The STARCOMMS PLC Private Placement Exposed
Corruption has become a disease that is endemic and hard to eradicate. Yet, nothing drains confidence and trust than when ‘questionable transactions’ are perpetrated by persons in position of trust/public accountability and the regulators look the other way.
With regards to the capital markets, it would appear clearly now that we urgently need corrective treatment rather than political invective.
The regulator and market must now own up to its failure(s) and take steps to resolve these issues that are coming to light, remain unresolved and simply refuse to go away.
Related Story: Starcomms Plc: The SEC Approved list of 43 Allottees
The Starcomms Offer Papers and Other Documents:
1. Starcomms Pilot Fishing Presentation March 08
2. Starcomms PPM 
3. Investor Presentation 2008 - Starcomms Plc
4. Starcomms Investor Letter
5. BusinessDay of 29th April 2008
6. Afrinvest - Tele Fund Starcomms PPM
7. Private Placements in Nigeria - An analytical Framework.
8. Shares: Private Placements as Public Offers - Legality
10 more reports, analysis and news post will be published in a dedicated newsletter in the week.
|Starcomms: What happened to Circle TEL for which the NCC gave the PP approval?
We publish herewith the approval letter written by NCC to Starcomms Plc which formed the basis of the approval to raise a private placement based on the representations made that there was a core investor – ‘Circle Tel’ for whom a preferential allotment would be given.
Who is ‘Circle Tel’ and what happened to the ‘firm’? what questions did SEC ask and what response was received?
Here is the approval letter.
Daily Market Updates
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| People & Regulator
Segun Aina emerges as CIBN President; projects change for the banking industry
Segun Aina’s Presidential Acceptance Speech - CIBN
Central Bank retains 12% interest rate
DANGFLOUR declares 10 kobo dividend in '11 Audited result,(SP:N6.27k)
UTC declares N10.5m PAT in Q1 '12 result,(SP:N0.50k)
TRANSCORP declares N518.6m PAT in Q1 '12 result,(SP:N0.73k)
|On the Strategic Leadership for Senior Executives from Emerging countries programme, Professor Pawan Budhwar, Associate Dean Research, Aston Business School says ‘this programme will help participants to not only become aware about the rapidly changing global business context, but will also help them to develop competencies needed to both efficiently lead and organise businesses in the present challenging times.’
Registration for this programme may be made at http://goo.gl/slp3D
|Capital Market & Nigerian Economy
FDC Economic Bulletin - May 2012
SEC Division of Enforcement turns spotlight on private equity sponsors
Central Bank of Nigeria Communique No. 83 of the Monetary Policy Committee Meeting of Monday and Tuesday May 21 and 22, 2012
Petition against Starcomms PP and Chapel Hill Denham - 180512 - Morgan Capital
NCC Approval Letter to Starcomms 210408
IPO or IPP - Case Study 2011
FDC Economic Bulletin - May 2012