Equity Assurance projects 15K div in 2010FY

Equity Assurance projects 15K div in 2010FY

September 09 , 2008

 

<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt\"><B style=\"mso-bidi-font-weight: normal\"><SPAN lang=EN-GB style=\"FONT-SIZE: 11pt\"><?xml:namespace prefix = o ns = \"urn:schemas-microsoft-com:office:office\" /><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt\"><B style=\"mso-bidi-font-weight: normal\"><SPAN lang=EN-GB style=\"FONT-SIZE: 11pt\"><o:p>&nbsp;</o:p></SPAN></B></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB style=\"FONT-SIZE: 8pt; COLOR: #999999\">PETER OBIORA<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB style=\"FONT-SIZE: 8pt\">Proshare NI<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB style=\"FONT-SIZE: 8pt\">September 08, 2008 at 17:54 GMT<o:p></o:p></SPAN></P>
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<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB style=\"FONT-SIZE: 11pt\">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.<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB style=\"FONT-SIZE: 11pt\"><o:p>&nbsp;</o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB style=\"FONT-SIZE: 11pt\">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. <o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB style=\"FONT-SIZE: 11pt\"><o:p>&nbsp;</o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB style=\"FONT-SIZE: 11pt\">However, dividend per share is based on 9,978,670,860 Ordinary Shares for years 2008, 2009 and 2010 respectively.<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB style=\"FONT-SIZE: 11pt\"><o:p>&nbsp;</o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB style=\"FONT-SIZE: 11pt\">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.<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB style=\"FONT-SIZE: 11pt\"><o:p>&nbsp;</o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB style=\"FONT-SIZE: 11pt\">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.<o:p></o:p></SPAN></P>
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<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB style=\"FONT-SIZE: 11pt\">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. <o:p></o:p></SPAN></P>
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<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB style=\"FONT-SIZE: 11pt\">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.<o:p></o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB style=\"FONT-SIZE: 11pt\"><o:p>&nbsp;</o:p></SPAN></P>
<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB style=\"FONT-SIZE: 11pt\">And Rights Issue of 707,000,000 units of 50 Kobo each at N3.00 per share.<o:p></o:p></SPAN></P>
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<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB style=\"FONT-SIZE: 11pt\">Units of sale are a minimum of 1,000 Ordinary Shares and multiples of 100 thereafter.<o:p></o:p></SPAN></P>
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<P class=MsoNormal style=\"MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify\"><SPAN lang=EN-GB style=\"FONT-SIZE: 11pt\">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.<o:p></o:p></SPAN></P>


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