Mpeace:
I wonder oh. I have been reading the guys comments and watching him go round and round only to arrive at the same place. Assuming fidelity took 3months doctor their result, he wants to now catch them and unravel it in less than 24hrs without any knowledge of accounting/auditing.

It was the prolonged effect of night shift. I must say I started laughing when I realized that I should have been sleeping instead of worrying over nothing. I must learn either by hook or crook..

swilo:


It was the prolonged effect of night shift. I must say I started laughing when I realized that I should have been sleeping instead of worrying over nothing. I must learn either by hook or crook..

If u don't pay school fees how will u learn?

wanaj0:


Thanks. It was meant to be from NEGATIVE to POSITIVE

If only people understand the item in RED

My Pleasure Sir !!

veecovee:


More speed to your propeller.

U are important here

Veecovee, is OGG a member of your church?

Mpeace:
If u don't pay school fees how will u learn?

After paying school fees to Caverton, I am forcing myself to study at home o. Thank God for patient Ogas like you and some others here.

Long Live NSEMPAians.

My target is to read enough so I can detect a stock with bounty... even though sometimes, things get really confusing. I have been trying to find out why easykobo.com ratios never tally with mine, while I read Infinitisi zerodha series.

swilo:


Veecovee, is OGG a member of your church?

He is a potential member. His tithe go make sense.

DeRuggedProf:


No wonder, someone wanted us to help push the price to between N70K - N1.00.
The real problem is that you may enter and get locked with this issue lingering for several moons, meanwhile, fundamentally sound stocks may have returned nearly 100% with dividend while you stay locked to get the 37.5% gain from 40k to 55k...
Even rats dig their homes with emergency exits in place.
This is not the kind of trap that catches me.
Even the management is forced to admit that they have fallen into a very big hole and are still asking to be provided with additional modern digging tools.
The only real protection for the retail investors (a listed firm) is about to be removed. After that, their voices shall be heard no more...

Guilty conscience dey kill me so Bros a couple of questions for you?

1)Who asked you to help push the share price of First Aluminium to 70k - N1?
2)Is asking that you check the financials before taking a decision an invitation to buy the shares or is it an invitation to make an informed decision?
3)Is giving my interpretation of their financials commendable or an act to be condemned?
4)Has my theory that the company is need of recapitalization due to their interest expense been validated or not?
5)Will the management attempt a takeover of the company if they thought the shares are overvalued or that the company was not viable?

Now over to an analysis of the Takeover Bid.

It is clear that the Mgt is trying to be clever by half and steal the company from minority share holders. They see that the shares are grossly undervalued and that they can win any vote in which they partake in so why not vote to compel the minority shareholders to sell their shares at a grossly undervalued price. The Net Asset value per share from their 2017 annual report is about N2.45. This is what each share gets if you sell off all the assets (at book value N9,884,593,000) and pay of all the liabilities (at market value N4,721,675,000) then share the remained of the proceed (N5,162,918,000) between the shareholders (2,110,359,242 shares). This should at least be one of the the benchmark prices used in setting the takeover price in a sane society.

I am not sure that the claim by Nairametrics that the rules says that the price of a take over should be the maximum value of the shares in the last 6 months is totally correct.A fair value for the shares is determined using different approaches and offered to the shareholders. From experience the price is usually at some premium to the market price as specified by the acquiring company. Also there is a procedure for dissenting share holders to apply to court within a time frame for the fair value of the shares to be determined which is what they will be paid. This procedure is specified in section 146 and 147 of the Investments and Securities Act of 2007 as shown below

