By InvestAdvocate

Lagos (INVESTADVOCATE)-The Quotations Committee of the Nigerian Stock Exchange (NSE) on Friday announced the approval of Union Bank of Nigeria Plc’s (UBN) Rights Issue, United Bank for Africa Plc (UBA) Public Subscription, National Aviation Handling Company Plc (NAHCO) Offer for subscription and six (6) other Issues.

This was contained in a Statement by Wole Tokede, Seniour Manager, Corporate Communications of the NSE and made available to InvestAdvocate in Lagos Nigeria.

According to the NSE, the issues approved were one Government Bond, three Rights Issues, one Offer for Subscription, one Public Subscription, two Schemes of Arrangement and one Scheme of Merger.

Below is a breakdown of the nine Issues:

Crusader Nigeria Plc’s Rights Issue of 2,260,304,300 Zero Coupon Unsecured Subordinate Convertible Debenture Stock of N100 at par was approved. The stockbroker is Meristem Securities Limited. The proceeds of the Issue would be used to restructure and strengthen the company’s capital base, provide it with operating capital, enhance its working capital and upon conversion, reduce its financial gearing.

The Rights Issue of 1,479,040,276 Ordinary Shares of 50 kobo each at N5.08 per share of International Breweries Plc got the Committee’s nod. The stockbroker is CSL Securities Limited. The Issue is being undertaken to take necessary steps towards the refinancing of the company’s long-term loan obligation and the provision of additional working capital to cope with increasing operational cost.

National Aviation Handling Company Plc’s Offer for Subscription (through Book Building) of N2.15 Billion 13 per cent Series 1 Bonds due September 29, 2016 under the N5 billion bonds Issuance Programme was also approved. The stockbroker is Marina Securities Limited.

United Bank For Africa Plc Public Subscription of N35 Billion Series 2, 7 year 14 per cent Fixed Rate Subordinated Unsecured Notes Due 2018 under a N400 Billion Medium Term Note Programme at Par N1,000 each was approved. After the deduction of the costs and expenses of the Issue, the net proceeds would be utilized for expansion of new distribution channels, e-banking and electronic platforms and loan growth. The stockbroker is Stanbic IBTC Stockbroker Limited.

Delta State Government of Nigeria was given approval and listing of N50 Billion 14 per cent Fixed Rate Redeemable Infrastructure Development Bond Series 1 under a N100 Billion Bond Issuance Programme. The proceeds would be used on infrastructure development in the state. The stockbroker is BGL Securities Limited.

Union Bank of Nigeria Plc’s Scheme of Arrangement for the reorganization of capital between Union Bank Plc and the holders of its fully paid Ordinary Shares. The Scheme would reduce the total issued shares of the bank from 13,510,000,000 to 2,533,125,000 Ordinary Shares of 50k each via a share exchange ratio of 3 new shares for every 16 held by the shareholders. The stockbroker is Chapel Hill Denham Securities Limited.

Vono Products Plc’s Rights Issue of 525,000,000 Ordinary Shares of 50 kobo each at N1.60 per share was also approved. The gross issue proceeds would be for Refinance Loan obligations, Factory and Information Technology Upgrade and working Capital. The stockbrokers are Anchoria Investment & Securities Limited and Chapel Hill Denham Securities Limited.

Sterling Bank Plc’s Scheme of Merger between Sterling Bank Plc. (SBP) and Equatorial Trust Bank Limited (ETB), and the subsequent listings of 3,140,772,888 Ordinary Shares of 50 kobo each of Sterling Bank Plc. The Scheme provides an inorganic growth opportunity for Sterling Bank to achieve its strategic objective of being a premier mid-tier bank in Nigeria competing with other mid-tier banks by 2015. The stockbroker is Nigerian Stockbrokers Limited.

Also, approved is the Ecobank Transnational Incorporated’s (ETI) Scheme of Arrangement for Reorganization of Capital of Oceanic Bank International Plc resulting in the cancellation of the total 22,221,369,213 issued Ordinary Shares and allotment of 1.6 billion ETI shares to Existing Oceanic Bank shareholders and AMCON. The stockbroker is EDC Securities Limited