Unity Bank shares is placed on full suspension ahead of share reconstruction

Unity Bank just released the following press release.

The Market is hereby notified that further to a directive from the Securities and Exchange Commission, the shares of Unity Bank Plc will be placed on full suspension from Monday, 13 April to Friday, 17 April 2015. Consequently the qualification date (last trading day before the share reconstruction) is Friday 10 April 2015.

The ratio of reconstruction is one (1) new share for every ten (10) shares already held.   The suspension is for the purpose of permitting Unity Bank Plc to conclude its scheme of capital restructuring. Normal transactions in the shares of Unity Bank Plc will resume on Monday, 20 April 2015.

Unity Bank currently has 116,893,379,420 shares outstanding and will likely be reduced to 11,689,337.942