[b]147 (1)This section applies where a dissenting offeree makes an election under paragraph (b)
of subsection (3) of section 146 of this Act.
(2) The offeror may, within twenty days after he had paid the money or transferred the other consideration under subsection (6) of this section apply to the court to fix the fairvalue of shares of the dissenting offeree.
(3) If an offeror fails to apply to the court under subsection (2) of this section, a dissenting offeree may apply to the court for the same purpose within a further period of twenty days.
(4) A dissenting offeree shall not be required to give securities for costs in an application made under subsection (2) or (3) of this section.
(5) Where an application is made under subsection (2) or (3) of this section-
(a) all dissenting offerees who made an election under paragraph (b) of subsection (3) of section 146 of this Act shall be joined as parties and bound by the decision of the court; and
(b) the offeror shall notify each affected dissenting offeree of the date and place of the application and of his right to appear and be heard in person or by counsel.
(6) Upon an application to the court under subsection (2) or (3) of this section, the court shall fix a fair value for the shares of all dissenting offerees who made an election under paragraph (b) of subsection (3) of section 146 of this Act.
(7) The court may, in its discretion, appoint one or more than one independent valuer to assist the court in fixing a fair value for the shares of a dissenting offeree.
( The final order of the court shall be made against the offeror in favour of each dissenting offeree who made an election under paragraph (b) of subsection (3) of section 146 of this Act and for the amount for his shares as fixed by the court.
(9) The court may, in connection with proceedings under this section, make an order, if it thinks fit and, without limiting the generality of the foregoing may :-

(a) by order, fix the amount of money or other consideration that is required to be held in trust under subsection (6) of section 146 of this Act;
(b) order that money or other consideration be held in trust by a person other than the offeree company; or
(c) allow interest at the current bank rate on the amount payable to each dissenting offeree
from the date he sends to the offeree company his share certificates under subsection (5) of section 146 of this Bill until the date of payment. (10) Where the amount of money or other consideration fixed by the court under paragraph (a) of subsection (9) of this section exceeds that held on trust pursuant to any payment or transfer already made under subsection (6) of section 146 of this Bill by the offeror, the offeror shall :-
(a) make to the offeree company any payment or transfer necessary to comply with the order, and subsection (6) of section 146 of this Act shall apply in relation to the amount so paid or transferred; or
(b) if the court made an order under paragraph (b) of subsection (9) of this section, make that payment or transfer to the other person by whom the money or consideration is to be held in trust.
(11) Where the court makes an order under paragraph (b) of subsection (9) of this section-
(a) the order of the court shall operate to divest the offeree company of the money or other consideration subject to the trust and to vest it in the person named in the order on the like trust; and
(b) Subsection (6) of section 146 of this Act shall apply to money or other consideration paid or transferred pursuant to paragraph (b) of subsection (1) of this section to that person.





[/b]

mcy56 go hear am today,see notes.more to come.

MonkeyHunter:


Guilty conscience dey kill me so Bros a couple of questions for you?

1)Who asked you to help push the share price of First Aluminium to 70k - N1?
2)Is asking that you check the financials before taking a decision an invitation to buy the shares or is it an invitation to make an informed decision?
3)Is giving my interpretation of their financials commendable or an act to be condemned?
4)Has my theory that the company is need of recapitalization due to their interest expense been validated or not?
5)Will the management attempt a takeover of the company if they thought the shares are overvalued or that the company was not viable?

Now over to an analysis of the Takeover Bid.

It is clear that the Mgt is trying to be clever by half and steal the company from minority share holders. They see that the shares are grossly undervalued and that they can win any vote in which they partake in so why not vote to compel the minority shareholders to sell their shares at a grossly undervalued price. The Net Asset value per share from their 2017 annual report is about N2.45. This is what each share gets if you sell off all the assets (at book value N9,884,593,000) and pay of all the liabilities (at market value N4,721,675,000) then share the remained of the proceed (N5,162,918,000) between the shareholders (2,110,359,242 shares). This should at least be one of the the benchmark prices used in setting the takeover price in a sane society.

