Q1 2014, SEC QUARTERLY MAGAZINE - Corrected as at ... 2014 SEC... Fidson Healthcare Cardinalstone...

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Transcript of Q1 2014, SEC QUARTERLY MAGAZINE - Corrected as at ... 2014 SEC... Fidson Healthcare Cardinalstone...

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    SEC  QUARTERLY   1ST  QUARTER,  2014  

     

    JANUARY  -­‐  MARCH  

    1/1/2014    

                           

     

     

    A  QUARTERLY  CAPITAL  MARKET  REPORT  

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    TABLE OF CONTENTS

    Page CONTENTS

    3 SECURITIES AND INVESTMENTS SERVICES

    16 FINANCIAL STANDARD AND CORPORATE GOVERNANCE

    19 COLLECTIVE INVESTMENT SCHEMES

    24 RULES DIVISION

    28 ENFORCEMENT AND COMPLIANCE

    29 REGISTRATION AND RECOGNISED INVESTMENT EXCHANGES

    46 INVESTIGATION

    48 FOREIGN SCENE

    50 ACTIVITIES OF ZONAL OFFICES

    50 IBADAN

    51 KANO

    54 LAGOS

    56 ONITSHA

    60 PORT HARCOURT

     

     

     

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    SECURITIES AND INVESTMENT SERVICES FIXED INCOME

    During the quarter under review, the following activities took place: S/N 01. Allotment Under Processing Five (5) Allotments were processed during the quarter under review. 02. Approved Allotment Four (4) out five (5) Allotments were approved. 03. Offer under Processing During the quarter, Four (4) application were processed 04. Offers Approved Two Applications were Approved 05. Post Allotment Under Processing There were Two (2) Post Allotments 06. Post Allotment Cleared None TABLE 1: ALLOTMENTS UNDER PROCESSING

    S/N Issuer Level of Subscription Issuing House Issue Type

    1 Nigeria Aviation Handing Co. (NAHCO)Plc 100%

    Chapel Hill Advisory Partners & Others 2,050,000,000 Series II Bond Issuance under the N5Billion Bond Issuance Programme

    2 Niger State Government 100%

    Planet Capital Limited Offer for subscription of N12Billion Fixed Rate Bond Due 2018 under N21 Medium Term Note Programme.

    3 Ekiti State Government

    104.9%

    Greenwich Proposed N5Billion Fixed Rate Bond due 2020 under the N25Billion Dept programme.

    4 Kogi State Government

    122%

    Afrinvest West Africa Proposed offer for subscription of N20 Billion fixed rate bond.

    5 Nassarawa State Government 100%

    Dunn Loren Merrifield Proposed N20Billion Dept Issuance programme and series 1 Bond- N5Billion series 15% fixed rate Bond.

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    TABLE 2: APPROVED BOND ALLOTMENT S/N Issuer Issuing house Price N:K Volume Value(N) Date Approved

    1. Niger State Government Planet Capital Ltd. 1000.00 12,000,000 12,000,000,000 6/3/14

    2. Kogi State Government Afrinvest (West African) Ltd. 1000.00 5,000,000 5,000,000,000 5/3/14

    3. Ekiti State Government Greenwich Trust Ltd. 1000.00 5,000,000 5,000,000,000 10/3/14

    4 Nasarawa State Government Dunn Loren Merrifield 1000.00 5,000,000 5,000,000,000 3/2/14

    TABLE 3: OFFER APPLICATIONS UNDER PROCESSING (BONDS)

    S/N Issuer Issuing House Issue Type

    1 Seplat Petroleum Development Company Plc

    Stanbic IBTC Capital & Renaissance Securities Nigeria Limited Proposed Global Offering

    2 Dana Group of Company Plc Dunn Merrifield Limited Proposed offer for subscription of N4.5B secured fixed rate bonds due 2020.

    3 AFDB Stanbic IBTC N160B MTN Programme and N15 B Series 1 Issue

    4 Fidson Healthcare Cardinalstone Partners Proposed N2Billion Bond Issuance

    TABLE 4: APPROVED OFFERS

    S/N Issuer Issuing House Issue Type Date Approved

    1 Seplat Petroleum Development Company Plc

    Stanbic IBTC Capital & Renaissance Securities Nigeria Limited

    Proposed offer for subscription of ordinary shares of 50k each. Approved on 27/3/14

    2 Dana Group of Company Plc Dunn Merrifield Limited Proposed offer for subscription of N4.5B secured fixed rate bonds due 2020.

    Approved on 28/3/2014

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    TABLE 5: Post Allotment under Processing S/N Issuer Issuing House Issue Type Date Approved

    1 Lagos State Government Chapel hill Partners N87.5 billion x % fixed rate bond under the N167.5 Not yet approved

    2 Lacasara Company Plc Stanbic IBTC N3 billion under N15 billion Not yet approved

    EQUITIES

    The following activities took place during the quarter under review:

    1. One (1) Special Placement was processed and approved 2. Six (6) Allotment Proposals were processed and cleared. 3. Twenty three (23) offers under processing. 4. Fourteen (14) post allotment offers under processing.

