Chapel Hill Denham Advises GTCO on ‘Landmark’ London Deal
Lagos-based investment bank Chapel Hill Denham acted as financial adviser to Guaranty Trust Holding Company (GTCO) on its $105 million equity offering and listing on the main market of the London Stock Exchange (LSE) and the cancellation of its global depositary receipts.
Last week, GTCO issued 2.29 billion new ordinary shares in US dollars at the reference price of N70.00/share ($0.0459) to a diverse base of institutional investors, raising gross proceeds of $105 million.
Following the completion of the offer, all the ordinary shares of GTCO were admitted on Wednesday to the official list of the Financial Conduct Authority and to trading on the main market for listed securities of the LSE.
“This landmark transaction marks the first US dollar-denominated equity offering and listing on the LSE by a Nigerian financial services institution, underscoring GTCO’s position as a ‘truly international’ financial services brand,” Chapel Hill Denham said.
It pointed out that the net proceeds from the offer will be used to recapitalise the flagship bank subsidiary – GTBank Nigeria – and further deployed in accordance with GTCO’s growth and expansion strategy to capitalise on emerging opportunities across its operating markets.
“We are proud to have supported GTCO on their successful capital raise, LSE listing and cancellation of their GDRs. The transaction is reflective of investor confidence in GTCO’s strategy and equity story,” Bolaji Balogun, CEO of Chapel Hill Denham, said.