I am not sure that the claim by Nairametrics that the rules says that the price of a take over should be the maximum value of the shares in the last 6 months is totally correct.A fair value for the shares is determined using different approaches and offered to the shareholders. From experience the price is usually at some premium to the market price as specified by the acquiring company. Also there is a procedure for dissenting share holders to apply to court within a time frame for the fair value of the shares to be determined which is what they will be paid. This procedure is specified in section 146 and 147 of the Investments and Securities Act of 2007 as shown below

[b]147 (1)This section applies where a dissenting offeree makes an election under paragraph (b)
of subsection (3) of section 146 of this Act.
(2) The offeror may, within twenty days after he had paid the money or transferred the other consideration under subsection (6) of this section apply to the court to fix the fairvalue of shares of the dissenting offeree.
(3) If an offeror fails to apply to the court under subsection (2) of this section, a dissenting offeree may apply to the court for the same purpose within a further period of twenty days.
(4) A dissenting offeree shall not be required to give securities for costs in an application made under subsection (2) or (3) of this section.
(5) Where an application is made under subsection (2) or (3) of this section-
(a) all dissenting offerees who made an election under paragraph (b) of subsection (3) of section 146 of this Act shall be joined as parties and bound by the decision of the court; and
(b) the offeror shall notify each affected dissenting offeree of the date and place of the application and of his right to appear and be heard in person or by counsel.
(6) Upon an application to the court under subsection (2) or (3) of this section, the court shall fix a fair value for the shares of all dissenting offerees who made an election under paragraph (b) of subsection (3) of section 146 of this Act.
(7) The court may, in its discretion, appoint one or more than one independent valuer to assist the court in fixing a fair value for the shares of a dissenting offeree.
( The final order of the court shall be made against the offeror in favour of each dissenting offeree who made an election under paragraph (b) of subsection (3) of section 146 of this Act and for the amount for his shares as fixed by the court.
(9) The court may, in connection with proceedings under this section, make an order, if it thinks fit and, without limiting the generality of the foregoing may :-

(a) by order, fix the amount of money or other consideration that is required to be held in trust under subsection (6) of section 146 of this Act;
(b) order that money or other consideration be held in trust by a person other than the offeree company; or
(c) allow interest at the current bank rate on the amount payable to each dissenting offeree
from the date he sends to the offeree company his share certificates under subsection (5) of section 146 of this Bill until the date of payment. (10) Where the amount of money or other consideration fixed by the court under paragraph (a) of subsection (9) of this section exceeds that held on trust pursuant to any payment or transfer already made under subsection (6) of section 146 of this Bill by the offeror, the offeror shall :-
(a) make to the offeree company any payment or transfer necessary to comply with the order, and subsection (6) of section 146 of this Act shall apply in relation to the amount so paid or transferred; or
(b) if the court made an order under paragraph (b) of subsection (9) of this section, make that payment or transfer to the other person by whom the money or consideration is to be held in trust.
(11) Where the court makes an order under paragraph (b) of subsection (9) of this section-
(a) the order of the court shall operate to divest the offeree company of the money or other consideration subject to the trust and to vest it in the person named in the order on the like trust; and
(b) Subsection (6) of section 146 of this Act shall apply to money or other consideration paid or transferred pursuant to paragraph (b) of subsection (1) of this section to that person.





[/b]

I am not a capital market prof...
I can confirm there is one in Nasarawa state university. I will invite him over..
All this write-up on top my head? Na wao
I collapsed in the middle of the epistle..
OGG, come to my rescue, see JAMB questions for me...
Recall that 11plc got away with a bad situation last year, shareholders cried, non rescued them..

MonkeyHunter:


Guilty conscience dey kill me so Bros a couple of questions for you?

1)Who asked you to help push the share price of First Aluminium to 70k - N1?
2)Is asking that you check the financials before taking a decision an invitation to buy the shares or is it an invitation to make an informed decision?
3)Is giving my interpretation of their financials commendable or an act to be condemned?
4)Has my theory that the company is need of recapitalization due to their interest expense been validated or not?
5)Will the management attempt a takeover of the company if they thought the shares are overvalued or that the company was not viable?

