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Core Trust seek institutional investors N2.186 bn Capital

Category: Public Offers Private Placements


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Core Trust seek institutional investors N2.186 bn Capital

Peter OBIORA

Proshare NI

March 13, 2009 at 15:27 GMT

 

 

Core Trust & Investment Limited (CORETRUST) is seeking Institutional Investors in its N2.186 billion Capital raising. Fisayo Oyedeji, Managing Director/Chief Executive Officer (MD/CEO) of the company confirmed to Proshare NI today in Lagos Nigeria.

 

He affirmed that this is the time to raise Capital for the company and CORETRUST is discussing with some Institutional Investors mostly Insurance Companies.

 

“We have arranged a structured meeting with some Institutional Investors who may want to invest in the company and by today, I will be having a meeting with one of them” Oyedeji said.

 

He further affirmed that apart from the Institutional Investors, CORETRUT is also seeking Diaspora Investors; who are expected to take advantage of the United States (US) Dollar appreciation compared to the Nigeria Naira.

 

“With a minimum of N15, 000 ($100), considering the current Exchange rate, they can get a minimum of 10,000 units. The Dollar appreciation is an advantage for the CORETRUST Placement as regards Diaspora Investors” he said.

 

Oyedeji also confirmed to Proshare NI that CORETRUST is taking the Capital raising to Retail, Institutional and Wholesale levels.

 

“However, as we raise this Capital, we are prepared to put a regime of Corporate Governance in our company, so that investors can be confident of where they have put their money” he affirmed.

 

As earlier reported by Proshare NI, to raise the amount, CORETRUST has offered by way of Rights Issue 325,656,125 Ordinary Shares of 50 Kobo each at N1.20 Kobo per share and a Private Placement (PP) of 1,197,375,499 Ordinary Shares of 50 Kobo each at N1.50 Kobo per share.

 

CORETRUST is expected to use 32.01 percent (32.01%) proceeds of the funds for proprietary trading and other medium to long term investments, 16.00 percent (16.00%) and  45.73 percent (45.73%) to strengthen its Asset Management subsidiary and Underwriting Capacity respectively.

 

While branch expansion programme for extensive retail business and Information Technology (IT) and Operational support would share 4.57 percent (4.57%) and 1.69 percent (1.69%) respectively from the proceeds of the Capital raising.

 

The company has an Authorised Share Capital of 2,500,200,000 Ordinary Shares of 50 Kobo each and Issued and Fully Paid up Capital of N488, 484,188 comprising of 976,968,376 Ordinary Shares of 50 Kobo each.

 

Financial Advisers to the hybrid offer is Capital Asset Limited, (Member of the Nigerian Stock Exchange) and closure date is March 31 2009.s



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