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Oceanic Bank Shareholders Approves ETI merger

By on September 27, 2011

Shareholders of rescued Nigeria’s Oceanic Bank on Tuesday approved the planned merger with pan-African banking group Ecobank Transnational Incoporated.

At a court-ordered meeting, the shareholders consented to all the proposal brought before them by the board of the rescued lender.

The shareholders of Oceanic Bank are expected to get one new ETI shares in exchange of 14 Oceanic Bank shares after reduction of the bank’s paid-up share capital.

At a court-ordered Extra Ordinary General Meeting,EGM, the shareholders consented to all the proposal brought before them by the Board of  Oceanic Bank.

Specifically,  11, 953,093,175, votes in favour of the reorganisation deal, representing  99.98  per cent of the entire shareholders present at the meeting, while 1,000 votes against the reorganisation scheme, representing 0.02 per cent.

Chairman of Oceanic Bank, Apostle Hayford Alile, who presided over the court-ordered meeting, commended the shareholders for approving the scheme of arrangement, stressing that the reorganisation of the capital between Oceanic Bank and holders of its fully-paid ordinary shareholders entails reducing the entire paid-up share capital of the bank from N11,110,684,684,606.50  comprising 22,221,369,213 ordinary shares of 50 kobo each to zero, through the cancellation of every fully-paid, issued, and outstanding ordinary share of 50 kobo each in the paid-up capital of the bank.

At the meeting, Managing Director /CEO, Oceanic Bank, Mr. John Aboh, said: “The proposed acquisition is the best that has ever happened in the Nigerian banking industry, as holders of  Oceanic Bank shares so cancelled shall receive one ordinary share of US$0.25 and 0.428 preference shares of US$0.1032 in ETI credited as fully paid for every 20 ordinary shares o 50 kobo previously held by them in Oceanic Bank prior to effective date.