Union Bank of Nigeria Plc has commenced plans to divest from it’s United Kingdom subsidiary.
This is contained in a notice to Nigerian Exchange Group that the bank has fixed Tuesday, 29th March 2022 at 11.00 a.m date for an Extra-Ordinary General Meeting at its headquarters.
The focus of the meeting is to consider and approve the proposed divestment of the Company’s entire shareholding (direct and indirect) interest in its subsidiary, Union Bank UK Plc (UBUK).
The deal according to the bank would be by pro rata to their existing shareholding interests in the Company; subject to obtaining any required contractual consents and/or regulatory approvals.
The notice said the meeting will approve that in furtherance of the Divestment, the shares to be held in UBUK by shareholders of the Company who each hold less than 0.2546% of the Company’s issued share capital shall be placed under a trust (‘the Trust’) to be established with Stanbic IBTC Trustees Limited (‘SITL’), which shall be the legal shareholder of record in UBUK’s register, acting as trustee of the beneficial interests of the relevant UBN shareholders.
“If the Divestment recommended by the Board of Directors is approved by members at the ExtraOrdinary General Meeting, the Divestment shall be to members whose names appear in the Register of Members at the close of business on 4 th March 2022.”
