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No change of name yet in IBTC Chartered Bank
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A statement from C&F Porta Novelli, image consultants to the bank read: “We would like to draw your attention to the fact that our client, IBTC Chartered Bank plc has not been granted approval by the regulatory authority to use the name Stanbic IBTC Bank as being represented in some sections of the media.”
The statement noted that though the shareholders of the bank have passed a resolution to that effect, but that the regulatory authorities were yet to give their approval.
It said: “At the extra-ordinary general meeting (EGM) of the bank last December in Lagos, the shareholders endorsed the name change to enable the bank make presentation to the regulatory authority. The approval process of the name change is still ongoing.”
It therefore stated that until the approval is received, the name of the bank remain as it is.
It would be recalled that last year, Stanbic Africa Holdings Limited (SAHL), a wholly-owned subsidiary of Standard Bank Group Limited, through Stanbic Nigeria Limited, its Nigerian subsidiary, acquired additional IBTC shares.
Under the merger arrangement, SAHL’s shareholding in the enlarged IBTC stood at 33.33 percent, representing 6.25 billion new ordinary shares of IBTC to be issued to SAHL, increasing the number of issued shares in IBTC from 12.5 billion to a total of 18.75 billion shares in the enlarged IBTC.
SAHL simultaneously sought to acquire additional IBTC shares from existing IBTC shareholders via a Tender Offer that was made to all IBTC shareholders, and which aims to increase SAHL’s percentage shareholding in the enlarged IBTC.
The Tender Offer, which opened from Monday, 23 July 2007 to Monday, 13 August 2007, involved the acquisition by SAHL of between 3,143,750,000 and 4,062,500,000 IBTC shares at a price of N16 per share.
The revised Tender Offer price of N16 represents a significant improvement from the initial 11.74 offered by SAHL and represents a premium of approximately 45 percent to IBTC’s share price as was suspended on the NSE during the offer period.
As a condition precedent, court-ordered meetings of the two banks were scheduled and held on Monday, 20 August 2007. The proposed Scheme of Merger thereafter became effective and binding on all shareholders of IBTC and Stanbic Nigeria.
The scheme of merger was duly ratified by majority of the investors representing three-fourths in value of the shares of shareholders present and voting either in person or by proxy at their respective Court-Ordered Meetings; final CBN and SEC approvals were received; the Court sanctioned the proposed Scheme of Merger; and all other conditions precedent in respect of the Tender Offer and the proposed Scheme of Merger were fulfilled, thereby giving effect to the merger.
The name change as is being proposed would finally bring about a new a refreshed entity out of the two leading institutions.
The statement noted that though the shareholders of the bank have passed a resolution to that effect, but that the regulatory authorities were yet to give their approval.
It said: “At the extra-ordinary general meeting (EGM) of the bank last December in Lagos, the shareholders endorsed the name change to enable the bank make presentation to the regulatory authority. The approval process of the name change is still ongoing.”
It therefore stated that until the approval is received, the name of the bank remain as it is.
It would be recalled that last year, Stanbic Africa Holdings Limited (SAHL), a wholly-owned subsidiary of Standard Bank Group Limited, through Stanbic Nigeria Limited, its Nigerian subsidiary, acquired additional IBTC shares.
Under the merger arrangement, SAHL’s shareholding in the enlarged IBTC stood at 33.33 percent, representing 6.25 billion new ordinary shares of IBTC to be issued to SAHL, increasing the number of issued shares in IBTC from 12.5 billion to a total of 18.75 billion shares in the enlarged IBTC.
SAHL simultaneously sought to acquire additional IBTC shares from existing IBTC shareholders via a Tender Offer that was made to all IBTC shareholders, and which aims to increase SAHL’s percentage shareholding in the enlarged IBTC.
The Tender Offer, which opened from Monday, 23 July 2007 to Monday, 13 August 2007, involved the acquisition by SAHL of between 3,143,750,000 and 4,062,500,000 IBTC shares at a price of N16 per share.
The revised Tender Offer price of N16 represents a significant improvement from the initial 11.74 offered by SAHL and represents a premium of approximately 45 percent to IBTC’s share price as was suspended on the NSE during the offer period.
As a condition precedent, court-ordered meetings of the two banks were scheduled and held on Monday, 20 August 2007. The proposed Scheme of Merger thereafter became effective and binding on all shareholders of IBTC and Stanbic Nigeria.
The scheme of merger was duly ratified by majority of the investors representing three-fourths in value of the shares of shareholders present and voting either in person or by proxy at their respective Court-Ordered Meetings; final CBN and SEC approvals were received; the Court sanctioned the proposed Scheme of Merger; and all other conditions precedent in respect of the Tender Offer and the proposed Scheme of Merger were fulfilled, thereby giving effect to the merger.
The name change as is being proposed would finally bring about a new a refreshed entity out of the two leading institutions.
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