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GTB Returns N1.2bn for Excess Share From Kunle Aderinokun in Abuja Guaranty Trust Bank Plc has said it would this week start returning monies totalling N1.166 billion to investors representing the amount for excess 110 million ordinary shares of 50kobo arising from oversubscription of its shares sold at N10.60 in the recently concluded public offer. Making this disclosure in Abuja, the bank's Managing Director, Mr. Tayo Aderinokun said the bank would return N1.166 billion, the value of 110 million shares, which is an excess over the authorised share capital of 2 billion ordinary shares. THISDAY had exclusively reported that the bank's pubic offer was over-subscribed by 211 per cent, which shot up its capital base to N34 billion. He explained that after the excess subscription was removed, GTB capital base hit N34 billion. He pointed out that the bank which made an offer for subscription of one billion shares had in the offer document explained that it would accomodate an excess subcription of one billion shares if the need arises, since it still falls within its authorised share capital. According to him, "we had two billion shares authorised and we went out to the market to sell one billion . Now we ended up collecting amount for 2.11 billion and in the offer document we have said we are offering one billion shares for sale but if it is over-subscribed, we reserve the right to sell additional one billion shares which we have. "So what we have was that we took two billion and then we are returning this 0.11 billion. So we return the money for the one that is excess over our authorised capital. The capital base after this is N34 billion. It's been allotted and approved." Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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