Titan Trust Gets SEC Nod For Mandatory Takeover Offer Of 6.59% UBN Plc Stake

The board of Union Bank of Nigeria Plc, on Monday announced through the Nigerian Exchange Limited that Titan Trust Bank Limited, will make a Mandatory Takeover Offer (MTO) to shareholders of the 105-year old bank for 1,927,532,558 ordinary shares of 50 kobo at N7.00 each at which the Block Trade was executed.

In a filing by Somuyiwa Sonubi, the Company Secretary, Union Bank said the Mandatory Takeover Offer size represents 6.59% of the shareholding, for which it has received approval from the Securities and Exchange Commission (SEC).

Qualification Date for the MTO, the statement said, is 5.00pm on Monday, October 31, 2022 – the date on which the names of shareholders must be in the Register of Members and is the settlement date for trades that are executed on Wednesday, October 26, 2022.

“For clarity, all trades must be executed by Wednesday 26th October, 2022 in order to qualify to participate in the MTO, and only shareholders whose names are in the Register of Members on 31st October, 2022 will be able to participate in theMTO,” the statement added.