Tuesday, January 2, 2018 /5:14 PM / NSE
Union Bank Plc Announces
the result of the Rights Issue of 12,133,646,995 Ordinary Shares of 50 Kobo
each on the basis of Five (5) New Ordinary Shares for every Seven (7) Ordinary
Shares at N4.10 Kobo per share
The Central Bank of
Nigeria’s (“CBN”) verification process began on Wednesday, November 29, 2017
and ended on Monday, December 18, 2017.
Consequent to the
conclusion of CBN’s verification, a total of 4,313 acceptances for
14,602,842,222 units valued at N59, 871,653,110.20 were received and processed
in connection with the Rights Issue.
of the Rights Issue is outlined below:
4,313 Acceptance Forms
for 14,602,842,222 units of the Rights received were found to be valid under
the terms of the Rights and were processed accordingly. The Rights Issue was
therefore 120.3% subscribed.
shareholders accepted their Rights in full totaling 10,918,247,917 ordinary
shareholders with a provisional allotment of 31,639,722 ordinary shares
partially accepted their Rights for 31,264,665 ordinary shares. Thus the
balance of 375,057 ordinary shares were renounced
shareholders purchased Rights for 290,378,677 ordinary shares traded on the
floor of the Nigerian Stock Exchange.
the 4,246 shareholders who took up their Rights in full, 2,244 shareholders
also applied for additional 3,362,950,963 ordinary shares and were
partially allotted from the renounced Rights at a pro rata rate of 26.6%.
total of 893,380,679 ordinary shares were fully renounced bringing the total
number of shares renounced to 893,755,736 ordinary shares.
A total of 2,469,195,227
additional ordinary shares requested were unsuccessful as the Issue was
The above stated basis
of allotment, as well as this announcement has been cleared by the Securities
& Exchange Commission.
The Registrars to the
Offer, GTL Registrars Limited of 274 Murtala Muhammad Way, Yaba, Lagos, will
credit the shares allotted to the CSCS accounts of applicants who have
indicated their CSCS account numbers on their respective application forms with
the shares allotted not later than January 19, 2018. Applicants without CSCS
accounts will have their shares credited at the CSCS using a Registrar
Identification Number, in line with the SEC Directive on Dematerialisation of
Share Certificates, not later than January 19, 2018.
The returned money for
the unsuccessful applications will be dispatched to the affected shareholders
not later than January 5, 2018 by the Registrars.