Now over to an analysis of the Takeover Bid.

It is clear that the Mgt is trying to be clever by half and steal the company from minority share holders. They see that the shares are grossly undervalued and that they can win any vote in which they partake in so why not vote to compel the minority shareholders to sell their shares at a grossly undervalued price. The Net Asset value per share from their 2017 annual report is about N2.45. This is what each share gets if you sell off all the assets (at book value N9,884,593,000) and pay of all the liabilities (at market value N4,721,675,000) then share the remained of the proceed (N5,162,918,000) between the shareholders (2,110,359,242 shares). This should at least be one of the the benchmark prices used in setting the takeover price in a sane society.

I am not sure that the claim by Nairametrics that the rules says that the price of a take over should be the maximum value of the shares in the last 6 months is totally correct.A fair value for the shares is determined using different approaches and offered to the shareholders. From experience the price is usually at some premium to the market price as specified by the acquiring company. Also there is a procedure for dissenting share holders to apply to court within a time frame for the fair value of the shares to be determined which is what they will be paid. This procedure is specified in section 146 and 147 of the Investments and Securities Act of 2007 as shown below

[b]147 (1)This section applies where a dissenting offeree makes an election under paragraph (b)
of subsection (3) of section 146 of this Act.
(2) The offeror may, within twenty days after he had paid the money or transferred the other consideration under subsection (6) of this section apply to the court to fix the fairvalue of shares of the dissenting offeree.
(3) If an offeror fails to apply to the court under subsection (2) of this section, a dissenting offeree may apply to the court for the same purpose within a further period of twenty days.
(4) A dissenting offeree shall not be required to give securities for costs in an application made under subsection (2) or (3) of this section.
(5) Where an application is made under subsection (2) or (3) of this section-
(a) all dissenting offerees who made an election under paragraph (b) of subsection (3) of section 146 of this Act shall be joined as parties and bound by the decision of the court; and
(b) the offeror shall notify each affected dissenting offeree of the date and place of the application and of his right to appear and be heard in person or by counsel.
(6) Upon an application to the court under subsection (2) or (3) of this section, the court shall fix a fair value for the shares of all dissenting offerees who made an election under paragraph (b) of subsection (3) of section 146 of this Act.
(7) The court may, in its discretion, appoint one or more than one independent valuer to assist the court in fixing a fair value for the shares of a dissenting offeree.
( The final order of the court shall be made against the offeror in favour of each dissenting offeree who made an election under paragraph (b) of subsection (3) of section 146 of this Act and for the amount for his shares as fixed by the court.
(9) The court may, in connection with proceedings under this section, make an order, if it thinks fit and, without limiting the generality of the foregoing may :-

(a) by order, fix the amount of money or other consideration that is required to be held in trust under subsection (6) of section 146 of this Act;
(b) order that money or other consideration be held in trust by a person other than the offeree company; or
(c) allow interest at the current bank rate on the amount payable to each dissenting offeree
from the date he sends to the offeree company his share certificates under subsection (5) of section 146 of this Bill until the date of payment. (10) Where the amount of money or other consideration fixed by the court under paragraph (a) of subsection (9) of this section exceeds that held on trust pursuant to any payment or transfer already made under subsection (6) of section 146 of this Bill by the offeror, the offeror shall :-
(a) make to the offeree company any payment or transfer necessary to comply with the order, and subsection (6) of section 146 of this Act shall apply in relation to the amount so paid or transferred; or
(b) if the court made an order under paragraph (b) of subsection (9) of this section, make that payment or transfer to the other person by whom the money or consideration is to be held in trust.
(11) Where the court makes an order under paragraph (b) of subsection (9) of this section-
(a) the order of the court shall operate to divest the offeree company of the money or other consideration subject to the trust and to vest it in the person named in the order on the like trust; and
(b) Subsection (6) of section 146 of this Act shall apply to money or other consideration paid or transferred pursuant to paragraph (b) of subsection (1) of this section to that person.





