Abbey Building Society

[solainvest]

Did this company do a PP?

Abbey Building Society to list 4billion shares

The Punch: Abbey Building Society to list 4billion shares

[polosco]

what they did may have been a private injection of funds by a private coy but they are promising to come to the market soon with an IPO which we may just partake from on a low qty basis due to oversubscriptions

[fredski]

Originally Posted by solainvest

Did this company do a PP?

Abbey Building Society to list 4billion shares

The Punch: Abbey Building Society to list 4billion shares

Abbey did a private placement in sometime in Q4 last year increasing it's share holder base from 17 to 305. Abbey have indicated full listing by the end of Q2 2008.

Will post the moment I recieve further details.

[hispy99]

Abbey Building set to list shares on NSE
By Udeme Ekwere
Published: Monday, 28 Jul 2008
Abbey Building Society Plc has indicated plans to list its shares on the floor of the Nigerian Stock Exchange.

Speaking after a courtesy visit to the NSE on Thursday, the Chairman of the company, Mr. Ifeanyichukwu Ochonogor, stated that the company had reached advanced stages in its plans to list its shares on the floor of the NSE in order to boost its capital and enjoy other benefits that come with being listed.

He stated that the company had posted a profit after tax of N111m for the financial year ended, October 2007, representing an increase of 774 per cent over the N12.8m recorded the previous year.

The company’s share capital also increased by 92 per cent from N518m in 2006, to N1bn in the period under consideration.

According to him, “We hope to become the number one mortgage bank in Nigeria and to empower our customers to access real estate products and other financial services.

“We intend to grow our asset base in excess of N100bn in the next four years, and to be a major player in the primary mortgage sector, and to achieve this, it is imperative for us to be listed on the NSE.”

The company, which has been in existence for 16 years, was licensed by the Federal Mortgage Bank of Nigeria, and subsequently approved by the Central Bank of Nigeria.

Ochonogor stated that in its five year financial summary, the company had been rewarding shareholders consistently through dividends and bonus issues, as its dividend pay out for the year ended, October 2007, stood at over N81m.

“We remain the only mortgage bank in Nigeria to be rated by Agusto & Co. as Bbb. Attainments by the company in the last fiscal year showed that the investments made in restructuring the institution had started to yield fruitful results.

“These are attributable to the unflinching loyalty as well as the commitment to the goals and aspirations of the institution by our dedicated staff and management team,” he added.

The chairman also commended the NSE for standing by the company, when it was trying to attract foreign investors to invest in the company.

He said, “Today, the foreign investor in Abbey, Africinvest Capital Partners, is part of the investment companies of the FMO. And the FMO has made a commitment to grant us long-term facility to carry out mortgage before the end of the year.”

[threecrown]

Warms up for NSE Listing
( 26.07.08 )

The real estate or mortgages sub-sector of the Nigeria Stock Exchange will soon play host to Abbey Building Society Plc as they indicated moves to quote its stocks on the official list yesterday.

Preparatory to the list, the company's board of director paid a courtesy visit to the management of the Nigerian Stock Exchange yesterday. They were led by Chief Ifeanyichukwu Ochonogor.

Speaking during the visit, Ochonogor said plans are underway to list the company's shares on the stock exchange to enable the company put smiles on the faces of investors, both locally and abroad.

He lauded the feat of the Exchange in the last few years, under Professor Ndi Okereke Onyiuke, in terms of the number of companies listed on the Exchange, the quantum leap in market capitalisation and number of public offerings.

Besides, he thanked her for standing by the company last year, at the Hagues Netherlands, when it was trying to attract FMO to invest in the company, noting that a foreign investor in Abbey, Africinvest Capital Partners is part of the investment companies in FMO, and FMO has now made a commitment to grant the company a long term facility to carry out mortgage before the end of the year.

Abbey Building Society Plc, Nigeria's Premier non-aligned Primary Mortgage Institution (PMI) earned over N111 million after tax profit in the financial year ended October 2007, representing over 700 per cent increase from the N12.753 million of the previous year, its highest so far, since inception, 16 year ago.

During the same period, Abbey's share capital rose to over N1 billion from N518 million in 2005/2006 fiscal year while shareholders' funds, which stood at N616,991 million the previous year, came to over N1.4 billion in the financial year ended October, 2007.

These figure show tremendous growth in Abbey's total assets from over N3 billion in 2005/2006 fiscal year to over N5 billion in the fiscal year ended October 2007.

Abbey's Mortgage loans and advances grew, hitting over N1.8 billion in the fiscal year ended October 2007 as compared with over N779 million in previous year ended October 2006.

