APPRAISAL OF ISSUE OF SHARES AS A SOURCE OF FINANCE IN PUBLIC LTD. LIABILITY COMPANIES (AN ANALYTICAL REVIEW OF FISRT BANK OF NIG. PLC.)
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APPRAISAL OF ISSUE OF
SHARES AS A SOURCE OF FINANCE IN PUBLIC LTD.
LIABILITY COMPANIES (AN ANALYTICAL REVIEW OF FISRT BANK OF NIG. PLC.)
PROPOSAL
Floating of shares is one of the permanent source of finance
available to the public companies. A public company that desires to have its
securities quoted in the Nigerian stock exchange must meet the requirements and
the legal procedures for the issue of shares.
The
researcher aim critically to find out why most of the companies are not quoted
despite the objectives and decrease in the requirement, why shares of some
companies quoted in the Nigerian stock exchange are not subscribed for, whether
the legal procedures are adequate and still stringent and to find out whether
the roles of the Nigerian stock exchange are adequate.
To facilitate
the objective, the researcher collected data from the research base and
administered questionnaire as well as
conducted oral interview.
In carrying
out this project, work, the researcher is faced with certain limitations among
which are time limit and finance limit.
Having
analyzed the data collected, it was found out that most companies do not quote
the securities in the Nigerian stock exchange due to high cost of registration,
stringent requirements, ignorant of the management, loosing control of the
business and for the evasion of tax as less amount will be paid as tax because
accurate financial position of the companies is not disclosed to the public.
Furthermore,
it was revealed that shares of companies which are not financially sound and
profitable an whose business is illegal are not subscribed for even through
they are quoted in the Nigerian stock exchange.
However, the
Nigerian stock exchange, still need to embark on extensive enlightenment.
Company programme to educate the public and small indigenous companies who are
ignorant.
CHAPTER ONE
1.0 BACKGROUND OF THE STUDY
There are various sources of finance available for companies.
Companies can rise finance by borrowing from financial institution (i.e
commercial banks), friends, relative or even suing personal savings. Also finance can be raised by issue of
shares.
A share is the interest of a shareholder in the company
measured by a sum of money for the purpose of ability and interest. The main types of shares are
-
Ordinary shares (owner’s equity)
-
Deferred or founders hares and
- Preference shares.
However, the companies act of 1968 do not allow all companies
to issue shares. Companies which issue
shares are those quoted in the stock exchange.
Companies quoted in the stock exchange are those incorporate
under the companies and allied matters decree 1990 (AMD) under co-operate
affairs commission.
Furthermore, when a company had been incorporated, it
proceeds with the task of raising fund or capital by issuing prospectus to the
general investing public.
A prospectus is an invitation, circular, notice and
advertisement to the public to subscribed or purchase any securities of a
company. The essence of the prospectus
is to enable the investing public (prospective investor) have laid down
detailed possible information about the affairs of the company they intend to
invest in. companies which are quoted in
the stock exchange raised their fund through the issue of shares and they enjoy
many benefits like limited liability companies but only few companies are quoted
in the stock exchange. The reason may be
that management are ignorant of the benefit associated with the incorporation
and that they are not enlightened or being adequately informed about the roles
of the Nigerian stock exchange.
Also shares of some companies which are quoted are not
subscribes for, it may be that the company has no sound financial base or that
it is not profitable.
The high standard requirements provided by the cocmpanies act
1968 many also be the reason why companies are reluctant in quoting their
shares in the stock exchange market.
Source of these requirements are that any company seeking quotation in
the stock exchange market must have up to 500 share holders and paid up share
capital of N600,000,
Moreover, securities market growth in Nigeria is handicapped
mainly because of the buy and keep
attitude of the investors, lack of exposure and
awareness on the part of Nigerian public in respect of shareholding and
then the indifferent attitude of indigenous companies towards the activities of
the stock exchange.
1.2 STATEMENT OF
THE PROBLEM
Issue of shares is one of the sources of finance available
for companies. Companies which are
quoted in the Nigerian stock exchange
market issue shares to the public for the purpose of raising funds or finance.
1.
Quotation or incorporation is open to every established companies, still
only few companies are quoted in the Nigerian stock exchange. This could be because the Nigerian stock
exchange do not perform their role adequately or because the management are not
adequately motivated or mobilized
2. Some
companies shares which are quoted in the Nigerian stock exchange are not being
subscribed for this might be due to insufficient financial base of the company.
3.
companies which are not quoted in their companies in order to evade tax
and their profit are use for the expansion of the business
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