TheNewsGuru

Tag: takeover

  • Titan Trust retires top Mgt of Union Bank, directors after takeover

    Titan Trust Bank has fired the board and management of Union Bank PLC after taking over the old generation bank.

    TheNewsGuru.com, (TNG) reports this was contained in a statement issued by the bank notifying the Nigerian Exchange Group of the resignation and subsequent retirement of directors from the board of the Union Bank.

    Titan Trust Bank, owned by TGI Group which, now controls 93 per cent of Union Bank’s shares, has also named Mudassir Amray as chief executive.

    The retired directors are the Chair/Non-Executive Director, Beatrice Bassey, Managing Director/Chief Executive Officer (CEO), Emeka Okonkwo. Other directors that resigned were Independent Non-Executive Director, Obafunke Alade-Adeyefa; Non-Executive Director, Richard Burrett; Non-Executive Director, Ian Clyne; Non-Executive Director, Kenroy Dowers; Non-Executive Director, Paul Kokoricha; Non-Executive Director, Taimoor Labib; Non-Executive Director, Mark Patterson; Non-Executive Director, and Emeka Ogbechie.Union Bank Plc has announced the completion of core investors’ sale of a majority shareholding to Titan Trust Bank (TTB).

    The Bank’s statement said “Following the bank’s notification in December 2021 of the execution of a share sale and purchase agreement between Union Bank of Nigeria majority shareholders – Union Global Partners Limited, Atlas Mara Limited, et al. – and Titan Trust Bank Limited, and the subsequent receipt of all necessary regulatory approvals, Union Bank hereby notifies the Nigerian Exchange Limited, Securities & Exchange Commission and members of the public of the completion of the transaction under the SSPA, which effectively transfers 93.41 per cent of Union Bank’s issued share capital to TTB.

    “Consequently, in compliance with the NGX rule book and the amendments to the listing rules, Union Bank notified the NGX, its stakeholders, and the investing public of the new developments. Union Bank notified the NGX that with the completion of the transaction, TGI Group, parent of TTB, had become the majority shareholder and core investor in Union Bank. Union Bank hereby notifies the NGX of the completion of the divestment of the bank’s entire shareholding interest, direct and indirect, in its subsidiary, Union Bank (UK) Plc, to all the shareholders on the company’s records as of 4th March 2022, pro rata to their existing shareholding interests in the company. Consequently, UBUK is not included in the transaction with Titan Trust Bank”.

    Tropical General Investments (TGI) Group is a global conglomerate with a majority of its investments based in emerging markets. Across markets (globally), TGI Group owns over a hundred leading brands in Fast Moving Consumer Goods, Agricultural Inputs, Industrial Chemicals, Homecare Products and Pharmaceuticals including the popular Chi Limited, Chi Farms and Chi Pharmaceuticals.

    Headquartered in Nigeria for over 40 years, TGI is currently led by Mr Cornelius Vink as chairman.

  • Todd Boehly ‘honoured’ as Chelsea takeover completed

    Chelsea’s £4.25bn sale to a consortium led by American investor Todd Boehly and private equity firm Clearlake Capital has been completed.

    The club was put up for sale in March before previous owner Roman Abramovich was sanctioned over his links to Russian president Vladimir Putin.

    Chelsea had been operating under a special government licence which would have expired on 31 May.

    Boehly said that he was “honoured” and “wanted to make fans proud”.

    The consortium fought off 11 serious rivals to become the new owners, in a sale process that started on 2 March and comprised more than 250 enquiries.

    “We are honoured to become the new custodians of Chelsea Football Club,” he said.

    “We’re all in – 100% – every minute of every match. Our vision as owners is clear: we want to make the fans proud.

    “Along with our commitment to developing the youth squad and acquiring the best talent, our plan of action is to invest in the club for the long term and build on Chelsea’s remarkable history of success.

    “I personally want to thank ministers and officials in the British government, and the Premier League, for all their work in making this happen.”

  • Premier League approve £4.25bn Chelsea takeover

    Premier League approve £4.25bn Chelsea takeover

    The Premier League has approved the £4.25bn takeover of Chelsea by a consortium led by LA Dodgers co-owner Todd Boehly.

    The league says the consortium has passed its owner’s and directors’ test.

    The Premier League club was put up for sale before owner Roman Abramovich was sanctioned over his links to Russian president Vladimir Putin.

    The purchase remains subject to the Government issuing the required sale licence.

    The final stages of the transaction will then need to be completed.

    The government does not want Abramovich to make any proceeds from the sale but sources are optimistic about a deal being finalised on Tuesday night.

