REG - Guaranty Trust Bank - NOTICE OF SUSPENSION OF GLOBAL DEPOSITARY RECEIPTS

Guaranty Trust HoldingAnnouncement

22/06/2021 11:25

RNS Number : 7095C
  
Guaranty Trust Bank PLC
  
22 June 2021
  
 

GUARANTY TRUST BANK PLC
 
Guaranty Trust Bank PLC
 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF ANY SUCH JURISDICTION
 
FOR IMMEDIATE RELEASE
Lagos, Nigeria - 22 June 2021
 
CORPORATE REORGANISATION TO FINANCIAL HOLDING COMPANY IMPLEMENTED BY MEANS OF A SCHEME OF ARRANGEMENT UNDER SECTION 715 OF THE COMPANIES AND ALLIED MATTERS ACT 2020 
 
NOTICE OF SUSPENSION OF THE GLOBAL DEPOSITARY RECEIPTS
 
On 20 December 2020, Guaranty Trust Bank Plc (the Bank) announced that it received shareholder approval for a scheme of arrangement under the Companies and Allied Matters Act 2020 to restructure the Bank's corporate structure pursuant to which a new listed non-operating holding company Guaranty Trust Holding Company Plc (Guaranty Trust) would become the ultimate parent of the Group (comprising of Guaranty Trust and its subsidiaries) (the Scheme). In connection with the Scheme, the Bank's shareholders would exchange their shares on a one-for-one basis for shares in Guaranty Trust, and holders of global depositary receipts (GDRs) representing shares issued by the Bank would exchange their GDRs on a one-for-one basis for GDRs representing shares issued by Guaranty Trust.
 
The Bank is pleased to announce that further to the formal sanctioning of the terms of the Scheme by the Federal High Court of Nigeria on 15 June 2021 and the delivery of a certified true copy of the relevant court order to the Corporate Affairs Commission (CAC) in Nigeria on 18 June 2021, the Scheme has become effective in accordance with its terms. 
 
Further to the terms of the scheme, trading of the Bank's shares on the Nigerian Exchange Limited (NGX) was suspended on Friday 18 June 2021.
Accordingly, further to the Bank's request, the FCA has suspended the Bank's listing on the standard segment of the Official List and trading of the GDRs on the Main Market of the London Stock Exchange to be effective from 7:30 GMT on Tuesday 22 June 2021, pending the conclusion of the listing processes on the NGX and the LSE required in order to implement the terms of the scheme, which are expected to be completed within the next two weeks.
 

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