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INDICATIONS emerged at the weekend that Union Bank of Nigeria Plc may seek for an extension of its ongoing Rights Issue “for additional days”.
The Rights Issue which opened on December 14, 2011 was earlier scheduled to close January 20, 2012.
Plans to seek for an extension, according to Union Bank is intended to ensure that all eligible shareholders were given the opportunity to participate in the Rights Issue.
Union Bank’s Executive Director, Corporate, International and Investment Banking and Treasury, Mr. Philip Ikeazor, explained at the weekend that because of the timing of the issue, it was possible that not all shareholders might be able to participate.
According to him, this may necessitate an extension, if they observe that people have not been able exercised the opportunity to take their rights.
Explaining further, he said:“We are aware that the offer opened at a critical time when people are busy travelling or involved in various expenses that usually mark the end of the year. Some shareholders may have some constraints towards taking up their Rights.
“We have people who are monitoring this, and if it is considered necessary, the bank will request for additional days so that no existing shareholder is left behind in the exercise of his/her rights especially during this holiday season”.
Shareholders who are not willing to take up their rights, according to him also have the opportunity to sell and earn profit from the exercise.
The Group Managing Director, Union Bank, Mrs. Funke Osibodu, also used the opportunity to commend all stakeholders especially shareholders for their positive response towards the exercise.
Osibodu said “We are impressed by the feedback we got so far, even non-shareholders have been expressing their interest to participate in the Rights Issue”.
Union Bank of Nigeria Plc is offering about 1.41 billion ordinary shares of 50 kobo each on the basis of five new ordinary shares for every nine ordinary shares held as at October 21, 2011 at N6.81 per share.
Already, more shareholders of Union Bank of Nigeria Plc have resolved to take advantage of the ongoing Rights Issue of the financial institution.
According to the shareholders who spoke throught their respective groups, Union Bank of Nigeria Plc remain a “formidable force”, despite various challenges in the sector.
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