Guaranty Trust Holding Company Plc Raises $105million in US Dollar Offering

Strategic Insights -

Guaranty Trust Holding Company Plc (GTCO) has successfully priced its fully marketed offering on the London Stock Exchange, issuing 2.29 billion shares at an offer price of N70 per share, equivalent to $0.0459. This move marks a significant milestone for the company, with gross proceeds of $105million. The offering has been well-received, with the company's shares trading at N82.75 per share on Thursday, nearing its 52-week high of N84.95.

Key Takeaways:

  • The offering is conditional upon the Underwriting Agreement not being terminated and Admission becoming effective.
  • The company intends to cancel the listing of its existing GDRs on the certificates representing certain securities (depositary receipts) and instead list its ordinary shares on the Official List of the United Kingdom Financial Conduct Authority (FCA).
  • Following the cancellation of the GDR listing, the company will change the ticker symbol for the Shares from 'GTHC' to 'GTCO'.
  • Immediately following Admission, the company's issued share capital will be 36,425,229,514 Shares.
  • The number of Shares in public hands will be 36,386,972,252 Shares or approximately 99.9 percent of the company's issued share capital.
  • The cancellation of the GDR listing is expected to take effect no later than 31 July 2025.
  • The company will issue a separate announcement in due course to inform about the change in ticker symbol.

Statistics:

  • 2.29 billion shares will be issued in US dollars at an offer price of N70 per share.
  • Gross proceeds of $105million will be raised from the offering.
  • Shares traded at N82.75 per share on Thursday, nearing its 52-week high of N84.95.
  • The company's issued share capital will increase to 36,425,229,514 Shares immediately following Admission.
  • The number of Shares in public hands will be 36,386,972,252 Shares or approximately 99.9 percent of the company's issued share capital.

Sources:

  • Press release by Guaranty Trust Holding Company Plc dated July 3.