[/b]

Please don't take all these post personal. It's not necessary though.

mendes911:


Please don't take all these post personal. It's not necessary though.

He has not returned from the forest..

OGG,
https://www.proshareng.com/news/Stock%20&%20Analyst%20Updates/JBERGER-Notice-of-Organisational-Changes-and-Appointment-of-New-Directorsa/41991

DOLLARTEX:
mcy56 go hear am today,see notes.more to come.

Lol. As I open class door, I almost ran back when i saw the veeryyyy long note but i just use one mind check the heading and see say na for pgd students.
If na for my class, I go just remind oga tisha say we dey on strike ni, say NLC don strike.

Mcy56:

Lol. As I open class door, I almost ran back when i saw the veeryyyy long note but i just use one mind check the heading and see say na for pgd students.
If na for my class, I go just remind oga tisha say we dey on strike ni, say NLC don strike.

lol,you better change school.monkeyhunter small small abeg,somebody cannot play with you again?

swilo:
Veecovee, is OGG a member of your church?

Mpeace:
He is a potential member. His tithe go make sense.

DOLLARTEX:
lol,you better change school.monkeyhunter small small abeg,somebody cannot play with you again?

Lol. If I hear say you dey play.
Make you go carry your assignment and start to dey do am sharp sharp, by the time you do two weeks night shift like swilo, e go dey clear to you small small.

Mcy56:

Lol. If I hear say you dey play.
Make you go carry your assignment and start to dey do am sharp sharp, by the time you do two weeks night shift like swilo, e go dey clear to you small small.

lol,so many intellectuals full this thread,my head don dey pain me self.I beg,i want sell this handle- dollartex you go buy?

DeRuggedProf:
All this write-up on top my head? Na wao I collapsed in the middle of the epistle.. OGG, come to my rescue, see JAMB questions for me...

Monkehunter don cause commotion o....... prof calling on colleague to come to his rescue! If it were to be student, na to faint straight.

DOLLARTEX:
lol,so many intellectuals full this thread,my head don dey pain me self.I beg,i want sell this handle- dollartex you go buy?

Buy wetin? If I buy I wouldn't know how to use it cos I wouldnt undestand most of the academic stuff that's already filled up there, you na assistant lecturer na.
Make Mpeace buy am so he go graduate quickly.

Mcy56:

Buy wetin? If I buy I wouldn't know how to use it cos I wouldnt undestand most of the academic stuff that's already filled up there, you na assistant lecturer na.
Make Mpeace buy am so he go graduate quickly.

mpeace na prof now,but firstalumi did 10% today ooo.

DOLLARTEX:
mpeace na prof now,but firstalumi did 10% today ooo.

Lol. You too dey look alumi side?
From 30k to 44k. Only that the volume is not much at all.
I don dey fear since i pay schl fees thru skye.

swilo:


Veecovee, is OGG a member of your church?

I no get church ooo! I be missionary, I no dey stay one place ooo, dem just tell me today to prepare for Ghana, when come back from where I go go on Monday or Tuesday.

veecovee:
I no get church ooo! I be missionary, I no dey stay one place ooo, dem just tell me today to prepare for Ghana, when come back from where I go go on Monday.

You go see Yayira for that side. Say hi to her.

Norwegian reserve fund gained 134 billion dollars this year. their fund manager must be some kind of wizard. they are close to 1trillion dollars for a tiny European nation.

veecovee:
I no get church ooo! I be missionary, I no dey stay one place ooo, dem just tell me today to prepare for Ghana, when come back from where I go go on Monday or Tuesday.

When dem go tell you to prepare for Saidu Arabia? Na there souls plenty Ooooh....

Make I buy you ticket?

