Access Holdings Plc Holds Signing Ceremony in Respect of Proposed ₦351 Billion Rights Issue
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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
Access Holdings Plc (“Access Holdings” or “the
Group”) on Tuesday, July 2, 2024, held a formal signing ceremony as part of the
arrangements to raise a total of ₦351,009,103,017.25 (Three hundred and fifty-one billion, nine million, one hundred and three thousand, seventeen naira and twenty
kobo) by way of a Rights Issue (“the Offer”) 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.
The Signing Ceremony 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, 2024, 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 itsshareholders.
Under the Rights Issue, 17,772,612,811 (Seventeen billion, seven hundred and
seventy-two million, six hundred and twelve thousand, eight hundred and eleven)
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.
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
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.
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.
