Breaking: UBA share count to drop by 2.08 billion, positive for EPS
The shares outstanding for United Bank for Africa (UBA) is set to fall by some 2.08 billion units which will be positive for Earnings per Share (EPS) going forward.
In a statement posted on the website of the Nigeria Stock Exchange (NSE), the Tier-One lender announced the crossing of 2,080,104,955 units of its ordinary shares from the Staff Share Investment Trust Scheme (SSITS) to the Bank.
At a closing price of N8.80 per share on Tuesday, the shares are worth N18.3 billion.
“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 held on Friday, April 08, 2016, to cancel the shares held under the SSIT. Following this transfer, the Bank will complete all relevant processes to effect the cancellation of these shares,” UBA said in the statement.
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.
UBA currently has 36.28 billion shares outstanding.
The stock has gained 95 percent year to date.
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