The shareholders of Guaranty Trust Bank Plc (GTB) have approved the holding company structure for the bank. The bank said this in a statement on Sunday.
It said at the court-ordered meeting 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.
The statement said the founder, Independent Shareholders Association of Nigeria, Sunny Nwosu, explained that the shareholders were excited because the arrangement the bank had put in place was 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.”
