Union Banks opens subscription of N50bn Rights Issue

UNION Bank has announced that the subscription period for its N50 billion Rights Issue will commence on Wednesday, September 20 and close on Monday, October 30, 2017.

Union Bank is set to offer 12.1 billion ordinary shares of 50 kobo each, which will be available at N4.10 per share, on the basis of five new shares for every seven shares held as at August 21, 2017.

According to the bank, it kicked off a roadshow to sensitise shareholders at Enugu last week, where the Chief Executive Officer, Emeka Emuwa, was in attendance.

“With the commencement of the rights issue subscription, we have now officially entered a new phase of our transformation where we will be focused on accelerating business growth to deliver on our objective of becoming one of Nigeria’s leading financial institutions,” he said.

Shareholder forums will also hold in Lagos, Port-Harcourt and Abuja this month.

Union Bank announced earlier this month that it had received all necessary regulatory approvals from the Nigerian Stock Exchange (NSE) and Securities and Exchange Commission (SEC) to launch the Rights Issue.

The Issuing Houses involved in the transaction are Stanbic IBTC Capital Limited as joint issuing house, Chapel Hill Advisory Partners Limited, which is serving as the lead issuing house to the bank, and FSDH Merchant Bank Limited and Stanbic IBTC Capital Limited as joint Issuing houses.