If you are a shareholder of Skye Bank Plc or a potential investor, then you must have noticed that the company is yet to release its 2014 Full Year results and the 2015 Q1 results. Both sets of results have been due since April 2015 but we are yet to see any official communication from the Bank or indeed the Nigerian Stock Exchange regarding this issue.
Skye Bank’s last released results was its 2014 9 Months results which saw Profit after tax drop 15% to N9.8billion. Pre-tax profits also dropped 15% to N12.3billion.
Skye Bank last year announced it acquired Mainstreet Bank from AMCON, in a deal many quoted have cost the bank over N100billion. Skye Bank currently trades at N2.45 and has a current market capitalisation of about N32.4billion. The size of its market cap has made many to question how it was able to fund the acquisition of Mainstreet Bank. The bank last month said it was going to raise N100billion using debt instruments in a bid to shore up its liquidity.
As we await the release of Skye Bank results or a press release explaining the reason for the delay, we can only hope and pray that the NSE steps up its game with a view to ensuring that investors are adequately informed and protected against issuers who fail to adhere to the most basic of requirements.
