Final Take Over Of Union Bank

OpenLife Nigeria reports that Union Bank of Nigeria Plc said it has concluded a scheme that would allow it to transfer its shares to Titan Trust Bank who are the new owners.

The bank said it will subsequently delist from the Nigerian Exchange Limited, but the scheme is subject to a meeting of the holders of the fully paid-up ordinary shares of Union Bank.

The bank made the disclosure on Tuesday in a regulatory filing seen by journalists.

The meeting would be held on the 13th of June 2023, the bank said.

The shareholders endorse, “That the Scheme of Arrangement dated the 10th day of May 2023 be and is hereby approved and that the Directors be and are hereby authorized to consent to any modification of the Scheme of Arrangement that the Federal High Court shall deem fit to impose or approve.

“For the purpose of giving 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:

(i) The Scheme Shares (as defined in this Scheme Document) be transferred to Titan Trust Bank Limited.

(ii) The holders of the Scheme Shares be paid the Scheme Consideration (as defined in this Scheme Document) by Titan Trust Bank Limited for the transfer of the said Scheme Shares.
Source: The Whistler