Union Bank Plc (“the Bank”) has given notice of intention to delist its shares from the Nigeria Exchange Limited (NGX).
In a notice posted on the Nigeria Exchange Limited website, and signed by Company Secretary, Somuyiwa Sonubi, stated, “Union Bank Plc (“the Bank”) hereby notifies our esteemed stakeholders that the Bank is finalizing the process of obtaining the approval to delist the shares from NGX, upon which shareholders of the Bank will receive a Scheme Consideration of ₦7.70 per share”.
The notification is in compliance with The Nigeria Exchange (NGX) Rule Book and the Amendments to the Listing Rules, adding that upon approval, the Registrars will remit the Scheme Consideration to all shareholders of the Bank, pursuant to the decision of the Court-Ordered Meeting and the subsequent sanction by the Federal High Court.
It will be recalled last year, Union Bank Plc announced the completion of core investors’ sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group. This was at the execution of a Share Sale and Purchase Agreement (SSPA), between the former majority shareholders and Titan Trust Bank, which effectively transferred 93.41% Union Bank’s issued share capital to TTB.
The successful completion of the process made TGI Group, parent company to Titan Trust Bank the majority shareholder and core investor in Union Bank, one of Nigeria’s oldest banks.