UBA’s GDR Programme
UBA runs a GDR programme to enable foreign institutional investors to hold and trade UBA shares without having to expatriate funds into Nigeria.
UBA has run a bifurcated GDR programme since 8 May 1998 under the CUSIPs 90953F104 (144A), symbol UBAFYP and 90953F203 (Reg S). On 20 March 2007, UBA issued new Reg S GDRs to international investors, under a temporary CUSIP 90953F302. It is anticipated that Early in 2008 the programmes will be merged under a single CUSIP.
What is a Global Depositary Receipt (GDR)?
A GDR is a negotiable certificate representing ownership of shares. GDRs are quoted and traded in US dollars. Also, the dividends are paid to investor in US dollars. GDRs were specifically designed to facilitate the purchase, holding and sale of non-US securities by foreign investors.
What are the benefits of GDRs to foreign investors?
The GDRs are preferred by some investors who are unable to hold Nigerian securities for compliance reasons or due to a lack of the appropriate infrastructure for holding an Ordinary share (a local custodian). The GDRs also trade, clear and settle according to international market conventions rather than those extant in Nigeria.
Is it easy to get information and updates on the GDRs?
Investors receive annual reports and proxy materials in English.
Where are UBA GDRs traded?
The GDRs are traded Over-The-Counter. The ratio between the ordinary share and the GDR is 1:200.
Who is UBA Group’s depositary for GDRs?
The Bank of New York Mellon. The depositary bank plays a key role in the process of issuance and as cancellation of GDRs. It also maintains the GDR holder register and distributes the dividends in US dollars. For additional information, please visit The Bank of New York Mellon's website at:
www.adrbny.com
How are GDR dividends paid?
Dividends are paid in US dollars.
How can I find out dividend and corporate action information on UBA?
For additional information not contained on this website, please visit www.adrbny.com. Go to the DR Corporate Actions or DR Dividends & Distribution buttons on the vertical scroll bar on the left and then enter company name, CUSIP or symbol.
How can I buy GDRs via a Broker?
You can buy a GDR through a broker, just as you would any other security. If you need a broker, you can contact:
UBA Capital
3rd Floor, 2-4 King Street
London SW1Y 6QU
+44 207 766 4600
info@ubacapital.com
How can I convert ordinary shares in UBA into GDRs or GDRs into ordinary shares?
A shareholder wishing to convert Nigerian Stock Exchange-listed ordinary shares in to GDRs should, in the first instance, request that their broker contact the GDR Broker Desk at The Bank of New York. Contact details are:
Ian Pledger, AVP
Office: +44 207 964 6083
ipledger@bankofny.com
Jason Smith, AT
Office: +1 212 815 3874
jasmith@bankofny.com
Do I need a Certificate of Capital Importation?
Due to capital movement restrictions in Nigeria, a Certificate of Capital Importation (CCI) should be obtained by any investor in order to be able to repatriate funds out of Nigeria. Please note that CCI’s can only be issued to Non-Nigerian domiciled investors.
How do I get a Certificate of Capital Importation?
In order to get a CCI on conversion of GDRs into ordinary shares, documentation must be submitted to The Bank of New York Mellon. Further contact information:
Mr Patrick Small Tel: +1 212 815 2783 psmall@bankofny.com
Mr Neftali Alger Tel: +1 212 815 2037 nalger@bankofny.com
All relevant documentation must be completed and submitted to:
The Bank of New York Mellon
101 Barclay Street
New York, New York 10286
Faxes sent for the attention of:
Mr. Patrick Small
Mr. Neftali Alger
Fax: +1 732 667 9101
UBA and The Bank of New York Mellon takes no responsibility and expressly disclaims any liability arising out of or in connection with the cancellation process, including without limitation the availability of a CCI.
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