... SOME OF US WHO ARE NOT POLITICIANS, WOULDN'T HAVE BEING ABLE TO KEEP
BUYING RAMS, BULLS, GOATS, LAMBS, HEIFERS, ETC FOR SACRIFICE, INORDER TO APPEASE GOD.

https://www.nairaland.com/3560501/holineness-righteousness-revival-daily-messages/17#71595784

Mcy56:

Lol. As I open class door, I almost ran back when i saw the veeryyyy long note but i just use one mind check the heading and see say na for pgd students.
If na for my class, I go just remind oga tisha say we dey on strike ni, say NLC don strike.

Lazy Nigerian youth

mendes911:


When dem go tell you to prepare for Saidu Arabia? Na there souls plenty Ooooh....

Make I buy you ticket?

Well, man must die, doesn't matter when and how but where he ends up in eternity.

Fidelity Bank Optimistic of Sterling Performance in H2 2018
https://www.businesspost.ng/2018/09/28/fidelity-bank-optimistic-of-sterling-performance-in-h2-2018/

MSCI PORTFOLIO MOVEMENT- AS AT 27 SEPTEMBER 2018/GENERAL COMMENT

MSCI’s reduced the selling substantially yesterday. But there is high probability that the index will close lower today as volume is still relatively low. The market for a long time does not always favour strike action by the organized labour as it sends wrong signals for the market participants.

The market is in a supply Zone, a close below 32,731.39 may likely bring one of those high percentage loss days.

For the expected trading range high and low for the day (watch for the lows this week): High to be at 32936.67 and low at 32637.34

In view of the fact that some additional information on our postings will now be added, we will be having a twitter handle. Whoever is interested can let me know.

Caution: This is for information purpose only. Data used are assumed to be correct. However, you may want to verify the data from an appropriate source. Also, Institutions can afford to suffer big losses without going burst compared with an individual, you cannot follow them blindly (you need to at least have some knowledge/your own plan).
N:B

1. Due to the fact so many new people are coming to this forum and may not know this use of following the “big monies that move markets”, I will be indicating why/how to use the information. This will be a permanent future of my post to reduce some comments which may prevent the people that understand the system from confusion by people who have not followed how this started. My comment for today for anybody who doubts the efficacy of following the fund is to look at my recent recommendations for the past 2 months.

2. The fund will still hold some equity, the terms of service states this. Thus no matter the condition of the market, it will not liquidate to Zero. This is an equity fund investing in the Nigeria market.

3. You cannot bear losses like the fund. The pocket of the fund is too deep. Therefore, as an individual you are not suppose to be in the market during the stock markt crash. Before or during the crash, reduce your holding.

4. If you are seeing this type of data on MSCI for the first time. You may need to verify the figures. Go to my previous posts, you will see the various sources where the data can be verified.

Good morning.

We begin our pre-market coverage of the Nigerian Stock Exchange (NSE).

Pre market runs from 9.30 to 10am daily on the NSE.

During this period, investors can place orders, but no trade occurs.

Figures will take the format Bid(k) vs Offer(k).

Bid represents the amount of stocks people want to buy.

Offer the number of stocks, people wish to sell.

K represents thousands.

Net bid means there are no offers for a stock.

Net offer means there are no buyers for a stock as at pre market.

Bid vs Offer figures are subject to change all through the day.

Access Bank 200k bid vs 250k offered

Dangote Cement 243 units bid vs 1k offered

FBNH 2.3 million bid vs 50k offered

Seplat Petroleum 150 units bid vs 350 units offered

UBA 100 units bid vs 1.3 million units offered

Wapco 85k bid vs 7k offered

Zenith Bank 725 units bid vs 95k offered

Dangote Flour 10k bid vs 14k offered

Dangote Sugar 3k bid vs 10k offered

Guaranty Trust Bank 160 units bid vs 12 units offered

Guinness 1k bid vs 6k offered

International Breweries 4k net offer

Nigerian Breweries 805 units bid vs 950 units offered

PZ Cussons Nigeria 125k bid vs 7k offered

Unilever 2k bid vs 2k offered

This Nairametrics post is brought to you by I-Invest.
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