KAKAWA GUARANTEED INCOME FUND
KAKAWA GUARANTEED INCOME FUND
Table of Contents
Page
1 ABRIDGED TIMETABLE............................................................................................................................................... 4
2 DEFINITION OF TERMS .............................................................................................................................................. 5
3 SUMMARY OF THE OFFER .......................................................................................................................................... 7
4 MANAGER, TRUSTEE AND OTHER PARTIES TO THE OFFER........................................................................... 9
5 THE OFFER ....................................................................................................................................................................10
6 THE KAKAWA GUARANTEED INCOME FUND ...................................................................................................... 11 6.1 THE FUND............................................................................................................................................................................................... 11 6.2 INVESTMENT OBJECTIVES AND POLICIES ........................................................................................................................................... 11 6.3 TARGET INVESTORS ............................................................................................................................................................................... 11 6.4 INVESTMENT INCENTIVES..................................................................................................................................................................... 11 6.5 SUBSCRIPTION TO THE FUND................................................................................................................................................................ 12 6.6 INCOME AND DISTRIBUTION ................................................................................................................................................................ 12 6.7 INVESTMENT RESTRICTIONS................................................................................................................................................................. 12 6.8 KEY INVESTMENT CONSIDERATIONS.................................................................................................................................................. 12 6.9 RISK FACTORS......................................................................................................................................................................................... 12 6.10 ADMINISTRATION OF THE FUND......................................................................................................................................................... 12 6.10.1 Initial Administration Charge and offer Expenses ............................................................................................................................ 12 6.10.2 Operating Expenses ......................................................................................................................................................................... 13 6.10.3 Management Fee .............................................................................................................................................................................. 13 6.10.4 Dealing and Brokerage Commissions ................................................................................................................................................ 13 6.10.5 Independent Auditors ....................................................................................................................................................................... 13 6.10.6 Reports to Investors & the Commission ............................................................................................................................................ 13 6.10.7 Independent Record Keeping.............................................................................................................................................................. 13 6.10.8 Rate of Return on The Fund ............................................................................................................................................................ 13 6.10.9 Tax Consideration ........................................................................................................................................................................... 13
7 THE UNIT-HOLDERS ..................................................................................................................................................14
7.1 EXISTING UNIT HOLDERS ..................................................................................................................................................................... 14
7.2 UNIT CERTIFICATES............................................................................................................................................................................... 14
7.3 UNIT-HOLDERS' VOTING RIGHTS ........................................................................................................................................................ 14
7.4 UNIT-HOLDERS' MEETINGS .................................................................................................................................................................. 14
7.5 VALUATION OF UNITS: NET ASSET VALUE METHOD....................................................................................................................... 14
7.5.1
The Bid Price ................................................................................................................................................................................... 14
7.5.2
The Offer Price................................................................................................................................................................................. 15
7.6 FOREIGN CURRENCY INVESTORS......................................................................................................................................................... 15
7.7 DISTRIBUTABLE INCOME FROM THE FUND ........................................................................................................................................ 15
7.8 ISSUE AND SALE OF UNITS .................................................................................................................................................................... 15
7.9 SUSPENSION OF ISSUE, REDEMPTION AND DETERMINATION OF NET ASSET VALUE .................................................................. 16
7.10 TERMINATION PROVISIONS .................................................................................................................................................................. 16
7.11 TRANSFER AND REDEMPTION OF UNITS............................................................................................................................................. 16
7.12 ASSIGNMENT........................................................................................................................................................................................... 16
