UBA cancels 2.1bn Staff Share Investment Trust Scheme

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AdvertisementUnited Bank of Africa Plc has announced the cancellation if it’s Staff Share Investment Trust Scheme (SSITS).

In a notice to  the the Nigeria Stock Exchange (NSE) state that the Tier-One lender announced the crossing of 2,080,104,955 units of its ordinary shares from the Staff Share Investment Trust Scheme (SSITS) to the Bank.

“This transfer of shares from SSIT to the Bank is part of the process of executing the Special Resolution of the Shareholders at the Annual General Meeting held on Friday, April 08, 2016, to cancel the shares held under the SSIT. Following this transfer, the Bank will complete all relevant processes to effect the cancellation of these shares,” UBA said in the statement.

The statement further disclosed that upon cancellation of the 2,080,104,955 units of ordinary shares, the outstanding shares of UBA Plc will be reduced by the amount accordingly.

With a closing price of N8.80 per share on Tuesday on the Nigerian Bourse, the shares are worth N18.3 billion.

UBA currently has 36.28 billion shares outstanding. The lender’s stock has gained 95 percent year to date.

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