The managing director/ chief executive officer of Guarantee Trust Bank, GT Bank Plc Segun Agbaje has disclosed that investors stand to gain more in the Holding company, assuring shareholders of the bank that their shares will be maintained in the new structure, because the management has no plans to embark on any share restructuring.
Agbaje 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 GT Bank and GT Holdings.”
He explained that the GT Bank holding company will create an operating model that would profitably grow the bank’s presence in the market for commercial banking and non-banking financial services in order to achieve the aspiration to be the dominant financial services group.
The shareholders of the bank, on Friday, gave 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 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.
The shareholders are now happy that going into the future, their interests have been well taken care of, so they have nothing to fear.
Expressing members’ excitement over the planned restructuring, the founder, Independent Shareholders Association of Nigeria, ISAN, Sir Sunny Nwosu, said the shareholders are excited because the arrangement the bank has put in place is devoid of complexities.
Nwosu said the Agbaje –led management can be trusted to steer the holdco successfully as it has done with the Bank.
“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,” he said.
The President, Progressive Shareholders Association of Nigeria, Boniface Okezie, also commended the management because “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 stated.
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