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Zenith Bank Approves Additional Shares Stories by Ayodele Aminu The board of directors of the Zenith Bank has approved that additional shares, in an amount up to the bank's unissued share capital, be allotted to subscribers in the event of over- subscription. The move THISDAY gathered, was as a result of the tremendous enthusiasm, interest and patronage which the bank's Initial Public Offer has generated since it commenced on July 1, 2004, 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 the bank 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. Analysts opine that the projected dividend per share of 70 kobo and 85 kobo for year 2005 and 2006 respectively will be exceeded. This is because the bank would have had more financial resources to expand its business and win higher market share. Managing Director/Chief Executive Officer, Zenith Bank Plc, 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 tract record of our activities of yesterday and today shall be our guiding light for a better future." Already, stock analysts are predicting instant appreciation of Zenith Bank's shares as soon as the shares are listed on the stock exchange. They opine that the offer price of N10.90k per share is coming with a heavy discount relative to the real value with a Price Earning (PE) ratio of about 7 years as against average of 25 years for other stocks. Meanwhile, further checks by THISDAY revealed that investors have continued to snap up more and more of the bank's shares, a development that has led to scarcity of its offer forms in some sale centers in Lagos and Abuja. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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