By Modupe Gbadeyanka
Pan-African financial institution, the United Bank for Africa (UBA) Plc, has announced the cancellation of the Staff Share Investment Trust Scheme (SSIT).
A statement issued on Tuesday by the Group Secretary of the lender, Mr Bili Odum, disclosed this means that the 2,080,104,955 units of its ordinary shares in the SSIT would be transferred to the bank.
“United Bank for Africa (UBA) Plc has announced crossing the 2,080,104,955 units of its ordinary shares from the Staff Share Investment Trust Scheme (SSIT) 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 (AGM) held on Friday, April 8, 2016, to cancel the shares under the SSIT.
“Following the transfer, the bank will complete all relevant processes to effect the cancellation of these shares.
“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,” the statement released today said.
