The shareholders of GTBank Plc have approved the holding company structure for the bank, as they expressed excitement over the benefits they would derive from the new structure.
At the Court ordered meeting held on Friday, 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), Sir Sunny Nwosu, explained that the shareholders are excited because the arrangement the bank has put in place is devoid of complexities usually known as share reconstruction.
According to him, the bank has performed well under the leadership of the Chairperson and the Managing Director and thus projected that the HoldCo would perform better if the duo are still in charge of the new brand.
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.”