Dividend payable in the fiscal year ended October 2007, stood at over N81 million, representing a pay-out of four kobo per share. Abbey has strong showing in its payment of dividends and bonus issues to shareholders.

A run-down of Abbey's five-year financial summary (2003-2007) shows that it has been rewarding its shareholders consistently as it pays dividends every other year and bonus issues regularly.

Source: The Guardian

[BLUEMONEY]

Just heard that this company was Approved by the NSE Quotation committee to list about 4 billion ordinary shares at 3.50 kobo each.

[hispy99]

Abbey Building set to list 4.2bn shares on the Exchange
Posted Wednesday, October 8, 2008


Proshare NI

October 08, 2008 at 19:00 GMT



Primary Mortgage Institution (PMI) Abbey Building Society Plc is set to list 4,200,000,000 billion Ordinary Shares on the Floor of the Nigerian Stock Exchange (NSE).



The mortgage company started business with an initial authorised share capital of N5.0 million divided into 5,000,000 Ordinary Shares of N1.00 each.



Ifeanyi Ochonogor, Chairman of the company affirms that the above initial authorised share capital have increased consistently following the growing volume of business.



“Currently, the authorised share capital of the company is N3.5 billion divided into 7.0 billion Ordinary Shares of 50 Kobo each” Ochonogor said.



Abbey’s 10 months unaudited results as at August 31, 2008 shows that the company’s Gross Earnings for the 10 month period increased from N509.8 million in year 2007 to N871.6 million in the same period of year 2008 indicating an increase of 71 percent in the review period.



While Profit before Tax (PBT) also grew significantly from N137.6 million in the 10 months period of year 2007 to N229.4 million in the same period of year 2008 representing a growth of 67 percent.



In the same vein, audited Five Year Financial Summary ending October 31 shows that Gross Earnings of Abbey rose from N73 million in year 2003 to N603 million in year 2007 showing a rise of 726 percent in the review period.



PBT also grew from N63.433 million in year 2003 to N144.888 million in year 2007 indicating a growth of 128 percent growth.



Profit after Tax (PAT) also rose from N44.835 million in year 2003 to N111.292 million in year 2007 representing a rise of 148.22 percent in the review period.



However, as at the time of filling in this report, Proshare NI could not get the detail as regards the price at which Abbey’s shares would be listed and the date of the listing.

[hispy99]

CEO Q & A with Abbey Building Society Plc
Posted Wednesday, October 15, 2008

Abbey Building Society Plc list October 21, 2008

-May raise post-listing fresh funds

“Abbey Building Society Plc (ABBEY) is the premier, largest and most profitable non-aligned Primary Mortgage Institution (PMI) in Nigeria. ABBEY was incorporated on August 26, 1991 and licensed to carry on business as a PMI by the Central Bank of Nigeria on January 11, 1992. ABBEY started with an Initial Authorised Share Capital of N5 million which has grown over the years through capital injection and bonus issue. (Source: Company’s profile made available to Proshare NI)

Proshare NI sought to find out more about the Primary Mortgage Institution (PMI) Abbey Building Society Plc (Abbey) and its proposed listing come October 21, 2008 on the Floors of the Nigerian Stock Exchange (NSE) in Lagos Nigeria.


in this interview with PETER OBIORA of Proshare NI, Rose Ada Okwechime, Managing Director/Chief Executive Officer (MD/CEO) of Abbey Building discusses issues concerning the proposed listing of the mortgage company, its last Private Placement (PP) that saw it raise N5.0 billion and its foreign investors.

other issues discussed include the company’s projected dividend payout, share certificate of investors that participated in its Placement, plans to do an Initial Public Offer( IPO) towards the end of year 2009 and the company’s efforts at providing mortgages for Nigerians; including its future outlook.

Excerpts:

Abbey Building & listing of 4.2 billion shares on the Exchange

The 4.2 billion shares we are listing is what we believe we need at the moment. We have Authorised Share Capital of N3.5 billion of 50kobo each which translates to 7billion numbers of shares out of which 4.2 billion shares is being listed. Subsequently, we would see how it would help us in the creation of real mortgages between now and next year.

Our anticipation is that between now and next year, we may do an Initial Public Offer (IPO) to still increase our Share Capital. We are looking towards N15.0 billion Share Capital, for you to be a real mortgage bank player in the market, I think that is what Abbey Building requires and we are very hopeful we can achieve that; despite the current market situation.

