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Nigerian Aviation Handling Company Plc RC 30954 N5,000,000,000 BOND ISSUANCE PROGRAMME for the Issuance of a Bond with Maturities of 5 Years and Longer

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Nigerian Aviation Handling Company Plc RC 30954 N5,000,000,000 BOND ISSUANCE PROGRAMME for the Issuance of a Bond with Maturities of 5 Years and Longer THIS DOCUMENT IS IMPORTANT AND YOU ARE ADVISED TO CAREFULLY READ AND UNDERSTAND ITS CONTENTS. IF YOU ARE IN DOUBT ABOUT ITS CONTENTS OR THE ACTION TO TAKE PLEASE CONSULT YOUR STOCKBROKER, SOLICITOR, BANKER OR AN INDEPENDENT INVESTMENT ADVISER. THIS PROSPECTUS HAS BEEN SEEN AND APPROVED BY THE MEMBERS OF THE BOARD OF DIRECTORS OF NAHCO AND THEY JOINTLY AND INDIVIDUALLY ACCEPT FULL RESPONSIBILITY FOR THE ACCURACY OF ALL INFORMATION GIVEN AND CONFIRM THAT, AFTER HAVING MADE INQUIRIES WHICH ARE REASONABLE IN THE CIRCUMSTANCES AND TO THE BEST OF THEIR KNOWLEDGE AND BELIEF, THERE ARE NO OTHER FACTS, THE OMISSION OF WHICH WOULD MAKE ANY STATEMENT HEREIN MISLEADING. For information about risks factors which should be considered by prospective investors, see Risk Factors on page 29. Nigerian Aviation Handling Company Plc RC 30954 N5,000,000,000 BOND ISSUANCE PROGRAMME For the Issuance of a Bond with maturities of 5 years and longer LEAD BOOK RUNNER/ ISSUING HOUSE RC 622258 JOINT BOOK RUNNERS/ ISSUING HOUSES RC 125097 RC 312299 RC 189502 RC 873198 This Shelf Prospectus will be available on the following websites from [●] to [●]: www.sec.gov.ng www.nahco.com www.chapelhilldenham.com www.firstcitygroup.com www.stanbicibtcbank.com www.greenwichtrustgroup.com www.gticapitalltd.com www.irokocapital.com THIS SHELF PROSPECTUS AND THE SECURITIES THAT IT OFFERS HAVE BEEN APPROVED AND REGISTERED BY THE SECURITIES & EXCHANGE COMMISSION. IT IS A CIVIL WRONG AND CRIMINAL OFFENCE UNDER THE INVESTMENTS AND SECURITIES ACT (NO. 29 OF 2007) TO ISSUE A PROSPECTUS WHICH CONTAINS FALSE OR MISLEADING INFORMATION. THE CLEARANCE AND REGISTRATION OF THIS PROSPECTUS AND THE SECURITIES WHICH IT OFFERS DOES NOT RELIEVE THE PARTIES FROM ANY LIABILITY ARISING UNDER THE ACT FOR FALSE AND MISLEADING STATEMENTS CONTAINED HEREIN OR FOR ANY OMISSION OF A MATERIAL FACT. THE REGISTRATION OF THE SHELF PROSPECTUS AND ANY SUPPLEMENTARY PROSPECTUS THEREAFTER DOES NOT IN ANY WAY WHATSOEVER SUGGEST THAT THE SECURITIES AND EXCHANGE COMMISSION ENDORSES OR RECOMMENDS THE SECURITIES OR ASSUMES RESPONSIBILITY FOR THE CORRECTNESS OF ANY STATEMENT MADE OR OPINION OR REPORT EXPRESSED THEREIN. THIS SHELF PROSPECTUS IS TO BE READ AND CONSTRUED IN CONJUNCTION WITH ANY SUPPLEMENT HERETO AND ALL DOCUMENTS WHICH ARE INCORPORATED HEREIN BY REFERENCE AND, IN RELATION TO ANY TRANCHES (AS DEFINED HEREIN) OF INSTRUMENTS, TOGETHER WITH THE APPLICABLE PRICING SUPPLEMENT. THIS SHELF PROSPECTUS SHALL BE READ AND CONSTRUED ON THE BASIS THAT SUCH DOCUMENTS ARE INCORPORATED AND FORM PART OF THIS SHELF PROSPECTUS. THIS SHELF PROSPECTUS IS DATED [.], 2011 TABLE OF CONTENTS 1. PRESENTATION OF INFORMATION .................................................................................................................................... 3 2. DEFINITION OF TERMS ....................................................................................................................................................... 4 3. NOTICE TO PROSPECTIVE INVESTORS............................................................................................................................... 7 4. DECLARATIONS ................................................................................................................................................................... 8 5. PARTIES TO THE OFFER ....................................................................................................................................................... 9 6. PARTICULARS OF THE PROGRAMME ............................................................................................................................... 13 6.1 SUMMARY OF TERMS & CONDITIONS OF THE PROGRAMME ............................................................................................................... 13 6.2 TERMS & CONDITIONS OF THE BONDS .................................................................................................................................................. 16 6.3 TAX CONSIDERATIONS ............................................................................................................................................................................ 21 7. INDUSTRY OVERVIEW ....................................................................................................................................................... 22 7.1 INTRODUCTION TO NIGERIAN AVIATION INDUSTRY .......................................................................................................................... 