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.... ....   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates  Towards a better life for the people Search The Archives   Cover Stories National News South West Niger Delta South East North Politics Business Sports World Viewpoints Features   COVER STORIES Investors speculate on Intercontinental Bank shares Monday, December 06, 2004 LAGOS—APPARENTLY buoyed by recent disappointment over unallotments of their subscriptions to a public offer, investors are now taking pre-emptive measures on Intercontinental Bank. But the directors of the bank said last week that provisions had been made to accommodate up to 233 per cent subscriptions level. Though the bank is offering 2.75 billion shares at N6.00 per share, Nigerian Stock Exchange daily official trading records indicate that since the offer opened in November 16, 2004, about 16 million shares have been traded at the Stock Exchange at the stock price of N7.81 kobo. According to stockbrokers, many investors are taking speculative positions on the stock at a higher price because they felt the public offer would be massively over-subscribed, leading to non-allotments and return of monies. The brokers also said most of the investors involved were those who could not get allotments in their subscriptions in a recent public offer by a bank and their return monies were delayed without paying them interest on the huge sums tied down in the bank for months. Reacting to this development last week at the Nigerian Stock Exchange, Chairman of Intercontinental Bank Plc Dr Raymond Obieri who is also the President of the Nigerian Stock Exchange said their was no breach of the stock market rules in such transactions, stressing however that it would not be favourable to the investors to buy at a premium who the shares are available at a lower price of N6.00. Vice Chairman and Chief Executive of the bank, Dr Erastus Akingbola, stated that there was no cause for such speculation since the board of directors of the bank had already learnt from the mistake of one of the banks and has pre-empted a situation whereby large volume of subscription are not allotted. He said the bank has made provision to allot excess subscription up to a limit to be allowed by the Securities and Exchange Commission and the Nigerian Stock Exchange.   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates © 1998- 2004. Vanguard Media Ltd.

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