Arrangements are being put in place to get the shares of DEAP Capital Management & Trust Plc listed on the Nigerian Stock Exchange (NSE) by second quarter of 2007.

The shareholders, at the fourth Annual General Meeting (AGM) held last week in Lagos, unanimously endorsed the proposal by the Board of Directors of the company to offer a Rights Issue of 115,691,506 ordinary shares of 50 kobo each in the capital of the company to the existing shareholders at the price to be determined by the directors in the proportion of one new ordinary share for every four existing ordinary shares held and also a public offer of 300 ordinary shares of 50 kobo each in the capital of the company to the general public at a date and upon terms and conditions as the directors may, in their absolute discretion, determine.

The shareholders also endorsed the proposed bonus issue of one new ordinary share for every ten existing ordinary shares held by them. Accordingly, the sum of N23,138,301 set aside out of the Share Premium Account was capitalised and the same applied in paying in full 46,276,602 ordinary shares of 50 kobo each in the capital of the company.

While addressing shareholders at the AGM, Chief Sylvanus Ezendu, Chairman of DEAP Capital Management & Trust Plc, said "As a way of ensuring liquidity for our valued shareholders and also give the general public opportunity to share in the values of our dynamic organisation, even after the offer, we intend to get DEAP Capital's shares quoted on the official list of the NSE in the second quarter of 2007".

He disclosed that the company intend to issue its staff shares of 50 million units under the Employee Share Ownership Scheme(ESOP). According to him " We are in the process of obtaining the necessary regulatory approvals to consummate these offers."

While reviewing the company 's performance in 2006 financial year, Ezendu stated that notwithstanding the tough market environment, the group achieved impressive results.

According to him " During the financial year ended September 30th, 2006, Total assets increased by N1.38 billion from N1.18 billion recorded in 2005 representing a growth of 18 per cent. Funds under management grew by 45 per cent to N658 million reflecting increasing level of confidence of clients and ability to manage their portfolios and deliver superior returns at minimal risk Also gross operating earning rose from N191 million to N297 million about 55 per cent increase"

The chairman noted that the group recorded a profit after tax of N91.4 million against a loss position of N18.9 million in 2005. " As a result of this impressive performance, the Board is proposing a cash dividend of N55.5 million or 12 kobo er share" he added.

Responding, a shareholder who spoke the minds of shareholders at the AGM , Mr. Femi Ekundayo commended the Board and management for their impressive performance during the period under review.

According to him " The impressive performance, especially in funds committed by clients shows the increasing level of confidence reposed in the management to manage their portfolios and deliver better returns. I urge the management not to relent in its efforts to maximize vale for shareholders".

Intercontinental Bank road show excites Lagosians ... Happysavers winners emerge

Lagosians have commended Intercontinental Bank Plc as a bank that offers superior services to all its customers, just as a 29-year old mechanic, Mr. Amayo Osamwonyi, last week, emerged winner of the first HappySavers Promo draw with 10 others winning motorcycles as consolation prizes.

Some of the customers who spoke during the road show that moved across the metropolis said that the bank has been in the business of making customers happy since the bank opened for business 18 years ago.

The roadshow was organized as part of the activities to mark the 18th anniversary of the bank that has consistently supported socio-economic activities in the country with huge financial commitment to the critical sectors of the economy. One of the residents, Mr. Adebayo Ola, a trader, praised Intercontinental Bank for making the customers the focus of the anniversary promotion and advised Nigerians, most especially people living in Lagos, to save with the bank for robust financial services.Mr. Emeka Ona, who also commended the bank, said Intercontinental has been consistent with high performance even before the consolidation exercise and enjoined those who want the bank to make them happy to enter the happy savers Promo with minimum of N50, 000 and more.

According to Edo-Ojo Victor, Regional Business Executive, Intercontinental Bank Plc promotion is part of the bank 18th anniversary to reward its esteemed customers for their loyalty over the years and to win prizes and make the bank one of the foremost financial institutions in the country. The Promo is also to deepen customer base and bring new customer to the bank to enjoy its quality services" he concluded.

Edo-Ojo added that the Promo requires customers of the bank to save up to N50,000 or put fresh amount of the same value in their savings account- Intercontinental Bank Premium Savings Account, (IPSA), Happy Savers, Intercontinental Prestige Account for children, (IPAC) or current account.

Meanwhile, Intercontinental Bank happysavers draw held in Lagos, and the first in the series of draws planned for the six-month duration of the promo in which 18 Honda cars and 180 motorcycles will be won, was conducted under a colourful atmosphere devoid of any discrepancy as the winners were selected through an electronic process. Mr. Osamwonyi of 15 Ogundare Street, Oke-Odo, Lagos, was in far away Benin city when he was informed that he had emerged winner of the star prize.

The winners of the motorcycles include; Onyekachi Nwokeocha, Ngwakwe Juliet, Iyede Robert Oghenevwemurhe Odenu, Mohammed Yusuff Amuda, and Anuka Obinna. Others are Olaronke Okusanya, Campbell Clara Ahmadin, Oluseyi Adegbemi, Arbuah Joseph Kwame and Francis Ifeanyi Ogbuatu.

Speaking at the occasion, Chairman of the bank, Dr Raymond Obieri, said the draw was the highpoint of the 18th anniversary, which marked a significant point in the bank's historical transition into a true intercontinental bank with offices beyond the shores of Nigeria. "In the course of the next six months, we will be giving out a number of very attractive prizes including 17 Honda cars and 170 motorcycles. All it takes for you to qualify for the draws to win these prices is to open an account with any of our branches or maintain a minimum balance of N50,000 in any of our demand deposit accounts for the month". Obieri stated.