Union Bank commences N9.58bn rights issue

Following the recent approval granted by the Securities and Exchange Commission, SEC, Union Bank Nigeria Plc has flagged off its N9.584 billion rights issue.
According to a statement by the bank, signed by Francis Barde, Head Corporate Affairs, the offer which is expected to run between December 14, 2011 and January 20, 2012, will afford its existing shareholders the opportunity to fully participate in the recapitalisation process of the bank.
To this end, Barde said the bank is offering 1.407 billion ordinary shares to existing shareholders at N6.81 per shares
Shareholders of the bank, had at the extra-ordinary general meeting, approved the conduct of the rights issue.
The rights issue Rights also give effect to the scheme between the shareholders, AMCON and Union Global Partners Limited which would conclude the recapitalization of union