The Council of The Nigerian Stock Exchange, through its Quotation Committee has approved three new issues for companies in the Conglomerates and Petroleum Marketing Sub-sectors as well as in the Alternative Securities Market/Private Placement Exchange of The Nigerian Stock Exchange.

Chellarams Plc got approval for an Offer for Subscription of N1.5 Billion Fixed Rates Notes due in 2016 (series 1) under a N5 Billion Medium Term Note Issuance Programme of the company. The method of distribution of the Bond is Book-Building while its Coupon Rate is 14 per cent payable semi-annually. The Bond which was assigned a rating of BBB- by Global Credit Rating (GCR) has FSDH Securities Limited as its stockbrokers; Dunn Loren Merrifield as its Issuing House while Dunn Loren Merrifield and First Securities Discount House Ltd are the Joint Book Runners.

Also approved by The Council of The Exchange was Oando Petroleum Marketing Plc’s Offer for Sale of 171,500,000 Ordinary Shares of 50 kobo each at a price to be determined through Book Building. A total of 137,200,000 Ordinary Shares of 50 kobo each (representing 80 per cent) of the total will be offered to Qualified Institution Investors and High Networth Investors, while 34,3000,000 (representing 20 per cent) Ordinary Shares of 50 kobo each will be offered to retail investors at the price determined by the Book Building.

 

Vetiva Securities Limited and Stanbic Stockbrokers Limited are the joint Stockbrokers to the Issue while Vetiva Capital Management Limited, Stanbic IBTC Bank Plc, FBN Capital Limited and FCMB Capital Markets Limited are the joint Issuing Houses/Book Runners.

Union Ventures & Petroleum Plc got the Council’s approval for a Placing of 70, 000,000 Ordinary Shares of 50 kobo each at 52 kobo per share with Gland Energy Services Limited following a Memorandum of Understanding dated 16^th August, 2010. Regency Assets Management Limited is the Stockbroker to the Issue while Afribank Capital Limited is the Issuing House.