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. The financial house plans 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.
The bank has kicked off a roadshow to sensitize shareholders. At the first event held in Enugu last week, Chief Executive Officer, Emeka Emuwa, said: “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 will also hold in Lagos, Port-Harcourt and Abuja this month.
The issuing houses involved in the transaction are Stanbic IBTC Capital Limited as well as Joint Issuing Chapel Hill Advisory Partners Limited, which is serving as the Lead Issuing House to the bank; and FSDH Merchant Bank.