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African Prudentials gains 2.08 billion units of UBA's shares

Thursday, July 20, 2017

/ by peter philip

 Factually, 2.08 billion units of ordinary shares of United Bank for Africa, UBA Plc has been acquired by African Prudential Plc, in a special off market transaction, at N9.47 per unit amounting to N19.7 billion.

The 2.08 billion shares crossed by both parties represent 5.7 per cent of UBA’s total outstanding shares. At N9.47 per share, the transaction represents 7.6 per cent discount on the ruling market price on Tuesday, July, 18, 2017 when the deal was announced.

Reports from the market operators states that there was a normal market transaction, negotiated between the two parties to which the Nigerian Stock Exchange, NSE, is aware.

 Meanwhile according to the bank, the shares were crossed from its Staff Share Investment Trust Scheme, SSIT.

The Group Company Secretary, Bill Odum, the bank states that the share transfer was part of the process of executing a special resolution reached by the shareholders of the company at the last Annual General Meeting, AGM, on April 8, 2016 to cancel the shares held under the SSIT.

He said “Upon cancellation of the 2.08 billion units of ordinary shares, the outstanding shares of UBA will be reduced by the amount accordingly

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