By InvestAdvocate

Lagos (INVESTADVOCATE)-Union Bank of Nigeria Plc (UBN) has said its Rights Issue will go for N6.81 Kobo per share and it would offer five (5) new Ordinary Shares for nine (9) Ordinary Shares held.

The Bank on Thursday in Lagos Nigeria notified the Nigerian Stock Exchange (NSE) that the Qualification Date for September 30 2011 has been scheduled to enable it update its Register for the purpose of its proposed Rights Issue of 1,407,291,667 Ordinary Shares of 50 Kobo each at N6.81 Kobo per share in the ratio of five (5) new Ordinary Shares for nine (9) Ordinary Shares held.

Union Bank on September 09 2011 at a Media briefing said existing shareholders will own 21 percent (21%) stake at the end of its recapitalisation exercise compared to 6.8% formerly held.

Tomorrow September 30 2011, the deadline issued by Nigeria’s Central Bank, Union Bank will hold an Extra Ordinary General Meeting (EGM) to seek shareholders approval for the Scheme of Arrangement it signed with the core investor, African Capital Alliance Consortium (ACA) which would be investing $750 million and would be allotted 60% of the Bank’s total shares, while the remaining 19% shares will be allotted to the Asset Management Corporation of Nigeria (AMCON) and 21% to existing shareholders.