By J. Kurukulasuriya
Ceylon Finance Today: At an Extraordinary General Meeting (EGM) held yesterday, a majority of over 75% of the shareholders voted to issue 742,156,249 ordinary voting shares of the Union Bank PLC to Culture Financial Holdings Ltd, for Rs 15.30 each, by way of a 'private placing', the company revealed in a disclosure to the Colombo Stock Exchange.
The bank also resolved to issue 218,281,250 Warrants to Culture Financial Holdings at a price of 30 cents each, which would entitle them to take up one new share per warrant within a period of 6 years, at a price of Rs 16, and further issue up to a total of 218,281,250 shares at Rs 16, upon the exercise of such option, subject to terms which were previously set out in a letter to shareholders on 22nd August 2014.
It was further resolved that the new shares would not be issued to existing shareholders in a manner that would maintain their existing voting rights, per section 12(1) of the Company's Articles of Association - the internal rules of the company. Article 12(1) was duly amended by resolution.
www.ceylontoday.lk
Ceylon Finance Today: At an Extraordinary General Meeting (EGM) held yesterday, a majority of over 75% of the shareholders voted to issue 742,156,249 ordinary voting shares of the Union Bank PLC to Culture Financial Holdings Ltd, for Rs 15.30 each, by way of a 'private placing', the company revealed in a disclosure to the Colombo Stock Exchange.
The bank also resolved to issue 218,281,250 Warrants to Culture Financial Holdings at a price of 30 cents each, which would entitle them to take up one new share per warrant within a period of 6 years, at a price of Rs 16, and further issue up to a total of 218,281,250 shares at Rs 16, upon the exercise of such option, subject to terms which were previously set out in a letter to shareholders on 22nd August 2014.
It was further resolved that the new shares would not be issued to existing shareholders in a manner that would maintain their existing voting rights, per section 12(1) of the Company's Articles of Association - the internal rules of the company. Article 12(1) was duly amended by resolution.
www.ceylontoday.lk
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