The committee said it discovered that there was:
1. Ample evidence of irregularities in the offer prospectus
2. Lack of proper oversight on the part of the regulatory authorities concerning the offer prospectus
3. Non agreement of some underwriters to the underwriting obligations
4. Lack of transparency on the part of the lead issuing houses
Recommendations
1. The public offer should be cancelled and monies returned to the investors
2. It is also the opinion of the committee that the right offer should be allotted as the committee deemed the right issue to have followed due process.