By Peter OBIORA investadvocate

Lagos (INVESTADVOCATE)-Flour Mills of Nigeria Plc has announced that Zenith Registrars Limited, Registrars to its N37.5 Billion Series one, 12 percent (12%) Fixed Rate Seniour Unsecured Bonds due year 2015 would credit the Central Securities Clearing System’s (CSCS’s) Accounts of successful investors with the allotted Bonds not later than Tuesday March 01 2011.

This was contained in the allotment announcement by Flour Mills Nigeria Friday February 25 2011 and obtained by investadvocate in Lagos Nigeria.

The Company affirmed that the allotment of Bonds will be by way of e-allotment; while Bonds certificates will be issued not later than Monday March 14 2011 to investors that have not provided their Clearing House Numbers (CHN’s).

The Issue was at N1, 000 per Bond Unit; being the first issuance under the Company’s N70 billion Debt Issuance Programme.

As earlier reported, Flour Mills Nigeria said a total of 61 bids valued at N49.8 billion were received at the close of the Book Building Exercise on December 02 2010.

The Firm affirmed that out of the bids received, 32 bids valued at N12.3 billion were rejected for not confirming to the terms of the Issue; thus raising a total of N37.5 billion.

A breakdown of the allotment shows that 29 bids totaling N37.5 billion within the price range were deemed valid under the terms of the Issue and therefore, accepted and processed accordingly.

Flour Mills Nigeria further affirmed that the Securities and Exchange Commission (SEC) has approved the allotment of the 37,500,000 Bond Units of N1, 000 each; valued at N37.5 billion; which is the total amount raised; indicating a 100% subscription.

On the basis of allotment as shown in the announcement document, 10 applications each for greater than 1,000,000 units totaling 34,000,000 units were allotted in full.

Four applications each in the range of 250,001 to 500,000 units totaling 1,525,000 units were allotted also in full.

While, seven applications each in the range of 100,001 to 250,000 units; totaling 1,430,000 units were allotted in full to investors into the Issue.

Also allotted in full are eight applications each in the range of 1,000 to 100,000 units totaling 545,000 units.

Leading Issuing House to the Bond Issue is UBA Capital Limited; while Joint Issuing Houses are Guaranty Trust Bank Plc (GTBank) and Zenith Capital Limited.