MARKET NEWS
Eterna Oil & Gas Plc Placed on Technical Suspension
Eterna Oil & Gas Plc has been placed on Technical Suspension upon receipt of its application to engage in a hybrid offer of RIGHTS for N26.90 kobo and A PUBLIC OFFER for N28.90 kobo. The price was frozen at N31.16 kobo.
First Aluminium Plc Placed on Technical Suspension
NSE has placed First Aluminium Plc on Technical Suspension following the receipt of application by the company for RIGHT ISSUE of 1.24 billion ordinary shares at N2.00 per share
Starcomms Plc List by Introduction
Starcomms Plc is listing by introduction of 6,878,478,096 ordinary Shares of 50 kobo each at N13.65 per share on the floor of Nigerian Stock Exchange on Monday, 14th July, 2008. Investors would have the option of purchasing 500,000shares on the day.
DAAR Communications offer fully subscribed
The results of the initial public offer by foremost private broadcasting outfit, DAAR Communications Plc, have been released.
A total of 290,077 applications for 1,829,500,400 ordinary shares of the company, valued at N9.1bn were received in connection with the offer.
Under the terms of the offer, 290,030 applications for 1,829,478,000 units valued at N9.1bn were found to be valid and were accepted and processed accordingly.
A total of 47 applications for 22,400 units, valued at N112,000 were rejected based on non-conformity with the terms of the offer, thus the offer was 100 per cent subscribed
Also, a total of 67,607 applications for 960,005,230 ordinary shares of Daar Investment and Holding Company Limited, valued at N4.8bn were received in connection with the offer. A total of 13 applications totaling 5,230 units and valued at N26,150 were rejected based on non-conformity with the terms of the offer.
Under the terms of the offer, a total of 67,594 applications for 960,000,000 units, valued at N4.8bn were found to be valid and were accepted and processed accordingly. The offer was, therefore, 100 per cent subscribed.
The stated bases of allotment and other relevant information had been cleared by the Securities and Exchange Commission.
It noted that cheques for rejected application monies would be forwarded through registered post to the affected applicants by the registrars (First Registrars Limited) to the offer, not later than Wednesday July9, 2008, while Certificates for successful applicants or units of Daar Communication Plc shares would be credited to CSCS account of shareholders, who indicated this on their application form or dispatched through the registered post by the registrar, not later than Wednesday July 23, 2008.
Source: BusinessDay Newspaper.
Red Star Express Plc declare dividend of N0.25k
Posted Wednesday, July 9, 2008
Red Star Express Plc announced its full year financial performance with a turnover growth of 16% to N3.1bn, whilst growing net profit by 65% to N195.7mn.
Management recommended a dividend of N0.25 for investors, who hold the shares till 24th July, 2008. Payment has been slated for 29th July, 2008