    “We now believe everyone will be ready to issue the necessary licences” said one insider to BBC Sport.

    “The last remaining hurdle boils down to a number of final technical details that are being discussed with the club.”

    Several parties expressed an interest but Chelsea agreed to sell to the Boehly-led consortium earlier in May.

    The consortium is led by Boehly but Clearlake Capital, a Californian private equity firm, would own a majority of the shares in Chelsea. Other investors include US billionaire Mark Walter, also a co-owner of the LA Dodgers, and Swiss billionaire Hansjoerg Wyss.

    Chelsea have been allowed to continue operating under a special government licence which expires on 31 May.

  • PDP begs IGP to stop invasion of Edo Assembly

    PDP begs IGP to stop invasion of Edo Assembly

    The People’s Democratic Party (PDP) on Thursday begged the Inspector-General of Police (IGP), Adamu Mohammed, to stop the invasion and alleged attempt to forcefully take over of the Edo State House of Assembly by security agencies.

    The PDP National Publicity Secretary, Kola Ologbondiyan, gave the charge while speaking at a press briefing at the party’s national secretariat, Wadata Plaza, in Abuja.

    Ologbondiyan accused the All Progressives Congress (APC) of acting illicitly to take power in the State ahead of the September 19 gubernatorial poll in Edo.

    The opposition party spokesman noted that the alleged deployment of security operatives at the Edo Assembly is a coup against the democratic order in the State and a recipe for anarchy.

    He said that the PDP is aware of an alleged plot by APC leaders to import a fake mace into the State, cause anarchy so as to precipitate the ‘imposition of a state of emergency in the State, seeing that they cannot win the forthcoming governorship election.

    ‘We urge the Inspector-General to act with dispatch to curb this nefarious situation, which has heightened tension in the State, and, if not halted, may result in a bloody clash as the citizens are already charged to defend their symbol of democracy from a forceful takeover.

    ‘The police hierarchy is urged to note that this provocative and lawless act is part of its plans to overheat the polity and create a security situation with the view to unleash violence on the people, derail the democratic order in the state and blame it on security agencies.

    ‘Our party has been informed that the plot is to use the illegal security operation to seize the processes of the House of Assembly and illegally inaugurate certain individuals whose seats have been lawfully declared vacant with plans to use them to pull down democratic structure in the State.

    ‘Our party therefore charges the IG to wade in and immediately withdraw the illegally deployed security officers and protect democracy and peace in Edo State.

    ‘Our nation cannot afford to have a breakdown of law and order in Edo State at this critical time as such is capable of having a spiral effect on other states in the Niger Delta region, which will further result in dire consequences to our nation,’ Ologbondiyan stated.

  • Premier League warned over Newcastle takeover

    Premier League warned over Newcastle takeover

    The Premier League has been urged by one of its largest overseas broadcast partners to “fully interrogate” Newcastle United’s proposed £300m takeover.

    The chief executive of the Qatar-based TV giant beIN Sport, Yousef al-Obaidly, has written to the chairs of top-flight clubs about the deal, which could see the Magpies bought by a Saudi-backed consortium.

    In the letter, Al-Obaidly accuses the Saudi Arabian government of the “facilitation of the near three-year theft of the Premier League’s commercial rights – and in turn your club’s commercial revenues – through its backing of the huge-scale beoutQ pirate service”.

    “It is no exaggeration to say that the future economic model of football is at stake,” added Al-Obaidly, who has also written to Premier League chief executive Richard Masters.

  • Saraki distances self from plot to remove Osinbajo, take over presidency

    Senate President Bukola Saraki has debunked reports that he contracted some governors to pressure acting President Yemi Osinbajo to resign.

    The report stated that Saraki was looking to take over as President once Osinbajo reign.
    But the Senate President in a statement said such reports were baseless, empty and unintelligent.

    He said, “My attention has been drawn to a speculation on some online media about supposed meeting of some Governors who held Vice President Yemi Osinbajo to ransom and sought for Senate President, Dr. Abubakar Bukola Saraki to take over the Presidency.

    “My first initial reaction was to ignore this empty rumour but after being inundated with calls from across the country and abroad, it became necessary for me to make clarifications from our own end.

    “It is a good thing that the Presidency had dismissed the speculation and showed that there is no substance to it.

    “However, I feel it should be known that those behind this baseless, empty and unintelligent mischief are those who do not love this country.

    “Such suggestions as contained in the speculation can only bring ill-will, disunity and crisis to the country and I therefore advise the sponsors to desist immediately. More importantly, these trouble makers should refrain from linking Senator Saraki’s name to their evil plot.”