking for a soft copy but couldn't find. Still searching anyway.

[alanbow]

Originally Posted by faoogoke

The Abuja manager of Deap asked for my contact details with a promise to get me the pp documents. I will probably give him a call again. At their office, the staffs I met there claim not to be aware of the pp.
I tried looking for a soft copy but couldn't find. Still searching anyway.

I called the lagos office last weds, I was told it has not started and the prospectus was not ready. I left my email address but no response yet, will call them again today and let you know.

[alanbow]

Just called the Lagos office again, I spoke to a gentleman called Kenneth who promised to send it to me by email today. If he does, I will upload as soon as possible.

[faoogoke]

Originally Posted by alanbow

Just called the Lagos office again, I spoke to a gentleman called Kenneth who promised to send it to me by email today. If he does, I will upload as soon as possible.

Good work Alanblow!

[El-Kayode]

Originally Posted by alanbow

Just called the Lagos office again, I spoke to a gentleman called Kenneth who promised to send it to me by email today. If he does, I will upload as soon as possible.

Thanks Alanbow for all your efforts.

[ikpong]

We are highly appreciative of your efforts. God bless you real good.

[faoogoke]

Originally Posted by alanbow

Just called the Lagos office again, I spoke to a gentleman called Kenneth who promised to send it to me by email today. If he does, I will upload as soon as possible.

I did call their Lagos office too and was told that the Abuja Manager was around among other things to collect the pp forms.
If you reside in Abuja you can check their office at Ogbomosho street to pick the form from Wednesday when the Manager is expected to be back.

[alanbow]

Originally Posted by faoogoke

I did call their Lagos office too and was told that the Abuja Manager was around among other things to collect the pp forms.
If you reside in Abuja you can check their office at Ogbomosho street to pick the form from Wednesday when the Manager is expected to be back.

I have just spoken to the gentleman again in Lagos. He said thier internet connection is down hence he could not send the form/prospectus electronically.

I then raised my concern about over subscription when he said the offer was going to be opened till next month.

He said he was confident it will be oversubscribed based on what they have already received. So I am not sure what else one can do in the short term

[faoogoke]

Originally Posted by alanbow

I have just spoken to the gentleman again in Lagos. He said thier internet connection is down hence he could not send the form/prospectus electronically.

I then raised my concern about over subscription when he said the offer was going to be opened till next month.

He said he was confident it will be oversubscribed based on what they have already received. So I am not sure what else one can do in the short term

I think the offer is still in it's early stage. A little over a week. I should get the document this week. I will do a scan and post as soon as I have it.
If there is a minimum subscription of around 100,000 or 200,000 units the better.

[BigSeun]

The prospectus is now on the website
Resort Savings & Loans Ltd

[El-Kayode]

Originally Posted by BigSeun

The prospectus is now on the website
Resort Savings & Loans Ltd

Thanks Seun, but I find it difficult to open. Have you gone through it? What do u think?

[faoogoke]

Originally Posted by El-Kayode

Thanks Seun, but I find it difficult to open. Have you gone through it? What do u think?

I was at the site and it opened real easy. Looking at the prospect, I do not think it's a bad offer. They hope to list by the third quarter according to the prospectus but somewhere in the hardopy that I read (Not allowed to take away because only one was sent from Lagos), it said they would list their shares after a year from the closure of the offer.

[riskreturn]

Originally Posted by faoogoke

I was at the site and it opened real easy. Looking at the prospect, I do not think it's a bad offer. They hope to list by the third quarter according to the prospectus but somewhere in the hardopy that I read (Not allowed to take away because only one was sent from Lagos), it said they would list their shares after a year from the closure of the offer.

But, in the copy just downloaded from their website, 0nly 0.2 billion shares @ 1 Naira each (TOTAL: 0.2 billion Naira) are involved in the PP. This may be more than 9000% oversubscribed. I doubt it is worth it.

Probably, it is more advisable to try the yet-to-be-popular convertible debentures, which can be converted to shares anytime after 1 year or so (just about the same time the shares would be ready for stock exchange listing). The volume is 0.5 billion debentures and oversubscription should be less as it is not yet a popular invesment instrument with Nigerian investors. I think we may find it mutually productive commenting on this possibility. Any contrary or supportive opinion?

[newton]

May be its just my prof scepticism at play but hey...

This is wrong,

Deap... owns resort savings n loans (40% pre offer) and intends to to remain so (60% post offer)

Isn't it wrong that the same firm is issuing house to this offer,

Bcos they could just tie down funds, rtn later at immaterial interests.

SEC shd do something here, d market is gettin 2 robust 4 such things to be allowed.

[crtide]

Originally Posted by El-Kayode

Thanks Seun, but I find it difficult to open. Have you gone through it? What do u think?

Find the file attached