Access Holdings N351bn Rights Issue to open on July 8
Access Holdings Plc has concluded arrangements to raise a total of N351.009 billion by way of a Rights Issue to existing shareholders.
The Offer according to the group is part of the Group’s strategy to enhance its working capital requirements, which includes organic growth funding for its banking and non-banking subsidiaries.
Access Holdings’ shareholders had at its 2nd Annual General Meeting (AGM), unanimously backed its plan to execute a Capital Raising Programme of about $1.5 billion as well as the subset initiative to raise capital through a Rights Issue of ordinary shares to its shareholders.
The group held a formal signing ceremony on this week as part of the arrangements to raise a rights issue for existing shareholders.
Under the Rights Issue, the group will offer 17,772,612,811 ordinary shares of N0.50 each at N19.75 per share on the basis of 1 (one) new ordinary share for every 2 (two) existing ordinary shares held as of Friday, June 7, 2024.
Speaking at the signing ceremony, Acting Managing Director/Chief Executive Officer of Access Holdings Plc, Bolaji Agbede, said that “The Rights Issue is a significant step in delivering our 2023-2027 strategic plan.
“The additional capital will enable us to maximise emerging opportunities and deliver long-term value to our shareholders.”
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.
Other parties to the Offer 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.Subject to 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, and close on Thursday, August 8, 2024.
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.
