Share Sale Frequently Asked Questions (FAQs)
1. What is the objective of the capital raising through the share offer?
The primary objective of the share offer is to raise working capital and to reduce the COOPs exposure to bank borrowings which would positively impact profitability.
2. How much is the Cooperative looking to raise?
N10,040,000,000 (Ten Billion, Forty Million Naira only) by issuing 1,000,000,000 (One Billion) Ordinary Shares.
3. How can I apply for Total Coop shares?
You can apply for the shares via the electronic application form at:
https://www.totalupstreamng.coop/total-coop-shares-subscription-offer-3/
Or Log in to iBanking and click on the “Apply for shares” button found under the “My Share Holding” section.
4. What is the Share Price?
N10.04 per unit.
5. What is the minimum share that I can buy?
An initial minimum of 200,000 units and multiples of 100,000 units thereafter.
6. What are the maximum shares that I can apply for?
Maximum of 4 million units (inclusive of existing holdings). You can select the number of units desired from the dropdown menu on the electronic application form or simply select “Maximum” if you wish to purchase enough share units to take your entire holdings to 4 million.
7. How long is the share offer valid for?
The offer runs from the 15th of October 2021 to the 7th of January 2022. All applications and payments must be received by 7th January 2022.
8. What happens to my funds if I pay before January 2022?
The Cooperative shall consider it as an investment and pay 10% annualize interest on the funds. You will receive the interest in January 2022.
9. How can I pay for the shares?
Payment can be made either through
- Direct Funds Transfer to our designated Bank account or
- Monthly deposits/ Transfer to our designated Bank account or
- Payment through your COOP Savings account or
- Monthly Payroll (This option lapses as soon as December 2021 payroll deduction process has been completed by the COOP)
Follow this link for more details on these payment options;
https://www.totalupstreamng.coop/coop-shares-subscription-payment-options/
10. What bank account should I pay to?
Account Name: Total E&P Staff Multipurpose Coop. Society Limited.
Bank: Zenith Bank Plc
Account No.: 1010630014
12. Can I apply for a loan from the Coop to fund my purchase?
No, Share loan is not available at this time. However, Members can apply for other available loans such as project loan, ordinary loans etc.
13. How will the cooperative maintain good dividend payout to shareholders?
The Cooperative is in a transformation stage. We shall consolidate on our foreign (USD) products and make our Real Estate Assets income generating. We are looking at exploring Financial Technology opportunities as well as opening some of our products to a wider audience. The Cooperative is also putting in place strong controls and corporate governance structures that will be enshrined in the byelaws. With good strategic planning, discipline and controls we intend to maintain and increase profitability.
14. Who can I contact for any clarification?
Please direct any enquiries, requests, or correspondences to [email protected]
You may also contact your relationship officer for guidance.