By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Oil services firm, Caverton Offshore Support Group will today (Tuesday) list its shares by introduction at a record high N9.50 kobo per share six (6) years after it sought to raise N16 billion via a private placement.
Caverton will list 3.35 billion shares on the main board of the Nigerian bourse and will thus become the first oil services company to list at the Nigerian stock exchange (NSE).
A statement by the firm Monday said the listing will make the NSE create a new subsector – Logistics and Support Services – for the company.
According to Caverton its decision to list on the Nigerian bourse is to create a legacy business that can outlive its founders and maximise the opportunities created by the federal government’s local content policy.
Aderemi Makanjuola, chairman of the company said Caverton has reached that stage where it needs to access more capital because more contracts are coming in. ‘’We also need to train more people and ensure that Nigerian engineers and pilots derive greater benefits from the evolving opportunities and that instead of hiring people from abroad and taking out the money, we can help Nigerians to acquire the necessary capacities and hire them,” Makanjuola said.
On July 28, 2008 Caverton sought to raise N16 billion through a private placement (PP).
Caverton had offered investors 2.0 billion ordinary shares of 50 Kobo each at N8.00 per share.
The marine and aviation logistics provider in the oil and industry offered a minimum of 125,000 ordinary shares and in multiples of 25,000 thereafter; but said it will allot shares to prospective investors who are staff or other stakeholders of the company and who wish to subscribe for less than the minimum units of sale.
Prior to the private placement, existing capital structure of the company indicates that the Caverton Group has an authorised share capital of N2, 500,000,000.00 comprising ordinary shares of 50 Kobo each. While it’s issued and fully paid up is N1, 500,000,000.00 comprising 3,000,000,000 ordinary shares of 50 Kobo each.
Vetiva Capital Management Limited underwrote on a standby basis 437,500,000 ordinary shares representing 21.875 percent of the placement.
Caverton Offshore Support Group incorporated in 2008, is the holding company of Caverton Helicopters and Caverton Marine Limited.
