Union Bank’s N50bn Rights Issue opens on Wednesday

The N50bn Rights Issue of Union Bank Plc will open for subscription from tomorrow, Wednesday September 20 and will close on October 30, 2017.
A statement from the bank says the bank offers 12.1 billion Ordinary Shares of 50 kobo each at N4.10 per share, on the basis of five new shares for every seven shares held as at August 21, 2017,.
It has already commenced a road show to sensitise shareholders and at the first event held in Enugu last week, its Chief Executive Officer, Emeka Emuwa, was quoted as saying.
According to him, “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.”
Shareholder forums are to be held in Lagos, Port-Harcourt and Abuja this month, according to the bank.
Union Bank announced earlier this month that it had received all necessary regulatory approvals from the Nigerian Stock Exchange and the Securities and Exchange Commission to launch the Rights Issue.
Chapel Hill Advisory Partners Limited is serving as the lead issuing house to the bank while FSDH Merchant Bank Limited and Stanbic IBTC Capital Limited are joint Issuing houses.