The Securities and Exchange Commission has granted approval for the extension of Access Holdings Plc’s rights issue deadline to August 23. In a release from the financial firm, it was noted that the N351 billion rights issue, initially slated to conclude on Wednesday, has been extended due to the impact of ongoing hunger protests throughout the nation.
Access Holdings had earlier announced the issuance of 17.772 billion ordinary shares at a price of N19.75 per share, based on a ratio of one new share for every two held as of June 7, 2024.
In a statement issued on Tuesday, Sunday Ekwochi, the Group’s Company Secretary, stated, “This decision responds to the recent nationwide protests that disrupted business and individual activities across Nigeria, ensuring that shareholders have sufficient time to exercise their rights.
“During the extended period of the rights issue, company insiders’ transactions in the company’s shares will continue to be restricted solely to participation in the rights issue, as previously authorized by the Exchange concerning the Non-Dealing Period on the Company’s Audited Interim Financial Statements for the period ending June 30, 2024, until 24 hours after the release of the Interim Financial Statements.”
Earlier, Acting Group Chief Executive Officer of Access Holdings Plc, Bolaji Agbede, highlighted that the subscription offer would significantly bolster the group’s growth and financial capabilities.
“The launch of the rights issue subscription marks a crucial step in our growth and capital-raising strategy, reinforcing our financial base and advancing our strategic goals. This process is not merely about raising capital; it is a fundamental move towards our ambition of ranking among the top 5 financial institutions in Africa by 2027,” Agbede remarked.
