Union Bank share repurchase offer open on June 27
View(s):Union Bank recently announced to the Colombo Stock Exchange (CSE) that the bank has convened an extraordinary general meeting on Tuesday June 11.
This is for the purpose of obtaining shareholder approval to carry out a repurchase of up to a maximum of 7,851,844 ordinary shares from its shareholders at the price of Rs. 15 per share. The bank, said in a media release, that it expects to commence the offer to repurchase these shares on June 27 and close it on July 11.
As per applicable law, the said offer will be made to all shareholders of the bank, on a pro rata basis. Accordingly, the proportion in which the said repurchase offer will be made to the shareholders of the bank will be one ordinary share for every 139 ordinary shares held by each shareholder.
On May 8, the bank announced that Culture Financial Holdings Ltd, Alexis Indrajit Lovell and Vista Knowledge Pte Ltd, who together hold 853,033,616 shares of the bank representing 78.16 per cent of the issued shares in the bank, have informed the bank in writing that they will not accept the offer to repurchase their shares.