Proshare Logo
   Market Date: 23-10-2014   
Agriculture All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

UBN Extra-Ordinary General Meeting ââÃ

Category: Corporate Earnings


  Read (910)
UBN Extra-Ordinary General Meeting ââÃ

The management of Union Bank of Nigeria Plc has given a notice of its Extra-Ordinary General Meeting that will be held on the 27th September 2007. Some of the special businesses on the agenda that will be transacted at the meeting are:

 

* To raise additional capital through a Placing Process to introduce a strategic investor with multinational banking experience who shall acquire not more than 30% of the aggregate ordinary shares of the Company as at the date of the Placing completion, subject in all respects to all required regulatory and statutory approvals;

 

* To increase the Company\'s authorised share capital from N7,500,000,000 to N10,000,000,000 i.e from 15,000,000,000 ordinary shares to 20,000,000,000 ordinary shares of 50 kobo each by the creation of 5,000,000,000 additional ordinary shares of 50 kobo each;

 

* That subject to the sanction of the Federal High court (\'\'the Court\'\'), the goodwill of N15,721,202,896.00 arising from the share exchange that occured pursuant to the acquisition of Universal Trust Bank Plc, Broad Bank of Nigeria Limited and Union Merchant Bank Limited be written off from the sum of N71,069,554,424.00 standing to the credit of the Share Premium Account as at 31st day of March 2007 or such other date as the Directors may consider appropriate.      

         

 Notes:

Under Companies and Allied Matters Act 1990 (CAMD), goodwill which is an intangible asset, being the excess of the cost of acquiring an asset over the fair value of the net assets acquired, shall be reduced by provisions for amortisation calculated to write off that amount systematically over a period of five (5) years or less as the Directors may determine.

 

Thus, Union Bank of Nigeria Plc intends to write off the goodwill of N15,721,202,896.00 created by the acquisition of Universal Trust Bank Plc, Broad Bank of Nigeria Limited and Union Merchant Bank Limited by utilizing a part of N71,069,554,424.00 standing to the credit of the Share Premium Account for this purpose.

 



Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Corporate Earnings

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Volunteer Program
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint