{"id":37032,"date":"2019-12-16T12:24:06","date_gmt":"2019-12-16T11:24:06","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=37032"},"modified":"2019-12-16T12:24:06","modified_gmt":"2019-12-16T11:24:06","slug":"wapic-insurance-nigeria-when-did-shareholders-now-become-bag-holders","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/wapic-insurance-nigeria-when-did-shareholders-now-become-bag-holders\/","title":{"rendered":"WAPIC Insurance Nigeria: When Did Shareholders Now Become Bag Holders"},"content":{"rendered":"<div>Rights issues have become more popular in Nigeria after the 2008 &#8211; 2009 equities market crash in Nigeria.\u00a0 As companies became more wary of public offers and the extra scrutiny that now came with it, rights issues became the lesser evil.<\/div>\n<div><\/div>\n<div>The drastic decline in stock prices across the market also made public offers less appealing to investors regardless of company clout.\u00a0 Companies resorted to rights issues as the best way to still raise equity without being overly scrutinized and increase chances of a successful capital raise from\u00a0<b>within\u00a0<\/b>(existing shareholders.)\u00a0\u00a0<i>How hard should it be to convince existing shareholders to buy more shares of a company they already own at a\u00a0<b>discount to the current market price<\/b>?<\/i><\/div>\n<div><i>\u00a0<\/i><\/div>\n<div>Rights issues are supposed to serve as an interim\u00a0<b>reward<\/b>\u00a0to shareholders; while, giving them a chance to maintain their ownership stake in the company.\u00a0 The company they own also has a formal path to raise needed equity capital.\u00a0 This supposedly interim reward of issuing rights has apparently now become a sort of permanent\u00a0<b>punishment<\/b>.\u00a0 Two companies in 2019 have decided to use rights issues to\u00a0<b>punish and make a mockery of\u00a0<\/b>existing shareholders.\u00a0 The first listed company is WAPIC Insurance and the second listed company is NPC Microfinance Bank.\u00a0 We will focus on the company that its rights issue is already in progress.\u00a0 NPF Microfinance Bank still has a chance to make things right before the commencement of its rights issue which all indications known to me has not yet commenced.<\/div>\n<div><\/div>\n<div>WAPIC Insurance is currently raising\u00a0<b><span style=\"text-decoration: line-through;\">N<\/span>5.93B\u00a0<\/b>through the offering of 15.6B new shares to existing shareholders in the ratio of\u00a0<i>7 new shares for every 6 presently held\u00a0<\/i>at a price of\u00a0<b><span style=\"text-decoration: line-through;\">N<\/span>0.38 (thirty-eight kobo)<\/b>.\u00a0 The rights issue to raise fresh capital from existing shareholders commenced on November 20, 2019 and will conclude on December 31, 2019.\u00a0 As at Friday, December 13, 2019, Wapic Insurance&#8217;s stock price is<span style=\"text-decoration: line-through;\">\u00a0<\/span><b><span style=\"text-decoration: line-through;\">N<\/span>0.33.\u00a0\u00a0<\/b>Wapic Insurance through its board is asking existing shareholders to pay a\u00a0<b>15% premium\u00a0<\/b>to the current market price of the company to buy\u00a0<b>17% more\u00a0<\/b>shares than they currently own!\u00a0 Existing shareholders are being asked to\u00a0<b>more than double\u00a0<\/b>their existing shares and pay a\u00a0<b>15% premium\u00a0<\/b>to maintain their ownership stake in the company.<\/div>\n<div><i><b>\u00a0<\/b><\/i><\/div>\n<div><i><b>This act is an undiluted mockery of the Nigerian financial markets, an attempt to steal from existing shareholders and a reflection of a board that has replaced its conscience with savage turpitude.\u00a0 \u00a0 \u00a0\u00a0<\/b><\/i><\/div>\n<div><i><b>\u00a0<\/b><\/i><\/div>\n<div>People keep lamenting about the state of the Nigerian stock market from an index performance standpoint.\u00a0 As at December 13, 2019, the Nigerian stock market is\u00a0<b>down 15.6%\u00a0<\/b>and is set to close the year\u00a0<b>negative\u00a0<\/b>for the\u00a0<b>fifth time\u00a0<\/b>in the past six (6) years (2017 being the lone exception.) These are the kind of selfish acts that taint the Nigerian stock market and aid in depressing prices (Dangote Cement is trading at a\u00a0<b>7%\u00a0<\/b>discount to its listing price\u00a0<b>nine (9)\u00a0<\/b>years ago.\u00a0 Suddenly, a buyback is in the works to arrest the situation and stave off the anger of multiple large stake investors that bought shares at prices in excess of\u00a0<b><span style=\"text-decoration: line-through;\">N<\/span>209.00.<\/b><\/div>\n<div><b>\u00a0<\/b><\/div>\n<div>When the market refuses to reflect the fair value of a company at any point in time, a confident board will approve a share buyback scheme to boost demand in the company&#8217;s stock price and raise its price steadily over a short-period of time (typically under 12 months).\u00a0 &#8220;<i>Since investors do not appear to realize how cheap our shares are, we do and will gobble them up.&#8221;\u00a0 This reduces shares outstanding and also equity and encourages lukewarm investors to join in as we all seek profit opportunities.\u00a0\u00a0<\/i><\/div>\n<div><i>\u00a0<\/i><\/div>\n<div>Despite the significantly depressed share prices in the Nigerian stock market, listed companies have refused to buy back their shares.\u00a0 What kind of signal are you sending to investors?\u00a0 They keep pleading with foreign investors and pension funds to buy their stock while they hang around on the sidelines with arms akimbo.\u00a0\u00a0Who&#8217;s the fool?<\/div>\n<div><\/div>\n<div>Irony of Life!