| 1. ISSUER |
BENIN INVESTMENT AND DEVELOPMENT COMPANY PLC |
| 2. FINANCIAL ADVISORS |
FORESIGHT SECURITIES & INVESTMENT LIMITED |
| 3. SHARE CAPITAL:- |
| - AUTHORIZED |
To be N1.2 billion divided into 2.4 billion shares of 50kobo each. |
| - ISSUED |
N50 million divided into 100 million shares of 50kobo each. |
| - NOW OFFERED |
2,100,000,000 ordinary shares of 50k each at 65 kobo per share. |
| 4. METHOD OF OFFER | BY WAY OF PRIVATE PLACEMENT. |
| 5. OFFER PRICE |
65 kobo per share. |
| 6. UNIT OF SALES |
7. MINIMUM OF 10,000 SHARES AND MULTIPLES OF 1,000 THEREAFTER. |
| 7. GROSS ISSUE PROCEEDS |
N1,300,000,000. |
| 8. PAYMENT |
IN FULL ON APPLICATION. |
| 9. APPLICATION PERIOD |
THE APPLICATION LIST WILL OPEN TO EACH PROSPECTIVE INVESTOR FOR 60 DAYS FROM THE DATE OF THIS PRIVATE PLACEMENT MEMORANDUM OR SUBJECT TO SUCH EARLIER CLOSING DATE AS SPECIFIED IN THE COVERING LETTER TO PROSPECTIVE INVESTORS. |
| 10. PURPOSE |
THE MAIN PURPOSE OF THE OFFER IS TO RAISE FUNDS TO FINANCE THE COMMENCEMENT OF BIDCO WHICH PROPOSES TO DRIVE THE INDUSTRIALIZATION OF THE BENIN KINGDOM AND EMPOWER HER PEOPLE. |
| 11. PUBLIC QUOTATION |
THE COMPANY DOES NOT INTEND TO SEEK QUOTATION IMMEDIATELY. |
| 12. INDEBTEDNESS |
AS AT THE DATE OF THIS MEMORANDUM, THE COMPANY BEING A NEW ENTITY DOES NOT HAVE OUTSTANDING LIABILITIES, DEBENTURES, MORTGAGES, LOANS CHARGES OR ANY OTHER CONTINGENT LIABILITIES. |