22 7.2 HISTORY OF THE NIGERIAN GROUND HANDLING INDUSTRY ........................................................................................................... 22 7.3 MERITS OF PRIVATIZATION IN THE GROUND HANDLING INDUSTRY ................................................................................................ 22 7.4 AIRPORT TARIFFS ..................................................................................................................................................................................... 22 7.5 CONCLUSION ............................................................................................................................................................................................ 23 8. NIGERIAN AVIATION HANDLING COMPANY PLC ......................................................................................................... 24 8.1 HISTORY AND OVERVIEW OF THE BUSINESS ......................................................................................................................................... 24 8.2 BUSINESS ACTIVITIES .............................................................................................................................................................................. 24 8.3 DIRECTORS OF THE COMPANY ................................................................................................................................................................ 25 8.4 KEY MANAGEMENT STAFF ...................................................................................................................................................................... 28 9. USE OF PROCEEDS ............................................................................................................................................................ 30 10. RISKS AND MITIGATING FACTORS ................................................................................................................................. 34 11. FINANCIAL SUMMARY ...................................................................................................................................................... 36 11.1 REPORTING ACCOUNTANTS’ REPORT .................................................................................................................................................... 36 11.2 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES ........................................................................................................................ 37 11.3 PROFIT & LOSS ACCOUNT....................................................................................................................................................................... 38 11.4 BALANCE SHEET ....................................................................................................................................................................................... 39 11.5 CASH FLOW STATEMENT ......................................................................................................................................................................... 40 11.6 NOTES TO THE FINANCIAL STATEMENTS ............................................................................................................................................. 41 11.7 5 YEAR FINANCIAL SUMMARY ................................................................................................................................................................ 47 12. NIGERIA OVERVIEW ......................................................................................................................................................... 48 13. STATUTORY AND GENERAL INFORMATION ................................................................................................................... 55 13.1 INCORPORATION & SHARE CAPITAL HISTORY ..................................................................................................................................... 55 13.2 SHAREHOLDING STRUCTURE .................................................................................................................................................................. 55 13.3 DIRECTORS’ INTERESTS ........................................................................................................................................................................... 55 13.4 STATEMENT OF INDEBTEDNESS .............................................................................................................................................................. 56 13.5 CLAIMS AND LITIGATION ....................................................................................................................................................................... 56 13.6 MATERIAL CONTRACTS........................................................................................................................................................................... 56 13.7 DECLARATION
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