…or 18 ordinary shares in Providus for every 17 held in Unity Bank
The Federal High Court sitting in Lagos has directed that a meeting of the holders of the fully paid-up ordinary shares of Unity Bank Plc be convened and held for the purpose of considering and if thought fit, approving a Scheme of Merger between Unity Bank and Providus Bank Limited.
The court-ordered meeting will hold at Olusegun Obasanjo Presidential Library (OOPL) Hotel, Abeokuta, Ogun State on September 26.
The sub-joined resolutions that will be proposed and, if thought fit, passed as special resolutions of Unity Bank include among others that all shareholders of Unity Bank shall, after the Court sanctions the Scheme, be paid N3.18 for every share held in the bank in accordance with the terms stipulated in the Scheme, or be allotted 18 ordinary shares in Providus Bank Limited (credited as fully paid) in exchange for every 17 ordinary shares of Unity Bank.
This implies that Unity Bank’s shareholders will either receive cash payments or be allotted shares in Providus. Unity Bank has 11.689 billion shares outstanding, each last traded at N1.51.
Read also: Providus Bank to take over Unity Bank as merger shapes up
Also, among others that the entire share capital of Unity Bank be cancelled and the bank be dissolved without winding up. The shareholders will also be expected to ratify that the certificate of incorporation of Providus Bank Limited be the certificate of incorporation of the Enlarged Bank.
“That the Solicitors of the bank be and are hereby directed to seek orders of the Court sanctioning the Scheme and the foregoing resolutions, as well as such other incidental, consequential or supplemental orders as are necessary or required to give full effect to the Scheme.
“That the directors of the bank be and are hereby authorised to take such other actions and steps as may be necessary or required to give full effect to the Scheme,” according to a notice of court-ordered meeting of Unity Bank Plc signed by Adepetun Caxton-Martins-Agbor & Segun.
As directed by the Court, the shareholders of Unity Bank will also be required to rectify, that the merger of all the assets, liabilities and undertakings, including real properties and intellectual property rights of the bank with that of ProvidusBank Limited, upon the terms and subject to the conditions set out in the Scheme Document, be approved without any further act or deed.
