CEO’S SPEECH AT THE FACTS BEHIND THE LISTING PRESENTATION OF GLOBAL SPECTRUM ENERGY SERVICES ON NOVEMBER 30TH 2017 AT THE STOCK EXCHANGE HOUSE, MARINA – LAGOS
– Delivered by Oscar N. Onyema, OON
Distinguished Ladies and Gentlemen:
It gives me great pleasure to welcome you to this fact Behind the Listing of Global Spectrum Energy Services Plc. On behalf of the National Council, Management, and Staff of The Nigerian Stock Exchange, I congratulate the Board and Management of Global Spectrum Energy Services Plc on its successful listing on the Main Board of the Nigerian Stock Exchange.
In 2010, the Federal Government of Nigeria passed the Nigerian Content Act in a bid to develop local content. The push for local content has seen many sectors of the Nigerian oil and gas industry develop into robust markets for local stakeholders to play a critical role in the development of our economy and Nigeria in general.
The result has been asset sharing amongst local and international players that have seen significant growth in the industry and has attracted over $5 billion1 in investment; with local firms like Global Spectrum partnering up to provide leading-edge technologies and innovations to tackle complex manufacturing and fabrication contracts for major projects.
Today’s listing is a promising development in the country’s downstream sector and we encourage more local players to explore the different opportunities in the capital markets for raising long-term capital. We believe that increased participation of domestic energy companies in the capital markets will increase investors’
confidence (both local and international) and entrench good corporate governance, transparency, and sustainability in the downstream sector.
Incorporated in 2006, Global Spectrum began operations in 2009 as an integrated Oil and Gas Offshore Support Services Company involved in many key Oil and Gas producing areas in West Africa. With their range of services including complimentary offshore support vessel services, maritime security, logistics, energy and engineering services.
We are pleased that Global Spectrum Energy Services Plc has taken this strategic step to join the Main Board of the Exchange and in so doing, the prestigious club of quoted companies in Nigeria. This step indicates the firm’s belief that our platform remains a veritable avenue for raising capital and enabling sustainable national growth.
I commend Global Spectrum for this bold and strategic step.
Your listing on the NSE today will not only showcase Global Spectrum as an established player in the downstream sector but will enable the firm better position itself towards the actualization of its strategic vision of becoming a leading Oil & Gas offshore support services company.
Global Spectrum has gone through a rigorous process to meet the listing standards of the NSE. With this listing, the company is showing its commitment to living a culture of strong corporate governance, excellent corporate citizenship, and efficient services to its clients. As a listed company, we also believe that Global Spectrum intends to provide increased returns to its shareholders.
Today’s Listing by Introduction of 800,000,000 ordinary shares of Global Spectrum Energy Services Plc at a Listing Price of N5per share is a culmination of several months of hard work by all parties to the transaction including the Securities and Exchange Commission and The Exchange. This listing has added N4b (N4,000,000,000) to the market capitalization of The Exchange, further deepening the Nigerian Capital Market. It will also increase the visibility of Global Spectrum; solidify its brand as a pre-eminent Oil & Gas Offshore Support Services company in Nigeria.
This listing shows the confidence Global Spectrum has on our platform, which has a total market capitalization of N20.67tr1 ($67.5Bn) across all of our asset classes. In order to remain competitive, we have implemented far-reaching transformational programmes that have improved market access and provided products that are
aligned to investors’ requirements; several transparency initiatives (such as BrokerTrax, X-Compliance, XWhistle, Compliance Status Indicator symbols, X-Issuer, X- Alert etc.) that have brought significant confidence to the marketplace.
The NSE is positioned as a premiere listing destination for African corporates, governments and international issuers looking to access the capital market of the largest economy in Africa. We encourage the companies in the Oil & Gas Support Services Sector to join your firm by listing their shares on the NSE.
We acknowledge the consistent hard work by Goldbanc Management Associates, Compass Investment & Securities Limited, Rayfield Associates, Tokumbo Orimobi LP, Daniel Oluseyi & Co. and African Prudential – the Professional Parties to this listing. I also congratulate the Primary Market, Listing Regulations, and Corporate
Comms teams at the Exchange, as well as CSCS for making this listing a reality.
We thank you, the invited guests for your presence today and encourage you to participate fully in the interactive session with the company. We wish Global Spectrum great success as it embarks on this new phase of its life as a listed company on a globally recognized Exchange, and encourage the company to always be
transparent in all its dealings.
Ladies and Gentlemen, join me in welcoming the CEO of Global Spectrum Energy Services Plc to the podium to give his presentation.
Oscar N. Onyema, OON