Union Bank Plc Announces Results of Its Rights Issue

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Union Bank Plc Announces the result of the Rights Issue of 12,133,646,995 Ordinary Shares of 50 Kobo each on the basis of Five (5) New Ordinary Shares for every Seven (7) Ordinary Shares at N4.10 Kobo per share

The Central Bank of Nigeria’s (“CBN”) verification process began on Wednesday, November 29, 2017 and ended on Monday, December 18, 2017.

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Consequent to the conclusion of CBN’s verification, a total of 4,313 acceptances for 14,602,842,222 units valued at N59, 871,653,110.20 were received and processed in connection with the Rights Issue.

A summary of the Rights Issue is outlined below:

4,313 Acceptance Forms for 14,602,842,222 units of the Rights received were found to be valid under the terms of the Rights and were processed accordingly. The Rights Issue was therefore 120.3% subscribed.

·   4,246 shareholders accepted their Rights in full totaling 10,918,247,917 ordinary shares.

· 32 shareholders with a provisional allotment of 31,639,722 ordinary shares partially accepted their Rights for 31,264,665 ordinary shares. Thus the balance of 375,057 ordinary shares were renounced

· 35 shareholders purchased Rights for 290,378,677 ordinary shares traded on the floor of the Nigerian Stock Exchange.