Union Bank Shareholders to Get N7 Ser Share from Titan Trust  Bank

Following the acquisition of shares held, minority shareholders of Union Bank Plc will get N7.00 per scheme share as a consideration for share transfer from Titan Trust Bank Limited.

This was part of the resolutions passed at the Union Bank Plc’s Court Ordered Meeting (COM) held recently in Lagos.

The Company Secretary, Union Bank, Somuyiwa Sonubi in a signed statement on the Nigerian Exchange Limited (NGX) highlighted that members considered and duly passed resolution, “That the Scheme of Arrangement dated the 10 days of May 2023 be and is hereby approved and that the Directors be and are hereby authorised to consent to any modification of the Scheme of Arrangement that the Federal High Court shall deem fit to impose or approve.

“To give effect to the Scheme subject to such modification, addition and condition agreed between the Bank and Holders of its ordinary shares and/or approved or imposed by the Court, the Scheme Shares (as defined in this Scheme Document) be transferred to Titan Trust Bank Limited. The Holders of the Scheme Shares be paid the Scheme Consideration (as defined in the Scheme Document) by Titan Trust Bank for the transfer of the said Scheme Shares.

“That as consideration for the transfer of the Scheme Shares, each holder of the Scheme Shares shall receive N7.00 per share transferred. That NGX and Central Securities Clearing System Pic (CSCS) shall be notified and requested to terminate trading in the shares with effect from the Eligibility Date and no trading or transfer of the Bank’s shares shall be registered after that date.

“That conditional upon the Scheme becoming effective, the Bank’s shares shall be de-listed from NGX on the Eligibility Date, and following that date, all the share certificates representing the interests of the Scheme Shareholders (as defined in the Scheme Document) shall be deemed to be dematerialized and in the case of dematerialized shares, all the shares of the Bank that were lodged with the CSCS shall be transferred to Titan Trust Bank.

“That the Board of Directors of the Bank be and is hereby authorized to take all necessary steps and to consent to any modifications of the Scheme of Arrangement that the Federal High Court or the Central Bank of Nigeria or the Securities and Exchange Commission may deem fit to impose or approve, or that may otherwise be required.”

The stock price of Union Bank of Nigeria closed for trading last week at N7.35 per share on the floor of the Exchange.