Invitation for Bids for the Sale of a Stock Broking Company, Lagos State

Pursuant to the liquidation of its parent company, the stock broking, subsidiary which is wholly owned is being offered for sale as a going concern and on ‘as is” basis.

Invitation for Bids for the Sale of a Stock Broking Company

Interested investors are to note the following guidelines:

• Investors are required to submit expression of interest containing relevant information about the prospective investor; information to include ownership structure, references and capabilities on or before 7th of December 2013
• An information memorandum will be issued to all investors whose expression of interest are pre-qualified. A signed Confidentiality Agreement with the Liquidator shall be a prerequisite for conducing due diligence on the company.
• The winning bid shall be determined based on the highest price which shall be paid not later than thirty (30) days after notification to the successful bidder.
• Where there is a tie bid, another round of bidding session will be conducted for the bidders that tie to determine the winner.
• Bidders are required to deposit 10% of their bid price in bank certified cheques or other appropriate means of payment to demonstrate good faith.

Closing date: 8th January, 2014

Time: 4:00pm

Each bid, accompanied with the deposit must be received on or before the closing date for submission of bids.
The successful bidder will be required to pay the balance of the accepted bid amount within thirty (30) days from the date of notification. Failure to formally pay within thirty (30) days shall result in the forfeiture of the 10% deposit paid.

The unsuccessful bidders will have their deposits returned within fifteen (15) working days of the close of bids.
Failure of the successful bidder to consummate the transaction within the stipulated time shall lead to Forfeiture of the offer.  A subsequent offer shall be made to the 2nd highest bidder (i.e. the reserved bidder). The reserved bidder shall only be considered if the amount offered is not below the reserved price.

Due Diligence
The company is located at No. 60, Marina Lagos, Interested persons on the authority of the liquidator may conduct due diligence on the comp during working days only from December 16, 2013 to December

Submission of Bids
Sealed bids should be submitted to the address stated below. Bids submitted after the closing date will not be considered.

Opening and Analysis of Bids
Bids will be opened at 11.00 am prompt on Friday. January 10th, 2014 at No 60, Marina Lagos
Bidders are required to attend the bid opening session as scheduled.

Note that:
The successful bidder will be formally informed within two (2) weeks from the date the bids are opened.
All enquiries regarding this advertisement should be directed to:

The Liquidator,
Express Discount limited
Babington Ashaye & Co.
(Chartered Accountants)
Speedway House
25, Araromi Street, off Moloney Street, Onikan Lagos
Tel: 01-7936911, 07045706827, 07045706831