EDITORS NOTE: The company would on October 21, 2008 list 4,200,000,000 Ordinary Shares of 50 Kobo each at N3.50 Kobo per share. The mortgage company started business with an initial authorised share capital of N5.0 million divided into 5,000,000 Ordinary Shares of N1.00 each. Currently, the authorised share capital of the company is N3.5 billion divided into 7.0 billion Ordinary Shares of 50 Kobo each.


Abbey Building and last Private Placement

We went for Private Placement (PP) in late 2006 which was oversubscribed and we picked up over 300 subscribers and that was our motivating factor to apply to be a Public Liability Company (PLC).

A lot people showed interest and we are now going to the NSE to list by introduction. The Placement was successful.

EDITORS NOTE: As at the time of filling in this interview, Proshare NI could not get a copy of the Placement Memorandum for further details.


Abbey Building and dividend payment to investors

We paid a dividend of 0.4 Kobo in year 2007 Financial Year End (FYE). For the current financial year, we would like to surpass our last years figure. Our total income before expenditure for the current financial year has crossed N1.0 billion.

Again, Abbey Building made a Net Income projection of N600 million, we made a forecast of 0.5 Kobo dividend payout in the 2008 FYE, however, we might surpass this figure, but we would not pay less than 0.5 Kobo.

Before we began to think making profit this year, it was past the month of March, by this time, we were still putting in place modalities for our listing, how to attract the market to Abbey Building and how to make profit quicker and the things to set aside for slow growing; which mortgage bank is all about.


Mortgage bank is unlike the commercial banks that overnight ballooned into large income base. Our asset will grow higher with the number of mortgages we are going to create and we are also into property development, Abbey Building have a lot of property as asset which are not reflected at market price in our books.

When we did a valuation of these properties in year 2006, they stood at over N1.5 billion; we don’t know the current value now. The CBN advised that we should not reflect valuation cost but maintain them at cost price.

This is one of the intrinsic value that ABBEY is bringing to the market to new investors which would also add to the assets of the shareholders. We consider the CBN advice as prudent.

In addition to the above, we also believe that with our relationship with foreign investors and their network, we would develop some of these properties and start making regular streams of income.

On dividend we are always very careful about this issue as we do not want to proclaim an unrealistic dividend. We want to grow our asset and shareholders fund so that investors are assured of long term value.

This strategy we believe will enhance the value of our stock on the Exchange which would eventually be translated into a consistent share bonus and capital gains. Abbey Building cannot start to operate like a commercial bank. Mortgage banking is a long term investment and involves hard work.

Apart from the above, we would continue to operate in a transparent manner, be ethical and professional in our work. We intend to have a good balance sheet that would enable investors have confidence in us and ultimately trade in our shares on a consistent basis in the market.

If individuals want to own their homes for instance, they have to cut down on their expenditure. The money realised from cutting down their expenditure would be invested into property, because it is the most important investment in their lives.

You can also buy shares, but owning a property gives you a peace of mind. If you own a home, when you walk in, you feel like a master, but if you are on rent, the Landlord may come in one day, and see how you have furnished your house and congratulates you. However, when the rent expires, the Landlord would subsequently give you a large increase in your rent which you may not afford.


Abbey Building and its foreign investors

Foreign investors bought into Abbey Building, the major thing is that these foreign investors gave both equity and loan. Thus, this loan is convertible into equity. Their present equity is just right for the type of business we require.

The values they bring are numerous in terms of their network of fund providers from the international market, training and capacity development for all cadre of staff. These benefits cannot be easily quantified in Naira and kobo.

If they want to change their term loan into equity, you will find that they would have a significant holding in Abbey Building and as time goes on, they can exercise the option to continue to increase their holding. ABBEY relies on the network of these investors for upgrade to international best practices in mortgage banking.

EDITORS NOTE: “We have received Expression of Interest (EOI) from various investors (local and foreign) who are at various stages of due diligence. These EOI are being considered on the basis of their merit and synergy to our service offerings” (Source: Company’s corporate profile made available to Proshare NI)


Abbey Building and proposed IPO

We hope that by next year, maybe October or November, we would open an IPO; it all depends on how well we perform. If we perform very well on our present capital, we would not be in a hurry to increase our share capital.

It is only if we find out that the loans are not coming; because mortgage needs a long term loan and that is the reason we believe in asking the company’s shareholders to bring money; so that we would be able to give out mortgages for 15 to 20 years, we cannot do that with short term funding.

Future of Abbey Building

The future is very bright; in terms of the opportunities in the market. Our vision is “to become the number one mortgage bank in Nigeria”. We are looking at taking some of our staff to go abroad for capacity development in the area of mortgage banking practice. They would be trained more on mortgage banking and its operations; this would be between now and early next year. And this would be a continuous thing.

