Application list for the N10 billion rights issue by Union Bank of Nigeria (UBN) Plc closes today, Friday, amidst expectations that the  success of the Rights Issue would herald a new period of stable growth for the first generation bank.

UBN is offering about 1.41 billion ordinary shares of 50 kobo each at N6.81 per share in the ratio of five new ordinary shares for every nine ordinary shares held as at the October 21, 2011. The application list had opened on December 14 and was initially scheduled to close on Friday, January 20, 2012.

However, with a third of the offer period taken over by yuletide holidays, nationwide protests and strike over removal of fuel subsidy,  the bank applied and secured extension of the offer period to Friday, February 10, 2012 from the Securities and Exchange Commission (SEC).

The extension of the offer period was part of efforts by the bank to ensure that all shareholders had opportunity to pick their rights.

Shareholders may still however, explore the two-week grace period for stockbrokers to file returns with the issuing houses to further increase their shareholdings in the bank.

The Executive Director Corporate, International and Investment Banking and Treasury of Union Bank of Nigeria Plc, Mr Philip Ikeazor, said that updates from registrars, issuing houses, stockbrokers and other parties to the Rights Issue indicated strong subscriptions with hundreds of thousands of shareholders that had already filed in their applications.

He said that the Board would ensure that all shareholders received their rights in full, noting that with the approval of the scheme of arrangement for the recapitalisation and subsequent reconstruction of its shares , the Rights Issue was the last phase of the bank’s recapitalisation.

“We are desirous and eager to redeem our earlier pledge of giving opportunities to the existing shareholders to take up their rights in line with their clamour to do so during the recapitalisation process,” Ikeazor said.

Mr Tunde Ayeni, Managing director, Union Registrars Limited, the registrars to the issue,  said shareholders who have not submitted their application forms can still do so at any of the branches of the bank or Union Registrars nationwide.

According to him, the extensive networks of the bank and the Registrars provide access to the 500,000 shareholders of the bank and shareholders should take advantage of these avenues to resolve any issue concerning the rights issue.