Union Bank

[Ahaah]

Union Bank is most likely busy lobbying CBN to allow it cook its books so as to be able to declare passable result. That to me sounds like the only palusible reason for the delay in release of its year end result. They can afford to delay forever afterall Wema Bank has delayed release of its result for more than two years now. This is what you get when there are no real regulatory authorities but pretenders.

[Ahaah]

Union Bank is most likely busy lobbying CBN to allow it cook its books so as to be able to declare passable result. That to me sounds like the only palusible reason for the delay in release of its year end result. They can afford to delay forever afterall Wema Bank has delayed release of its result for more than two years now. This is what you get when there are no real regulatory authorities but pretenders.

[gettingalpha]

I heard some rumours about a 1 to 4 bonus in the making, and there's another rumour about a PO.

Any truth to this, is now a good time to buy?

[ndbc]

someone pls tell me what i need to know about this UBN stocks because am planning to off load

[olusolakemmy]

Union bank is yet to release this year result, so selling might not be a good idea for now, i will suggest you hold on, bonus news will drive up the price, however, depending on the price you bought your shares, if you have made enough profit, then you can sell.

[ndbc]

i bougth this UBN when it was N20 do you think it has gotten to a reseanable amount let say more than a year now

[olusolakemmy]

you have made 100% on your investment!!!!!!!!
you can sell, but i think UBN is a long stock so hang on

[chidianosike]

Hello Folks,

Just to leave some information that may come in handy for others in my shoes.
I had bought the Jan. 2006 P.O of Union bank and havent recieved the share certificate till date.
I finally got through to Union Registrars this morning on the number +23415803365. it was a couteous lady on the line and she was helpful.
Bottom line is that she reqested i send the a fax requestin that a new certificate be prepared and sent to me at any address of my choice or i could request to have a family member pick it up from their lagos office since i am not resident in the country.

I thought this info will be useful for those waiting for their certs as well.

Cheers all.

[ndbc]

Originally Posted by chidianosike

Hello Folks,

Just to leave some information that may come in handy for others in my shoes.
I had bought the Jan. 2006 P.O of Union bank and havent recieved the share certificate till date.
I finally got through to Union Registrars this morning on the number +23415803365. it was a couteous lady on the line and she was helpful.
Bottom line is that she reqested i send the a fax requestin that a new certificate be prepared and sent to me at any address of my choice or i could request to have a family member pick it up from their lagos office since i am not resident in the country.

I thought this info will be useful for those waiting for their certs as well.

Cheers all.

i also have a friend who is caugth in the same trap but with this info, i think he will very grateful then i want to ask if any one knows how long it will take to prepare a new cert ?

[rabiu]

when is ubn releasing their result?can someone help me? i want to off load so as to participate in the juicy public offers.

[Gengen]

Originally Posted by Ahaah

Union Bank is most likely busy lobbying CBN to allow it cook its books so as to be able to declare passable result. That to me sounds like the only palusible reason for the delay in release of its year end result. They can afford to delay forever afterall Wema Bank has delayed release of its result for more than two years now. This is what you get when there are no real regulatory authorities but pretenders.

Ahaah,

This language dey strong o! We all know that a lot of companies have overdue reports. Do you have any concrete evidence on why to say that they are "cooking their books"? You can not even compare the UBN's delay to that of Wema that has been overdue for ages. I believe there are many other unpopular stocks in the NSE that have overdue reports.

[c kenneths]

True there are so many companies out there that are overdue with their financials, wema, Acen insurance, Linkage etc. but none of them is half as big as UBN. That is why there is so much noise.

Put that side by side with their poor customer service practice and you get a very negative perception from one of our leading banks. Compare also FBN, they were in the same league, they close the same time, in fact when your age mates are starting to marry, try not to be the last, the society might start to think you have a problem.

Do UBN have a problem?

[olusolakemmy]

i cant say am not surprise that UBN have failed to release their FY result for the year 07, i remember it use to be a kind of competetion between UBN and FBN such that they close register at about the same time in the last two years.
But i also think the sales of shares they want to do to the special investors announce some time in AUGUST might be connected to it, i totally disagree that they are cooking something up, but lets see, if the usual 1for4 and N1 is going to happen this year, the price can hit N50.

[c kenneths]

They could even end up pulling some big surprise, like hitting N60. You know, the money they made last PO was not spent building new houses like in the case of other banks, they may be using the money for good business.

Conservatism sometimes has its own advantages.

[Ahaah]

Originally Posted by olusolakemmy

i cant say am not surprise that UBN have failed to release their FY result for the year 07, i remember it use to be a kind of competetion between UBN and FBN such that they close register at about the same time in the last two years.
But i also think the sales of shares they want to do to the special investors announce some time in AUGUST might be connected to it, i totally disagree that they are cooking something up, but lets see, if the usual 1for4 and N1 is going to happen this year, the price can hit N50.

The sale of shares by the bank to prospective investors should have motivated them to release their result early, one ,to demonstrate their bright prospect to the prospective investors and, two, so that the positive effect of the result, if the result is good, on the share price of the bank would help in the negotiation of better terms with the investors for the benefit of all parties. The delay in making its audited result public may even send wrong signals to the investor by raising the issue of reliability of the figures provided to them by the bank.

The bank most likely have issues with the regulatory authorities on the level of provisioning required on their non performing loans. The level of provisioning is critical in the determination of the end of financial year profit of the bank.

[pumping]

Originally Posted by Ahaah

The sale of shares by the bank to prospective investors should have motivated them to release their result early, one ,to demonstrate their bright prospect to the prospective investors and, two, so that the positive effect of the result, if the result is good, on the share price of the bank would help in the negotiation of better terms with the investors for the benefit of all parties. The delay in making its audited result public may even send wrong signals to the investor by raising the issue of reliability of the figures provided to them by the bank.

The bank most likely have issues with the regulatory authorities on the level of provisioning required on their non performing loans. The level of provisioning is critical in the determination of the end of financial year profit of the bank.

I don't think whoever is buying 30% of UBN will do so without going through the books. They won't be waiting for results to be released to the public.

[king of Stocks]

Union bank looks like its going to reach a new high in 2008, my projection is 60- 65

[Owo]

hi guys,
well done to you all for bringing light and understanding to people like me on how to invest in nigeria stocks.
I am looking forward to the anticipated end of year result of UBN but I must confess that I am really frustrated that we are not getting any hint from UBN when the result will likely be released. 2 question I will like to ask are
1. should I sell my UBN shares now or should I wait till when the result is realised/
2. Is it like for the value to go up furhter after the accusation of 30% of UBN by a private firm. i will expect a private firm to make profit on their investment

Thanks
Owo