Also some would go to Dutch Development Bank (FMO) for an exchange programme. The future means that a lot of people that never thought it would be possible for them to own their homes; especially the middle and lower class individuals would do so. The lower class through the National Housing Fund (NHF) would apply and secure a mortgage.

Abbey Building is also aiding a lot for Property Developers; we have taken some of them that are serious and financed them; by helping them to develop affordable housing. We are also looking at infrastructure financing in the educational sector in collaboration with some developers.

Abbey Building also hope to keep its investors and attract more, we actually need long term financing and the Government is making arrangements with the Federal Mortgage Bank of Nigeria(FMBN) for a secondary market.

However, we have to initiate first and foremost the primary market; which is the reason we are working hard and to have a big bulk mortgage which we would discount and still get cheap funds to be able to grant mortgages to a lot of Nigerians.

There are so many Nigerians that can afford to own their homes, but they do not know how to go about it. This is already working; people can walk into Abbey Building and talk about getting mortgages to own their homes.

[hispy99]

4.2billion Shares Were Listed By Way Of Introduction In Favour Of Abbey Building Society Plc On The Floor Of The
Nigerian Stock Exchange At N3.50 Today.

[hispy99]

Abbey building lists 4.2 billion shares
By Udeme Ekwere
Published: Wednesday, 22 Oct 2008

The Nigerian Stock Exchange on Tuesday, admitted the shares of Abbey Building Society Plc into the daily official list, with the listing of the company’s 4.2 billion shares.

The shares, which were listed at N3.50, recorded the only price appreciation for the day, gaining 17 kobo to close at N3.67 per share.

Speaking during the listing ceremony, the General Manager/Head, Quotations and Listings, NSE, Mr. Binos Yaroe, commended the company for having come forward to list its shares on the NSE.

He said that the mortgage institution in Nigeria had not been fully utilised, adding that the company’s listing on the exchange would ensure that investors had more access to housing in Nigeria.

Also speaking, the Managing Director of the company, Mrs. Rose Okwechime, stated that the company, which had eight branches across the country, was currently at the fore-front of home ownership delivery through partnerships with estate developers and relevant government agencies.

She said this was to provide adequate, functional and affordable housing units.

According to her, “This listing is a further step in achieving the company’s goals, as we are currently collaborating with some estate developers to deliver over 2,000 housing units in Lagos, Abuja, Enugu, Kaduna, Asaba, Calabar and Port-Harcourt, and the project involves over N10bn.

“We intend to grow our asset base in excess of N100bn in the next four years, improve the company’s rating to an international standard, reinforce our partnership with the international financial community and increase our branch network.”

She added that the company was optimistic that its shares would not be affected by the current downward trend of the market, adding that the shares would continue to record increases.

[hispy99]

Originally Posted by hispy99

Abbey building lists 4.2 billion shares
By Udeme Ekwere
Published: Wednesday, 22 Oct 2008

The Nigerian Stock Exchange on Tuesday, admitted the shares of Abbey Building Society Plc into the daily official list, with the listing of the company’s 4.2 billion shares.

“We intend to grow our asset base in excess of N100bn in the next four years, improve the company’s rating to an international standard, reinforce our partnership with the international financial community and increase our branch network.”

She added that the company was optimistic that its shares would not be affected by the current downward trend of the market, adding that the shares would continue to record increases.

They should have listed the shares on the GSE (Ghana Stock Exchange), not NSE

[hispy99]

‘Abbey reiterates commitment to efficient services’
By Ifeanyi Onuba
Published: Tuesday, 4 Nov 2008
The Managing Director Abbey Building Society, Mrs Ada Okwechieme, has reiterated the company’s commitment to the provision of efficient services.

In a statement by the company on Monday, the MD noted that in less than two decades since inception, the company had been able to achieve tremendous improvements.

The company, which shares were listed last month on the floor of the Nigerian Stock Exchange by introduction was shortlisted with First Bank of Nigeria Plc and United Bank for African in the mortgage bank of the year award category.

She said that the mortgage institution in Nigeria had not been fully utilised, adding that with the company’s listing on the exchange, it would afford investors the opportunity to have more access to housing in Nigeria.

She added that the company, which had eight branches across the country, was currently at the fore-front of home ownership delivery through partnerships with estate developers and relevant government agencies.

[Holden Theobald]

Has any one else apart from me had trouble lately obtaining Replacement cards from the Abbey.....



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