NSL plans N12 billion public offer.

Nigeria’s foremost gaming organization has concluded plans to start its N12 billion public offering. The company which got listed sometime in December last year is to offer a total of 800 million ordinary shares of 50 kobo at N15.50 per share to willing investors. The offer which has Seven issuing houses led by Strand Capital Partners Limited is to open on the 16th of June 2008 and close on July 11, 2008.

The other issuing houses are Greenwich Trust Limited, Dominion Trust Limited, Spring Capital Markets Limited, Maven Kapital Limited, Lead Capital Limited and Skye Financial Services Limited. According to the offer prospectus, proceeds from the offer will enable the company to finance its expansion programme,repay its outstanding loans and invest in information technology infrastructure. The company currently on technical suspension trades for N18.19 kobo on the floor of the Nigerian Stock Exchange.

Already, the offer has been underwritten by 100 per cent on a firm basis by the issuing houses indicating that it may be assumed to be fully subscribed no matter its level of subscription

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