Access Holdings Embarks On 351 Billion Naira Rights Issue To Beef Up It’s Capital Base
The Oasis Reporters
July 5, 2024
Existing Shareholders of Access Holdings Plc are going to smile home by way of Rights Issue as the conglomerate has wrapped up a formal signing ceremony to raise a total of 351 billion naira as part of the arrangements of the group’s strategy to enhance it’s working capital requirements which includes the organic growth funding for it’s banking and non-banking subsidiaries.
According to the group in a statement which is subject to the approval of the Securities and Exchange Commission (SEC), the acceptance and application lists for the rights issue are expected to open on Monday, July 8, 2024.
Access Holdings’ shareholders had at it’s 2nd Annual General Meeting (AGM) which was held on Friday, April 19, 2024 backed it’s plan to execute a Capital Raising Programme of about $1.5 billion as well as the subset initiative to raise capital through a rights of ordinary shares its shareholders.
The group stated that under the Rights Issue, 17.772 billion ordinary shares with a nominal value of N0.50 will be offered at N19.75 per share, on the basis of one new ordinary share for every two existing ordinary shares held as of Friday, June 7, 2024.
At the signing ceremony, Acting Managing Director/Chief Executive Officer of Access Holdings PLC, Bolaji Agbede, disclosed that “the Rights Issue is a significant step in delivering our 2023-2027 strategic plan. The additional capital will enable us to maximize emerging opportunities and deliver long-term value to our shareholders “.
Agbede disclosed that Chapel Hill Denham is the Lead Issuing House to the Offer, while Atlas Registrars Limited will serve as Registrars through the exercise.
The Joint Issuing Houses are Coronation Merchant Bank, Stanbic IBTC Capital, Vetiva Advisory Services, Greenwich Merchant Bank FCSL, First Ally Capital, FCMB Capital, Renaissance Capital Africa and Meristem Capital, “ she said.
Other parties to the Offer according to her are Coronation Merchant Bank, Coronation Securities, Chapel Hill Denham Securities Limited, FSDH Capital, Cordros Capital, Cowry Securities, First Integrated Capital Management Ltd, Network Capital Ltd, CSL Stockbrokers Limited, Compass Investment & Securities Ltd, PAC Securities Limited, Dynamic Portfolio, Chartwell Securities Limited, Tiddo Securities Limited and Futureview Securities Limited.
She noted that the Rights Circular for the Issue which contains a Provisional Allotment Letter and the Participation Form will be mailed directly to Shareholders of the Group.
Printed copies of the Participation Form can also be obtained at any Access Bank branch and the offices of the Issuing Houses during the Offer Application Period.
“All existing shareholders and prospective investors are encouraged to read the Rights Circular and Prospectus and where in doubt, consult their stockbroker, Fund/Portfolio Manager, Accountant, Banker, Solicitor or any other professional adviser for guidance before subscribing, “ she said.
