Official: Union Bank Shareholders Approve N50 billion Rights Issue
- At an extraordinary general meeting, yesterday in Lagos, shareholders of the first-generation bank approved five resolutions authorizing the board of the bank to raise up to N50 billion through rights issue.
- Shareholders increased the authorized capital of the bank from N9.5 billion consisting of 19 billion ordinary shares of 50 kobo each to N17.5 billion consisting of 35 billion ordinary shares of 50 kobo each by the creation of additional 16 billion ordinary shares of 50 kobo each.
- With this, the memorandum and articles of association of the bank will be amended to reflect the increase in the authorized share capital to N17.5 billion.
- Amendment of the bank’s articles and memorandum of association in order to authorize an increase in the bank’s share capital and the mandate to issue new shares require approval of at least a three-quarter majority of votes present at the meeting. The resolutions yesterday were supported by shareholders representing altogether 99.6 percent of the votes.
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