Business
ACCESS Holdings Plc (“Access Holdings” or “the Group”) has held a formal signing ceremony as part of the arrangements to raise a total of ₦351,009,103,017.25 by way of a Rights Issue to existing shareholders.
The offer 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.
L-R: Bolaji Agbede, Acting Group Managing Director, Access Holdings Plc; Aigboje Aig-Imoukhuede, Chairman, Access Holdings Plc; Roosevelt Ogbonna, Managing Director/Chief Executive Officer, Access Bank Plc, and Sunday Ekwochi, Company Secretary, Access Holdings Plc, at the Signing Ceremony for Access Holdings’ Rights Issue of 17,772,612,881 ordinary shares of N0.50 each at N19.75 per share, held at Access Tower in Victoria Island, Lagos…yesterday.
The signing ceremony on Tuesday, June 2, with respect to the Offer was held at Access Tower, the corporate office of Access Holdings in Lagos.
Access Holdings’ shareholders had at its 2nd annual general meeting (AGM), which held on Friday, April 19, unanimously backed its plan to execute a capital raising programme of about US$1.5 billion as well as the subset initiative to raise capital through a Rights Issue of ordinary shares to its shareholders.
L-R: Bolaji Agbede, Acting Group Managing Director, Access Holdings Plc; Aigboje Aig-Imoukhuede, Chairman, Access Holdings Plc, and Roosevelt Ogbonna, Managing Director/Chief Executive Officer, Access Bank Plc, at the Signing Ceremony for Access Holdings’ Rights Issue of 17,772,612,881 ordinary shares of N0.50 each at N19.75 per share, held at Access Tower in Victoria Island, Lagos… yesterday.
Under the Rights Issue, 17,772,612,811 ordinary shares of N0.50 each 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.
At the event, Bolaji Agbede, acting managing director and chief executive officer of Access Holdings Plc, disclosed 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.
L-R: Oluseyi Kumapayi, Non-Executive Director, Access Holdings Plc; Bolaji Agbede, Acting Group Managing Director, Access Holdings Plc; Aigboje Aig-Imoukhuede, Chairman, Access Holdings Plc; Roosevelt Ogbonna, Managing Director/Chief Executive Officer, Access Bank Plc, and Sunday Ekwochi, Company Secretary, Access Holdings Plc, at the Signing Ceremony for Access Holdings’ Rights Issue of 17,772,612,881 ordinary shares of N0.50 each at N19.75 per share, held at Access Tower in Victoria Island, Lagos…yesterday.
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.
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.
2nd July, 2024.
C.E.
Tags: Bolaji Agbede
