June 19, 2023/Futureview Financial Services
Futureview is pleased to inform you of TRADENET ₦30 BILLION PRIVATE COMMODITY NOTES ISSUANCE PROGRAMME SERIES 1 PRIVATE LISTING OF ₦5 BILLION PRIVATE COMMODITY NOTE is NOW OPEN.
The Notes linked to the prevailing factory market price of rice, due August 2023, are secured commodity-backed instruments. Each Note is a guaranteed warehouse receipt for a 50kg bag of LASRICO rice insured by Tangerine General Insurance and Noor Takaful Insurance Limited with an existing reinsurance treaty. Any payment due on the Notes, including any repayment of principal, will be subject to the credit risk of Tradenet. Investors are allowed to hold the Notes to the shelf-life maturity. Unless otherwise indicated or unless the context requires otherwise, all references in this Memorandum to “we,” “us,” “our,” or similar references are to Tradenet.
Each Series and Tranche (as defined herein) will be issued in such amounts and will have such periods of maturity and other terms and conditions as set out in the Pricing Supplement (as defined herein) applicable to such series (the “Applicable Pricing Supplement”). The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme shall not exceed ₦30,000,000,000 (Thirty Billion Naira).
The issue proceeds will be applied to financing of head rice produced from LASRICO Mill based on its agreement with the LASRICO
The Offer is scheduled to close on Monday, June 26, 2023.
A summary of the indicative terms of the proposed Series I offer is indicated below:
Issuer | Commodities Tradenet Limited (“Tradenet”) |
Programme Size | NGN30 Billion |
Issue Size | NGN5 Billion (Five Billion Naira Only) |
Issue Description | Series 1 Private Listing Size |
Joint Lead Transaction Advisers and Dealers | Futureview Financial Services Ltd and Futureview Securities Ltd |
Tenor | 2 Months (60 Days) |
Offer Open | Tuesday, June 13 2023 |
Offer Close | Monday, June 26, 2023 |
Payment Basis | In Full on Application |
Offer Mode | Offer for subscription via Private Placement/Listing |
Units of Sale | A minimum of 1 unit @ N33,000 per unit |
Listing | Lagos Commodities and Futures Exchange (LCFE) |
Central Securities Depository | Central Securities Clearing System (CSCS) |
Use of Proceeds | Tradenet seeks to sell its Notes in respect of head rice produced from LASRICO Mill based on its agreement with the LASRICO |
Inspection Agent | Lagos State Rice Company Quality Assurance Team. |
For more information on the Offer, please refer to the offer documents listed below, which can be accessed through this link Click here ;
· E-Marketing Investor’s Flier
· Forwards Contract Application form
· Program Memorandum
· Program Trust Deed
· Marketing Teaser