2 KAKAWA GUARANTEED INCOME FUND
8 FINANCIAL INFORMATION.......................................................................................................................................17 8.1 LETTER FROM THE REPORTING ACCOUNTANTS ............................................................................................................................... 17 8.2 PROFIT FORECAST FOR THE PERIOD ENDING 31 MAY 2007 & YEARS ENDING 31 MAY 2008 AND 2009. ................................. 18 8.3 FORECAST YIELD FOR THE PERIOD ENDING 31 MAY 2007, & YEARS ENDING 31 MAY 2008 AND 2009. .................................. 18 8.4 BASIS AND ASSUMPTIONS UNDERLYING THE FORECAST OFFER STATISTICS ................................................................................. 19 8.5 LETTER FROM THE ISSUING HOUSE .................................................................................................................................................... 20 8.6 KAKAWA ASSET MANAGEMENT LIMITED ? FINANCIAL SUMMARY ................................................................................................ 21
9 INFORMATION ON THE FUND MANAGER & TRUSTEE....................................................................................22 9.1 KAKAWA ASSET MANAGEMENT LIMITED .......................................................................................................................................... 22 9.2 DIRECTORS OF THE FUND MANAGER ................................................................................................................................................. 23 9.3 MANAGEMENT TEAM ............................................................................................................................................................................ 24 9.4 THE TRUSTEE ......................................................................................................................................................................................... 25
10 OVERVIEW OF THE NIGERIAN CAPITAL MARKET .........................................................................................26 10.1 REGULATORY STRUCTURE .................................................................................................................................................................... 26 10.2 THE SECURITIES & EXCHANGE COMMISSION.................................................................................................................................... 26 10.3 THE NIGERIAN STOCK EXCHANGE..................................................................................................................................................... 26 10.4 OUTLOOK ON THE NIGERIAN ECONOMY......................................................................................................................................... 27
11 STATUTORY AND GENERAL INFORMATION ...................................................................................................28 11.1 EXCERPTS FROM THE TRUST DEED ..................................................................................................................................................... 28 11.2 INDEBTEDNESS....................................................................................................................................................................................... 30 11.3 CLAIMS AND LITIGATION...................................................................................................................................................................... 30 11.4 MATERIAL CONTRACTS ......................................................................................................................................................................... 30 11.5 CONSENTS ............................................................................................................................................................................................... 31 11.6 DOCUMENTS FOR INSPECTION ............................................................................................................................................................. 31
12 PROCEDURE FOR APPLICATION AND ALLOTMENT .....................................................................................32 13 RECEIVING AGENTS ...............................................................................................................................................34 14 APPLICATION FORM ...............................................................................................................................................35 15 INSTRUCTIONS FOR COMPLETING THE APPLICATION FORM..................................................................36
3 KAKAWA GUARANTEED INCOME FUND
1 Abridged Timetable
DATE 14/02/07 23/03/07
ACTIVITY Application List opens Application List closes
06/04/07
Receiving Agents make returns
04/05/07
Forward allotment proposal and draft newspaper advertisement to SEC
18/05/07
Receive SEC approval of allotment
21/05/07
Pay net proceeds of the Offer to Kakawa Asset Management Limited
22/05/07
Allotment announcement
25/05/07 08/06/07
Return excess/rejected application moneys Distribute Unit certificates
Please note that these dates are indicative only and are subject to change without notice.
RESPONSIBILITY FBN CAPITAL LIMITED FBN CAPITAL LIMITED FBN CAPITAL LIMITED /REGISTRARS FBN CAPITAL LIMITED
FBN CAPITAL LIMITED FBN CAPITAL LIMITED
FBN CAPITAL LIMITED FBN CAPITAL LIMITED /REGISTRARS REGISTRARS
4 KAKAWA GUARANTEED INCOME FUND
2 Definition of Terms
"5-Year FGN Bond" "Application Form" "ASI" "Bid Price" "Business Day" "CBN" "CCI" "Closing Date" "Conversion Date" "Conversion Formula"
"CSCS" "FGN" "Issuing House" "IPO" "KAKAWA" "KGIF" or "the Fund'' "LFN" "NAV"
"ML" "MPR" "MRR" "Offer Period" "Offer Price"
The Debt instrument issued by the Federal Government of Nigeria whose tenor is five (5) years
The application form attached hereto
All-Share Index
The price an investor will receive for one unit of the Fund on redemption after the initial subscription period
Monday through Friday excluding days designated by the Federal Government of Nigeria as a public holiday
Central Bank of Nigeria
Certificate of Capital Importation
The date that the Application List for the offer closes and this is Friday, March 23, 2007
The date of the submission of the allotment proposal to SEC
D = (A*B) C
A ? Old number of units held B ? Offer price of units held on the conversion date C ? Par price of one unit of the KGIF during the Offer period
(i.e. N1.00) D ? New number of units held
Central Securities Clearing System Limited
The Federal Government of Nigeria
FBN Capital Limited
Initial Public Offering
Kakawa Discount House Limited
Kakawa Guaranteed Income Fund
Laws of the Federation of Nigeria
Net Asset Value, which means the product of the Offer price and the total number of units in the Fund on any valuation day.
Memorandum Listing
Monetary Policy Rate
Minimum Rediscount Rate
The period between the opening and the closing dates of Application List as approved by the Commission
The price an investor will pay for one unit when subscribing to the Fund after the initial subscription period
5 KAKAWA GUARANTEED INCOME FUND
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