    TABLE 6: Approved Offer

    S/N Issuer Issue Type Issuing House Price (N:K)

    Volume Value(N) Subscription Level (%)

    Date Approved

    1 Infrastructure Bank Plc Private Placement

    APT Securities and Funds Ltd 1.00 700,459,670 700,459,670 100

    10/2/2014

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    TABLE 7: Approved Allotments

    S/N Issuer Issue Type Issuing House Price (N:K)

    Volume Value(N) Subscriptio n Level (%)

    Date Approved

    1 UBA Capital Plc Rights BGL and Greenwich 0.90 2,000,000,000 1,800,000,000 191 13/01/2014

    2 Omoluabi Savings and Loans

    IPO Morgan Capital 0.55 3,000,000,000 1,650,000,000 100 17/01/2014

    3 Trust Bond Private Placement

    Capital Asset 1.00 500,000,000 500,000,000 62.7 22/01/2014

    4 Ag. Homes Savings & Loans Plc

    Special Placing

    Deap Capital Management Ltd 0.60 2,100,000,000 1,260,000,000 99.3

    7/02/2014

    5 OandoPlc Private Placement Vetiva Capital mgt Ltd 16.03 2,046,706,324 32,808,702,373.72 100

    6/2/2014

    6 Infrastructure Bank Plc Private Placement APT Securities and Funds Ltd 1.00 700,459,670 700,459,670 100 14/3/2014

    TABLE 8: APPLICATIONS UNDER PROCESSING

    S/N ISSUER ISSUING HOUSE ISSUE TYPE

    1 Nigeria Mortgage Refinance Company Plc

    Dunn Loren Merrifield Special Placement of 6,000,000,000 ordinary shares of N1.00 each at N1.00 per share – Request to collect monies as deposit for shares.

    2 Evans Medical Plc Meristem Securities Limited Rights issue of 486,472,800 ordinary shares of 50 kobo each at N2.50 per share

    3 ResourceryPlc Sterling Capital Markets Limited

    Special Placement of 812,500,000 ordinary shares of 50 kobo each at 80 kobo per share and N700,000,000 4 Year 18.5% Unsecured Redeemable Convertible Debenture Stock

    4 Union Dicon Salt Plc Cordros Capital Limited Special Placement of 41,000,000,000 ordinary shares of 50 kobo at 50 kobo per share

    5 PharmaDekoPlc Integrated Trust & Investment Ltd Rights issue of 149,277,000 ordinary shares of 50 kobo each at N1:80 per share.

    6 Dana Group Plc Dunn Loren Merrifield Rights Issue of 54,000,000 ordinary shares of N1,00 each at N1.00

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    7 Mc Nicholas Consolidated Morgan Capital IPO of 230,000,000 ordinary share of 50k at N1.50 per share

    8 Unity Bank Interstate Securities Limited Rights Issue of 38,446,689,710 ordinary shares of 50k each at 50k per share and special placing of 40,000,000,000 ordinary shares each at 50k per share

    9 Spring Mortgage Plc PanAfrica Capital Plc Registration of Existing Securities of 4,894,269,764 ordinary shares of 50k each.

    10 Nigeria Police Mortgage Bank Plc Friendship Consulting Limited Registration of Existing Securities of 3,965,000,000 ordinary shares of 50k each.

    11 Friesland Camping WAMCO Nigeria Plc Self Registration of sub-division of nominal value of share capital of 1,000,000,000 ordinary share of 50k each

    12 Mansard Insurance Plc Lead Capital Registration of existing securities of 500,000,00 Ordinary shares of 50k

    13 Lagos Building Investment Co. Plc Skye Financial Services Limited Registration of Existing Securities of 2,882,047,223 ordinary share of N1.00 each

    14 Investment & Allied Assurance FBN Capital Proposed Capital Reduction by Investment and Allied Assurance

    15 Bankers Warehouse Plc DCSL Corporate Services Ltd Registration of existing Securities of 8,000,000,000 Ordinary shares of 50k

    16 Caverton Offshore Support Group Plc Renaissance Securities (Nig) Ltd Registration of 3,350,509,750 ordinary shares of 50k each

    17 DISCO / GENCO BPE Application for the registration of equities/securities of PHCN & Divestment of FGN equity shares

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    18 Acorn Petroleum Plc Mainstreet Bank Capital Ltd Registration of Existing Securities of 2,000,000,000 Ordinary Shares of 50k each

    19 Afriland Properties Plc Self Registration of Existing Securities of 350,000,000 Ordinary Shares of 50k each

    20 Funman Agricultural Product Plc Pan Africa Capital Ltd Registration of its existing Securities of 1,200,000,000 ordinary shares of 50k each.

    21 Clarion Off-Dock Global Services Plc Planet Capital Registration of Existing Securities of 25,007,000 ordinary shares of N1.00 each.

    22 CSCS Plc CSCS Plc Registration of Existing Securities of 5,000,000,000 ordinary shares of N1.00 each.

    MERGERS & ACQUISITIONS MERGER • Applications received Nil • Pending applications 2 • Applications approved 2

    ACQUISITION • Applications rec