Titan Trust Bank Limited has acquired shares held by all minority shareholders in Union Bank Plc and shareholders are set to receive N7 per scheme share as a consideration for share transfer.
This was part of the resolutions passed at the Union Bank Plc’s meeting held on June 13.
The meeting was on the order of a court.
In a statement signed by Somuyiwa Sonubi, Company Secretary of Union Bank, at the meeting, the members considered and duly passed a resolution that the Scheme of Arrangement dated the 10 days of May 2023 be and is hereby approved and that the Directors be and are hereby authorised to consent to any modification of the Scheme of Arrangement that the Federal High Court shall deem fit to impose or approve.
Other resolutions are: “To give effect to the Scheme subject to such modification, addition and condition agreed between the Bank and Holders of its ordinary shares and/or approved or imposed by the Court, the Scheme Shares (as defined in this Scheme Document) be transferred to Titan Trust Bank Limited. The Holders of the Scheme Shares be paid the Scheme Consideration (as defined in the Scheme Document) by Titan Trust Bank for the transfer of the said Scheme Shares.
“That as consideration for the transfer of the Scheme Shares, each holder of the Scheme Shares shall receive N7.00 per share transferred. That Nigerian Exchange Ltd. (NGX) and Central Securities Clearing System Pic (CSCS) shall be notified and requested to terminate trading in the shares with effect from the Eligibility Date and no trading or transfer of the Bank’s shares shall be registered after that date,” among others.
According to the statement, the motion to approve the sub-joined Special Resolutions was moved by Mrs Bisi Bakare and supported by Chief Olatunde Okelana.
The Scrutineers, Messrs. Ernst, and Young summarised and confirmed the collated results of shareholders’ votes from the poll and thereafter the Chairman declared the following overall results provided by the Scrutineers:
Based on the results, the Chairman informed the meeting that the total number of shares that voted in favour of the special resolution approving the scheme is 482, 542, 898, representing 99.98 per cent of the shares held by shareholders present and voting at the meeting and therefore declared the special resolutions approving the scheme carried.
