Shareholders of GTBank Plc have approved the holding company structure for the bank, expressing excitement over the benefits they would derive from the new structure.
At the court-ordered meeting held on December 4, the investors gave their approval to the company for the transfer of the 29,431,179,224 ordinary shares of 50 kobo each in the issued and paid-up share capital of the bank held by them to Guaranty Trust Holding Company Plc. This was done in exchange for the allotment of 29,431,179,224 ordinary shares of 50 kobo each to the shareholders in the same proportion to their shareholding in the bank credited as fully paid without any further act or deed.
Expressing his members’ excitement over the planned restructuring, the founder, Independent Shareholders Association of Nigeria (ISAN) Sunny Nwosu explained that the shareholders were excited because the arrangement the bank has put in place is devoid of complexities usually known as share reconstruction.
He said, “We are excited about the development because we are going to get value as everything we have would be transferred to the holding company. There will be no manipulation as a result of reconstruction that usually leads to fractional shares.”
Also commending the bank’s leadership and ingenuity, president, Progressive Shareholders Association of Nigeria Boniface Okezie noted that, “GTBank has over the years proven to be a force and leading initiator of revolutionary advancement and technology based development in the nation’s banking industry and we look forward to the growth and advancement it is sure to bring into the new business areas it will be taking on with the HoldCo structure.”
“The arrangement where all existing shares of the bank would be transferred entirely to the HoldCo in the name of the beneficial owners is good, while the same number of units and percentage would be held in the new entity is commendable,” he added.
Also speaking, MD/CEO of GTBank Plc Segun Agbaje said he was happy over the approval by the bank’s shareholders.
He said, “I am delighted over the approval by shareholders for the holding company and I assure the investors of a more rewarding future. The bank will not embark on any share reconstruction as the same number of shares they have with the bank will be maintained.
“Under the new structure, existing shareholders of GTBank would be migrated to Guaranty Trust Holdings via a share-for-share exchange between the shareholders of GTBank and GTHoldings.”
