Oceanic Bank shareholders approve ETI acquisition deal

BY PETER EGWUATU

LAGOS – Shareholders of Oceanic International Bank Plc (troubled bank), yesterday, approved a proposed acquisition deal with Ecobank Transnational Incorporated,ETI, to restore the bank to required capital adequacy and liquidity levels required by Central Bank of Nigeria,CBN.

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.

This means that Oceanic shareholders will get one ETI shares in exchange of 14 Oceanic Bank shares. When one consider the price (N1.15) at which the Oceanic Bank was placed on technical suspension on the Nigerian Stock Exchange (NSE), You all will agree with me that it is a fair deal.”

http://www.vanguardngr.com/2011/09/oceanic-bank-shareholders-approve-eti-acquisition-deal/

Na wa o

1 ETI share equals 14 of Oceanic

With ETI shares currently hovering around 11 naira, the 2 million worth of Oceanic Shares I bought in 2006 shall subsequently (rough estimate/calculation) have a total value of about N90, 000.

Naija and its voodoonomics.

I guess it is better than losing all like PHB peeps and co. Omo once that money is realised, it shall be spent on frivolties . . . Big stout, peppersoup & co. Time to close a chapter in my life I would not want to remember forever.

@Freezy
Its amazing how these banks are being picked for kobos on the naira. Similarly, Access is offering 1 for 7 Intercontinental shares. I think this translates to about 60k for each In'continental shares.

Come to think of it, shouldn't the real assets of those banks (properties etc) be worth more than these kobos they are being traded for?

Unfortunately, stuff like assets, share capital, paid up capital, etc have been clearly defined. SLS' "bull in a chinashop" approach is responsible for all this. There is definitely a much better way of managing arising situations such as this without allowing the stock market to plummet the way it did.

so the ibru's money don go down the toilet. Damn,

freezy:

Na wa o

1 ETI share equals 14 of Oceanic

With ETI shares currently hovering around 11 naira, the 2 million worth of Oceanic Shares I bought in 2006 shall subsequently (rough estimate/calculation) have a total value of about N90, 000.

Naija and its voodoonomics.

I guess it is better than losing all like PHB peeps and co. Omo once that money is realised, it shall be spent on frivolties . . . Big stout, peppersoup & co. Time to close a chapter in my life I would not want to remember forever.

Ol boy, we are lucky in Oceanic, those we have in Bank PhB are gone from N22 to N0.00

It was predicted and it has come to pass. Cecilia Ibru expect Gods Judgment soon. the whole of your family members will reap and will not be spared when the time comes. Ole Thief Barawo woman.

Half bread, they say is better than noon, lets flow with the tide and hope the market will boom again some day. God bless Nigeria.

Things will never be well with Cecelia Ibru, all the evil I can think of will come to her,

it is better to merge than to be acquired by amcon because a lot of share holders will loose a lot of money vis-a-vis the shares bought,so good job to them.stephen onuoha a stockbroker @ tfs securities.08132859108

@ 8 bolz, would like to be friend with you, i am a radical investor who believes in investing 4 the future. i would love to seek advice from you, i invest every month. please wich stock will you advice me to invest on this month. thanks

NL people, anyone knows if Oceanic shares have been converted to ETI (1 is to 14)?

When should Oceanic bank shareholders be expecting dividends after the convertion to ETI shares?
i've been waiting like forever

lukaino: When should Oceanic bank shareholders be expecting dividends after the convertion to ETI shares?
i've been waiting like forever

Mine has not even been credited to my CSCS account. My brokers said I should write to ETI Registrars.

Does any one know the contacts (email or phone) of Ecobank Registrars?