AMCON
Asset Management Corporation of Nigeria
3rd Floor Murjanjatu House 1, Zambezi Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja, Nigeria
Invitation for Expression or Interest for the Acquisition of AMCON’s Shareholdings in Enterprise Bank Limited
1. The Asset Management Corporation of Nigeria (“AMCON”) owns 100% of the share capital in Enterprise Bank Limited (“Enterprise Bank” or the “Group”)
2. In furtherance of its strategic objectives, AMCON has decided to divest its shareholding in Enterprise Bank and has appointed Citigroup Global Markets Limited (“Citi”) and Vetiva Capital Management Limited (“Vetiva”) as Financial Advisers and G. Elias & Co as Legal Advisers on the divestment (the “Transaction”).
3. Enterprise Bank, as at 31 December 2012, had seven (7) subsidiaries and two (2) associated companies; 1,441 employees; and a distribution network comprised of 150 branches and 154 Automated Teller Machines.
4. Based on the audited financial statement of the Group as at 31 December 2012, the Group’s Total Assets stood at N263.5 billion, Customer Deposits at N208.4 billion and Total Equity at N31.9 billion.
5. AMCON hereby invites interested buyers to express interest in acquiring AMCON’s entire shareholding in the Group
6. Method of Application. Interested buyers (eligible entities or consortia) should indicate their interest by submitting an Expression of Interest (“EOI”) with the following documentation and information, as applicable, under the subject headings specified below (in the case of a consortium, please provide the relevant information for each consortium member):
- Description of acquiring entity or vehicle with evidence of registration or incorporation;
- Ownership of the acquiring entity or vehicle, identifying all shareholders with a 5% or more stake;
- Strategic rationale for the acquisition of Enterprise Bank;
- Relevant financial services industry experience and/or demonstrable evidence of ability to manage a bank of this nature;
- Evidence of financing capacity;
- Adviser’s Letter of Appointment (if EOI is being submitted on behalf of an interested buyer);
- In the case of a consortium, kindly provide evidence of alliance/partnership/joint venture between members in the consortium, clearly indicating the lead member authorized to submit the EOI;
- Full name(s) of contact person(s), email addresses and telephone numbers; and
- Any relevant information that demonstrates credibility and eligibility for the Transaction.
7. Submission of Expression of Interest.
Prospective buyers are required to submit their Expressions of Interest in English and titled “Expression of Interest for the Acquisition of
Enterprise Bank Limited”. The EOI should be sent not later than 5.00pm (Nigerian time) on Friday, 20th September 2013:
- Electronically to projectuno@citi.com, projectuno@vetiva.com and projectuno@amcon.com.ng and
- Hard copies should also be delivered to either of the addresses that follow:
Amar Rizvi
Citigroup Global Markets Limited
33 Canada Square, Canary Wharf
London, E145LB
United Kingdom
Email: amar.rizvi@citi.com
Tel no +44 20 7986 7329
YlNKA ODELEYE
Citibank Nigeria Limited
27 Kofo Abayomi Street
Vtctoria Island, Lagos State
Nigeria
Email: yinka.odeleye@citi.com
Tel no: +234 (1) 463 8449
YEMISI DEJI-BEJIDE
Vetiva Capital Management Limited
Plot 268b, Kofo Abayomi Street
Victoria Island, Lagos State
Nigeria
Email: y.deji-bejide@vetiva.com
Tel no: +234 (1) 2700657
8. Upon receipt and evaluation of the Expressions of Interest, a shortlist of buyers, who in AMCON’s view are deemed to be fit and suitable from a regulatory perspective (amongst other things), will be prepared and will proceed to the first phase of the Transaction. Shortlisted buyers will be contacted and advised on next steps.
9. For further clarification or enquiries, prospective buyers can contact any of the contact persons stated above.
10. Please note that this is not an Invitation to tender. Interested buyers should make their independent enquiry regarding any of the matters contained herein. AMCON and its Financial Advisers shall not be responsible for the cost of any submission of EOI or any loss suffered by such submission. All submissions shall be at the cost of the prospective buyers. AMCON reserves the right to accept or reject any submission, and to amend or discontinue the Transaction at any time, without any obligation to provide reasons for Its decision. The Financial Advisers are only acting for AMCON in respect of the Transaction with the matters set out herein and will not be responsible to anyone other than AMCON.
11. The distribution of this notice In certain jurisdictions may be restricted by law and recipients should Inform themselves about, and observe any applicable legal or regulatory requirements In relation to, the distribution or possession of this notice. Neither AMCON, nor its Financial Advisers, nor their or their affiliates’ respective directors, officers or agents, accept any liability to any person in relation to the distribution or possession of this notice in any jurisdiction. This notice does not constitute an offer to sell or a solicitation of an offer to subscribe for or purchase any securities by any person in any jurisdiction where it is unlawful to make such an offer or solicitation. This notice may not be used for, or in connection with, and does not constitute, any offer to, or solicitation by, anyone in any jurisdiction or under any circumstance in which such offer or solicitation is not authorized or is unlawful. There will be no public offer of securities referred to in this notice in any jurisdiction in which such an offer or solicitation would be unlawful.
