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When Will The Sky Shelter Fund Be Listed On The NSE?

I'd like to know if the skye shelter fund is likely to be listed on the NSE this year.

Easimoni & co. over to you

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17 answers

Mine was credited to my CSCS account some months ago. But I don't know about the hard copy.

Regards,

Kunlef

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Hi

just wondering has anyone received certificate for this offer?

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@ all

Please see the report below from The Independent online:

Skye Bank Shelter Fund Units For Trading On NSE

Sat, 01 Sep 2007 02:16:00

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4 / 5 (1 Votes)

As the ongoing bid by Skye Bank Plc to raise N2 billion for its Skye Shelter Fund enters its fourth week, the fund managers last weekend, stressed that it would be listed for trading on the Nigerian Stock Exchange within three months of its opening. Subscribers to the fund, the first real estate investment trust in the country, according to Mr. Timothy Oguntayo, a deputy general manager and head, investment banking of Skye Bank, would not have to wake as long as public offerings in the banking sub-sector. The desire to list the entire 20 million units of Skye Shelter Fund at N100 each, according to him, is to avail investors an exit window as time goes on. "We expect this offer to be wrapped up in three months from the date of opening of the offer (July 23, 2007), to distribution of certificates to unit holders of the fund," he assured. Yemi Gbenro, an assistant general manager with the bank explained that: "you are free to go to the (floor of the) Nigerian Stock Exchange to (sell your units and) get your money back.

The price is also market determined. The beauty of this fund is that up to 80 per cent of the returns can be distributed to unit holders." Both officials also assured of robust returns on investment for subscribers because of the fund manager’s experience in the mortgage industry, where it has played a major role in estates development.

The bank, before now, they explained further, has financed projected across the country, even as most of the houses have been taken up by high net worth individuals, thereby sign-posting huge interest in real estate. "There is an underlying capital appreciation, as you can see what your found is used to finance physically," Oguntayo added, just as Gbenro explained that the units are trade-able on the NSE like regular equities.

Oguntayo hinted that as a result of the fund manager’s strides in the real estates sector, the fund manager and Shelter Afrique, a Kenya based organization have entered into a multi-million facility to enable individuals purchase properties at an interest rate between 10 and 20 per cent. Also, the International Finance Corporation the private sector arm of the World Bank is currently engaged in a dialogue with the Federal Government on how to harmonise land rules and remove obnoxious portion of the Land Use Act. The IFC is also discussing with governments of various States where land is an issue, the duo added, while real estate developers are being enjoined to use good building materials and skilled man-power, among others.

The Corporation is also engaging financial institutions on the need to harmonise the various requirements for mortgage loans for the benefit of the end users. The N2 billion to be raised from the ongoing offer is the first tranche. There are plans by the promoters to return for the second tranche of N3 billion or more at the beginning of next year.

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thanx for the reply guys,

what do you think of the present IPO;Dangote Flour, is it ok as well, i actualy subscribed for Dangote Sugar but beleive me i haven't gotten my certificate, my stockbroker said our money were sent for oversubscribtion and they are working on it being resubscribed to us or rather swaping it for Dangote Flour.

should i go ahead and buy ANOTHER dANGOTE flour IPO if not i need your adviCe on any lucrative business before taking a wrong steps.

please bail me out GUYS

RASTAFARIAN GUIDE YAH

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Does anyone know of any other REIT offers like Skye Bank coming up? Also--if you're familiar with a real estate development firm called CityScape, please leave any information you have about their projects. They're working on some part of Tinapa but I believe they also have some projects (and their main office) in Lagos. Any info is a appreciated.

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@Tola 

im so sorry I did not see your reply till now.

There might still be chance to get you sky shelter fund shares. As far as I know we (receiving agents) have two weeks to remit the funds so ican slip your form in there .  Please hold on and let me find out and get back to you.

Ade

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this ssf has still not been listed, any info about when its gona happen? and under what sector will it be listed? or will the price just be given like the ibtc fund unit prices i see in buisness day? just inquisitive sha,

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@ Tolababe

Please note, that the Skye Shelter offer closed last month. Next time there is an IPO, just go to any branch of the bank, complete a form, submit with your payment and get your receipt. It is as simple as that.

Unfortunately, you have misssed the boat for Skye Shelter Fund but they will offer a fresh batch of shares early next year.

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thanks, i have n100,000.00, what should i do

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@ Tola babe

please let me know

1. how much you have to invest

2. if you want to invest for the long term or short term

these will help me advice you.

Atilla

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or if you cant wait then buy sky shelter , it depend on how much you have and whether you want medium or short term or even long term

ife you'll buy skye shelter make sure you have 100,000units there

they are going to take care of the properties well because there is presently a boom in real estate

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I 'll advice you wait for fidelity !

Wait ! if only you can wait !

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@atila i want your advice as well as other stockbrokers on board, i have a money i intend buying Sky Shelter fund with and i can still wait for Dangote Flour or better still buy Access, guys i'm confused, i don't know which to choose from my scale of preference since i have limited resources(cash).

i will appreciate your urgent reply guys.

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sky shelter fund is controlled by sky bank, they get public fund as an equity, invest it in property development project which makes you an equity owner, they will be distributing the annual profits and loss among their investors. i think its is a good idea becos if well handled it will never reduce value. it is just like the normal share i.e. the usual public offer, the only difference is that they will invest it in property thing and it is going to be managed by experts.

good luck

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@Atilla,

Deadline is 29 August!

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Plz explain in detail the meaning of the skye shelter fund

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According to the timetable

22/10/07 ----------------Listing of the Skye Shelter Fund

The deadline is today I hope you know

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