\u00a0 Twelve years ago, the Chairman of WAPIC Insurance was the Managing Director of Access Bank.\u00a0 A few months to the beginning of the public offer at a price of\u00a0<span style=\"text-decoration: line-through;\">N<\/span>14.90, there was a share reconstruction that doubled the share price of Access Bank.\u00a0 Then, approximately two months to the suspension of the bank&#8217;s stock price, the stock price of Access Bank rose from\u00a0<span style=\"text-decoration: line-through;\">N<\/span>11.69 to\u00a0<span style=\"text-decoration: line-through;\">N<\/span>19.32, (a rise of 65.26%) with\u00a0no resistance in sight.\u00a0 Let us call this an unofficial share buyback.<\/div>\n<div><\/div>\n<div>Twelve years later, the same individual is the Chairman of the board of WAPIC Insurance (a company he is also a majority owner) and approves a rights issue and sets a price that is higher than the stock market believes the company is worth on a per share basis.\u00a0\u00a0<b>So why the change of heart?<\/b><\/div>\n<div><\/div>\n<div><b>I lay the blame fully at the hand of the Securities &amp; Exchange Commission (SEC)\u00a0<\/b>who continues to oversee the Nigerian financial markets by protecting\/pandering to the powerful few<b>\u00a0<\/b>instead of the most vulnerable many.\u00a0 SEC should not approve any rights issue that the price is higher than the market price at the time of application.\u00a0 Secondly, if the market price declines below the rights price once the issue opens,\u00a0 the company will have to issue a special dividend to qualified shareholders for the difference between the market price on rights issue approval date and the average market price throughout the rights issue open period.\u00a0\u00a0<i>This special dividend will have to be paid before SEC will approve the rights issue proceeds for disbursement and use by the listed company.\u00a0\u00a0<\/i><\/div>\n<div><i>\u00a0<\/i><\/div>\n<div><i>Nigerian listed companies beware; I am on the lookout for this.\u00a0 The next one I encounter I will be back here again and\u00a0<b>elsewhere\u00a0<\/b>to name and shame.\u00a0\u00a0<b>Do not do choose rights issue prices above the market price of your company.\u00a0\u00a0<\/b><\/i><\/div>\n<div><\/div>\n<div><i>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0I need to cut this short; bear with me<\/i><\/div>\n<div><\/div>\n<div>Barely a month ago,\u00a0<b>EXPEDIA (EXPE)\u00a0<\/b>released a poor (relative to expectation) quarterly earnings release on the Nasdaq.\u00a0 Over the next one month, the stock hit new\u00a0<b>52-week lows\u00a0<\/b>multiple times as investors reacted negatively and dumped the stock.\u00a0 The majority shareholder was upset with the steep price decline in the four weeks post earnings release and overall company direction.\u00a0 He forced the resignation of the CEO and the CFO, then, he announced a 20 million share buyback program<b>\u00a0in addition<\/b>\u00a0to the 9 million shares already slated for repurchase.\u00a0 He said\u00a0 he will purchase more shares as &#8220;<b>a tangible sign of my faith in and commitment to&#8221; the company&#8217;s future.<\/b>&#8221;\u00a0 \u00a0Once completed, Expedia board would have purchased back\u00a0<b>18%\u00a0<\/b>of current shares outstanding (let that sink in). Since the announcement, Expedia&#8217;s stock price has risen approximately 20% in less than two weeks and insider buying is in full swing.<\/div>\n<div><\/div>\n<div>What evidence reflects a tangible sign that the board of WAPIC Insurance has faith in and commitment to the company&#8217;s future?\u00a0 The board members of WAPIC Insurance know what they need to do.\u00a0 They have two weeks left to find their conscience and right their wrong or continue down the (apparently) chosen path of turpitude that leads to perdition.<\/div>\n<div><\/div>\n<div><b>Buy up the shares of WAPIC Insurance aggressively and move the market price a respectfully significant distance above the N0.38 rights price.\u00a0\u00a0<\/b>At some point in 2019, the market deemed the company to be worth\u00a0<span style=\"text-decoration: line-through;\">N<\/span>0.47 (forty-seven kobo) per share.\u00a0 Any action other than this will reflect that this rights issue is not being undertaken for the reasons publicly disclosed in the prospectus.\u00a0 The Chairman of the board of WAPIC Insurance may very well want to use the ongoing rights issue to increase his ownership stake in WAPIC Insurance by alienating existing shareholders through the terms of the rights issue.\u00a0 Shareholders will abandon their expensive, worthless rights, leaving vested interests to mop up and take a larger stake in the company.<\/div>\n<div><\/div>\n<div><a href=\"http:\/\/judefejokwu.blogspot.com\/\"><strong>By Dialectic Africa Analyst<\/strong><\/a><\/div>\n<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div><!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Rights issues have become more popular in Nigeria after the 2008 &#8211; 2009 equities market crash in Nigeria.\u00a0 As companies became more wary of public offers and the extra scrutiny that now came with it, rights issues became the lesser evil.\u00a0<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":24014,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23],"tags":[6557],"coauthors":[2391],"class_list":["post-37032","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","tag-wapic-insurance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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