On Tuesday July 2, 2024 the Access Holdings Plc conducted a formal signing ceremony as part of its layout to raise a total of N351,009,103,017.25 through a Rights Issue to current shareholders.
The tactical move is aimed at enhancing the group’s working capital requirements, aiding organic growth for its banking and non-banking subsidiaries.
In a statement released by Access Bank it was noted that the signing ceremony was held at Access Tower, Access Holdings corporate office in Lagos. On April 19, 2024 during the company’s 2nd Annual General Meeting (AGM), shareholders consensually supported the plan to execute a Capital Raising Programme of approximately $1.5 billion, including raising capital through a Rights Issue of ordinary shares.
Under this Rights Issue, Access Holdings will issue 17,772,612,811 ordinary shares of N0.50 each at N19.75 per share on the basis of 1 new ordinary share for every 2 existing ordinary shares held as of Friday, June 7, 2024.
During the ceremony, Acting Managing Director/Chief Executive Officer of Access Holdings Plc, Bolaji Agbede, stated: “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, Cowry SecuritiesCoronation Securities, Chapel Hill Denham Securities Limited, FSDH Capital, Cordros Capital, 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), On Monday, July 8, 2024 the Acceptance and Application Lists for the Rights Issue are expected to open 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 gotten at any Access Bank branch and the offices of the Issuing Houses during the Offer Application Period.
The bank further stated: “All current shareholders and potential investors are expected 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 help before subscribing.”
