Union Bank

[nkemjika]

Has the PO commenced?
Tnx

[dannynoko]

Guys- Please how do you go about it when your broker told you, your RIghts Issue in this case 680 units has been sent for verification with copy of their paper work, sent between Jly/Aug 2007 and uptil now not reflecting on my CSCS report? I have an inclination I might go the Registrars, but what do I need for this? Pls comments!

[hispy99]

Originally Posted by nkemjika

Has the PO commenced?
Tnx

no it has not

[nkemjika]

The recovery of the market is really taking too long. Honestly, am beginning to get so fed up with the losses(though paper losses, close to =N=2m) I ve incurred.It's has gotten to a stage where am thinking of offloading all my securities even at a loss. Are you sure that this market will ever rebound? I need honest reactions from the gurus?
N/b I am not under any pressure to sell, but I do not want to see my hard earned money go down the drain.
Tnx!

[hispy99]

Originally Posted by nkemjika

The recovery of the market is really taking too long. Honestly, am beginning to get so fed up with the losses(though paper losses, close to =N=2m) I ve incurred.It's has gotten to a stage where am thinking of offloading all my securities even at a loss. Are you sure that this market will ever rebound? I need honest reactions from the gurus?
N/b I am not under any pressure to sell, but I do not want to see my hard earned money go down the drain.
Tnx!

stock investing is a long term process; markets go up and down. We have been lucky that the market has generated extraordinary returns in the last 2 years. Just hang in there if you are holding fundamentally good stocks and you will reap the rewards in future.

[billions]

Originally Posted by nkemjika

The recovery of the market is really taking too long. Honestly, am beginning to get so fed up with the losses(though paper losses, close to =N=2m) I ve incurred.It's has gotten to a stage where am thinking of offloading all my securities even at a loss. Are you sure that this market will ever rebound? I need honest reactions from the gurus?
N/b I am not under any pressure to sell, but I do not want to see my hard earned money go down the drain.
Tnx!

You have heard from the Dean of Faculty of Long Term Investment in SMN,Prof.Hispy99.

[citizen]

First Bank will continue to be a value stock whether the market crashes or not. This bank like Union Bank will be protected if there is ever a systemic failure in the banking sector. To add to this First bank owns 10% equity in Zain and will get a good chunk of NITEL thanks to their strong katsina connections minus being the official bankers for etisalat e.t.c.(serious cash flows).
Why the stock price is retreating you just need to read the JP Morgan report on Nigerian banks; (FBN stock price is overweight--real value 20 naira). They have a lot of underperforming loans and unnecessary risks and that is why the appointment of Lamido Sanusi a risk expert as the next CEO is a step in the right direction.
However take a cue from the world financial crisis, half of all nigerian banks are financially unsound and if you understand the banking sector a failure in one can affect even the big boys. That is why Soludo wanted a uniform year end by December to force those weak banks to merge with the big players and stave off a financial crisis in our banking sector(though it was unsucessful). However like Spring Bank merging with Bank PHB for their own good and everybody else's those small banks must merge and come clean about their roundtripping of shares on the stockmarket and borrowing of money to each other to do year ends at different times. Nigeria is one hell of a fraudulent country!!!! God save us all!!!
But i still remain bullish about first bank in the long term.
SHORT TERM -HOLD, LONG TERM- BUY,BUY,BUY

[ikazuagbe]

Hi fellow investors,

when is Union Bank Public Offer coming up, so that we can get prepared for it.

We'll be appreciative if are hinted on this.

Thanks and God bless.

[billions]

Proshare News and Analysis
Union Bank back to SEC on N300bn hybrid mega offer
Posted Monday, September 29, 2008



PETER OBIORA

Proshare NI

September 29, 2008 at 11: 35 GMT

Union Bank of Nigeria Plc (UBN) has gone back to Securities & Exchange Commission (SEC) to seek approval for its proposed N300 billion mega offer.

Francis Barde, Principal Manager, Corporate Affairs of the bank confirmed this to Proshare NI today in Lagos Nigeria in a telephone chat.

“The hybrid offer was supposed to have commenced, mid-August, 2008, but SEC requested that we produce some accounts before their approval to the offer; which we have done” Barde said.

He confirmed that Union Bank has gone back to SEC and presented these accounts and is awaiting approval for the hybrid offer to commence.

“We have gone back to SEC with these accounts and if not for the long holidays, we would have known the outcome” Barde affirmed.

Proshare NI sought to clarify the issue from Lanre Oloyi, Head, Media of the Commission who could not give a definite answer, but affirmed that companies approach SEC for approval of in order to raise funds, but do not do their due diligence.

“Some many companies that Issuing Houses has brought to raise funds, do not do their due diligence before coming to us for approval and oftentimes we request they go back and put their documents in order, we do not delay companies approval in SEC” Oloyi said.

This is coming on the heels of investors enquiries as regards the banks proposed hybrid mega offer.

On August 06, 2008, Barth Ebong Group Managing Director/Chief Executive Officer (GMD/CEO) of the bank in a Media Parley confirmed to Journalist that the proposed N300 billion hybrid offer may open August 18, 2008.

The bank would be offering to members of the Nigerian Investing Public 7,300435,466 billion by way of Public Offer (PO) at N36.00 per share and Rights Issue of 1,117,650,000 billion at N35.00 per share respectively.

The purpose of the offer Ebong affirmed is to provide increased funding capability needed to take advantage of high volume driven businesses in key growth sectors of the Nigerian economy.

“This would enable the bank reclaim market share and reinforce its positioning in the Nigerian Banking industry leadership” Ebong affirmed.

As at the time of filling in this report, Proshare NI could not ascertain the time the offer is expected to open.

[williamschichi]

But Is There Any Specific Time Or Guess To When They Would Start Selling Or Might Start Selling?

[nkemjika]

Good morning all,
Does anybody know why UBN traded 19+ million units yesterday?
Tnx.

[billions]

Originally Posted by nkemjika

Good morning all,
Does anybody know why UBN traded 19+ million units yesterday?
Tnx.

Over 19m units with only36 deals,so avearage volume per deal is over half a million units.I dont know why but it appears dat institutional investors are at work.

Lets see whatsup today.

Cheers.

[ayemco]

Originally Posted by billions

Over 19m units with only36 deals,so avearage volume per deal is over half a million units.I dont know why but it appears dat institutional investors are at work.

Lets see whatsup today.

Cheers.

Ther might be a change of heart for now on the PO. Whilst Institutional Investors may want to cash in on suspected Bonnus Issues and Dividends. Who Knows?

[ayemco]

I think Union Banks Suspension might have been lifted as the price dropped today 41.0..... Is this why there has been a surge. Are mu predictions coming past. We know they have submitted the audited accounts to SEC for the approval of the PO which was one of the issues for delay. Interesting times.

[billions]

Originally Posted by ayemco

I think Union Banks Suspension might have been lifted as the price dropped today 41.0..... Is this why there has been a surge. Are mu predictions coming past. We know they have submitted the audited accounts to SEC for the approval of the PO which was one of the issues for delay. Interesting times.

Thats true,the price decreased by 1% exactly today.

The audited result shd be cool...i expect dem to be able to grow PAT by over 90%.

Anyway,they shd do whatever they want to do so that i can sell.

[ayemco]

Originally Posted by billions

Thats true,the price decreased by 1% exactly today.

The audited result shd be cool...i expect dem to be able to grow PAT by over 90%.

Anyway,they shd do whatever they want to do so that i can sell.

Na true you talk