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Home |   About Us |   Contact Us |   Members |   Search |   Subscribe |   Disclaimer |   THE GUARDIAN CONSCIENCE, NURTURED BY TRUTH LAGOS, NIGERIA.     Friday, July 16 2004   news   editorial/opinion   politics & people   focus/record   business   sports   metro   capital market   weekend   golf weekly   Guardian Chat Click to join the chatroom 160704 today: Zenith raises share offer, to pay N10b dividends ENVISAGING an over-subscription of its initial public offer, the board of directors of Zenith Bank Plc has approved that additional shares, in an amount up to its unissued share capital, be allotted to subscribers. The board is said to have taken the decision as a result of the tremendous patronage which the offer has generated since its starting on July 1. It ends on July 29. With this development, about 400,000 additional shares are expected to bring the total to 1.2 million, up from the initial 800,000. This means that the new total offer may fetch the bank between N16 billion and N20 billion instead of the initial N8.7 billion expected. It is projected that the additional shares will enable the bank to be in better stead to significantly grow its profitability over and above what has been projected in the prospectus. Consequently, it is expected that it will pay handsome dividend and bonuses. For example, a dividend of N10 billion is expected to be paid out in the next three financial years. Thus, the projected dividend per share of 70 kobo and 85 kobo for year 2005 and 2006 respectively may be exceeded, as the bank would have had more financial resources to expand its business and win higher market share. The bank's Managing Director/Chief Executive Officer, Mr. Jim Ovia, in a letter to prospective investors said: "The bank has greatly enjoyed the confidence and patronage of numerous customers and we will continue to reciprocate their trust and loyalty by continuing to serve them with greater passion and enthusiasm." He added: "We will continue to build, nurture and protect our brand name as well as our reputation. We will uphold our conservative tradition in order to consistently re-enforce our value judgment and standards. We are confident that the track record of our activities of yesterday and today shall be our guiding light for a better future."` � 2003 - 2004 @ Guardian Newspapers Limited (All Rights Reserved).  Powered by dnetsystems.net dnet�

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