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All enquiries regarding share related issues should be directed to GTB Registrars.
Typically, a GDR offering is targeted at international institutional investors seeking access to conveniently structured emerging market equities.
The IOB is the trading platform for GDRs. The IOB is based on an electronic order book with additional functionality to enable member firms display their identity before a trade using named orders. This order-driven trading assures investors that they are getting the best price for the security and that the prices on screen are executable and credible. The IOB offers direct access to securities from 37 countries through one central order book. The IOB offers a high level of transparency and is accessible only to member firms registered with the LSE.
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- Impressive Track record
- Established Corporate Banker
- Rapidly growing retail operations
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A Global Depositary Receipt (GDR) is a dollar denominated instrument issued in international financial markets through a registered depositary bank.
It is a negotiable bank certificate, issued by the Depositary Bank and representing ownership of certain equity securities that are issued and traded in a local market.
- Unique international investment opportunity
- Access to a large, global marketplace
- Trading with greater efficiency based on global best practices
- Access to dollar-investment opportunity
- Diversified investment base
- Shorter period to allotment and trading
- Reduced trading costs
- Full shareholder rights and benefits
- Investment flexibility
GDRs are usually quoted and traded in U.S. dollars on the International Order Book (IOB) of the LSE. The IOB is an established and thriving central market supported by a large community of brokers and their clients. The IOB is open to all members of the LSE. Over 260 securities are presently traded on the IOB
Nigerian investors may participate in the secondary trading of GDRs through an international broker. In this case, the Nigerian investor will be required to set up an independent Euroclear account for custody and settlement of the transaction. The investor may also operate on the back of the Euroclear account of any international broker. This is also possible under current foreign exchange and securities regulation guidelines.
Although GDRs are typically issued to international investors to afford them flexibility in investing in equities on markets such as the NSE, Nigerian investors may participate in the primary issuance of GDRs in two ways: - By contracting an international broker; or
- If a Nigerian company seeking to issue GDRs determines to sell a portion of the offering to domestic investors. In this case, a Nigerian issuer may issue dollar denominated GDRs, listed and traded on the LSE, but backed by underlying shares on the NSE. This is possible under current foreign exchange and securities regulation guidelines.
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