Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Fixed Income Securities

Is Unity Bank’s Current Issued Share Capital Misleading?

Nairametrics by Nairametrics
December 27, 2013
in Securities, Stock Market
Is Unity Bank’s Current Issued Share Capital Misleading?
Share on FacebookShare on TwitterShare on Linkedin

Unity Bank shares

As reports surfaced in the newspapers that Unity Bank was planning a combination  of a  Share Reconstruction, Rights Issue and increase in Share Capital I began a quest to understand what exactly the bank plans to achieve. Not sooner had I started that I found myself in a midst of confusion. According to reports Unity Bank had “endorsed that the 38,446,689,710 issued and fully paid ordinary shares of 50k in the capital of the bank be reconstructed into 9.61 billion ordinary shares of 50k”. This implies their current Issued Share Capital is N19,223,344,855.

However, Unity Bank’s 2012 Annual Report showed in its balance sheet that it had 34,951,536,000 ordinary shares of 50kobo each which translates to a share capital of  N17,475,768,00. This is a whopping difference of N1,757,576,855 share capital or 3,515,153,710 ordinary shares.

RelatedPosts

Unity Bank targets N10.89 billion gross earnings in Q3 2022

How Yanga will serve underbanked women entrepreneurs – Olufunwa Akinmade, Unity Bank Plc

Unity Bank equity2 Unity bank equity

So where is this confusion coming from? Even Bloomberg records the Issued shares as 38,446,689,710 and not 34,951,536,000. In addition, in page 42 of the company’s annual report it also listed total shares as 38,446,689,710 whist in page 4 as well as it notes to accounts it listed it as 34,951,536,000. So what exactly are we to believe?? I even checked the most recently released Interim result of the company (2013 9 months) which showed Issued Capital as N17,475,768,00.

News continues after this ad


It is particularly important that the bank clarifies this anomaly to avoid  this sort of confusion especially as they embark on a scheme of share reconstruction. I will be worried if I were a shareholder.

Ugometrics Portfolio does not own any shares in Unity Bank Plc.

News continues after this ad


Related

Tags: Deepdiveunity bank

Comments 3

  1. sulleman says:
    January 2, 2014 at 6:15 am

    your analysis is childish. you think you have uncovered something but if you had any real business sense you will know what happened. your knowledge is just bookish and i feel sorry for your readers.

    Reply
    • Ugodre says:
      January 3, 2014 at 1:40 pm

      Kindly educate me. Tnx

      Reply
  2. Pace icon says:
    January 13, 2014 at 6:45 am

    Sulleman we still dey wait for you on. Something tells us have a management stake in unity bank. For me I have a shareholder stake and dedication I can’t wait for the price to come up so I can exit

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Buhari congratulates William Ruto, Kenya’s president-elect, says both nations are partners in fight against terrorism
    • Nearly 67,000 investors lose everything as Bitcoin drops below $24K
    • FG’s implementation of Digital Switch-Over to prohibit Startimes, GoTV, Channels, others from self-carriage of signals

    Follow us on social media:

    Recent News

    Buhari congratulates William Ruto, Kenya’s president-elect, says both nations are partners in fight against terrorism

    Buhari congratulates William Ruto, Kenya’s president-elect, says both nations are partners in fight against terrorism

    August 16, 2022
    bitcoin trading

    Nearly 67,000 investors lose everything as Bitcoin drops below $24K

    August 16, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com