First Bank Terminates GDR Programme

By Modupe Gbadeyanka

First Bank Holdings Plc, formerly known as First Bank of Nigeria Plc, has announced the end of its Global Depositary Receipt (GDR) programme.

The company, in a letter dated November 4, 2016 and signed by its Secretary, Mr Tijjani Mohammed Borodo, disclosed that the programme will precisely be “terminated on 28 December 2016.”

First Bank explained in the letter that, “Deutsche Bank Trust Company Americas, in its capacity as the Depositary, has sent a notice to the clearing systems to notify the termination date of 28 December 2016.”

It said further that, “If any GDRs are outstanding after the termination date, Deutsche shall, as soon as reasonably practicable, sell the underlying ordinary shares and deliver the net proceeds of such sale to Holders of GDRs which have not previously been surrendered.”