PETER OBIORA

Proshare NI

September 08, 2008 at 17:54 GMT

Equity Assurance Plc (EA) has projected to give investors who buy into their Public Offer (PO) a 15 Kobo dividend payout in its 2010 Financial Year End (FYE). This was contained in the forecast offer statistics extracted from the Reporting Accountants Report.

The insurance company has projected to offer to investors a 0.7 Kobo, 10 Kobo and 15 Kobo dividends for years 2008, 2009 and 2010 respectively.

However, dividend per share is based on 9,978,670,860 Ordinary Shares for years 2008, 2009 and 2010 respectively.

Gross Earnings of the company is expected to rise from N2.495 billion in year 2008 to N5.250 billion in year 2010 indicating a rise of 110.42 percent in the forecast period.

Profit before Tax (PBT) is also projected to grow from N1.453 billion in year 2008 to N3.068 billion in year 2010 representing a growth of 111.14 percent.

While Profit after Tax (PAT) has been projected to increase from N1.278 billion in year 2008 to N2.700 billion in year 2010 showing an increase of 111.26 percent in the forecast period.

Equity Assurance in its bid to raise N7.0 billion, has offered by way of offer for subscription 1,500,000,000 Ordinary Shares of 50 Kobo each at N3.50 Kobo per share.

And Rights Issue of 707,000,000 units of 50 Kobo each at N3.00 per share.

Units of sale are a minimum of 1,000 Ordinary Shares and multiples of 100 thereafter.

The hybrid offer which has since opened September 01, 2008 would close September 30, 2008. Lead Issuing House is Skye Financial Services Limited and Joint Issuing Houses include Greenwich Trust Limited and ICMG Securities Limited.