I completely agree that is clear as it was in the press release, but if you read the last line of the first page of the release it clearly says 'The Securities and Exchange Commision has given its approval to the United Bank for Africa Plc to accept the excess proceeds of the Offer by way of Supplementary Allotment'

Basically should UBA so wish they can choose to issue a further 1,495,256,699 shares and keep the excess capital of the oversubscription. I'm betting they choose to keep the excess money and issue more shares. I just wondered how people will react if they do? is it good news?

As for First Bank, they were 5 times oversubscribed on their 100bn offer, i've heard the SEC will let them keep 150bn NGN of the oversubscription,which would allow them to issue 2.5x as many shares.

Hi everyone, i have a question maybe you could tell me what you think:

It seems SEC has approved UBA and First Bank to keep money that was oversubscribed, N100bn for UBA and N250bn for First Bank, which means that they will issue twice as many shares for UBA and 2.5X for First Bank, whih dilutes all the figures in the prospectuses.

My question is are people going to be happy that they have received more of their allocation than they were expecting, or are people going to have been caught out applying for more than they wanted knowing they would be scaled back and want to sell their excesss shares?

Both shares are well in profit from the PO's so i expect some profit taking, but at the same time i heard UBA is making 5bn profit a month, so dividend will be good. I'm in two minds whether to sell my shares in both now and buy them back once the certificates are issued.

What do you think?

I guess we'll find out one way or another, that's what their CIO told me last month.

GTA isn't planning on listing until Q3/Q4 2008