Connect with us

Business

Access Holdings launches N351 billion rights issue to bolster capital base

Published

on

Access Holdings launches N351 billion rights issue to bolster capital base

Access Holdings launches N351 billion rights issue to bolster capital base

Access Holdings Plc has held a formal signing ceremony as part of the arrangements to raise a total of N351 billion 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.

Subject to approval by the SEC
According to the group in a statement, subject to the 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.

Access Holdings’ shareholders had at its 2nd Annual General Meeting (AGM), which was held on Friday, April 19, 2024, 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 stated that, under the Rights Issue, 17.772 billion ordinary shares with a nominal value of N0.50 each will be offered 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, 2024.

2023-2027 strategic plan
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.”

Agbede disclosed that 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,” he said.

Other parties to the Offer according to him 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.

He noted that 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,” he said.

Akmodel Group MD Wins Outstanding Humanitarian Award At Maiden Eko Mi Award Night
Press Release1 day ago

Akmodel Group MD Wins Outstanding Humanitarian Award At Maiden Eko Mi Award Night

Rep Umoh: Inflation and Unemployment Hinder Nigeria's Economic Potential
Breaking News2 days ago

Rep Umoh: Inflation and Unemployment Hinder Nigeria’s Economic Potential

Eko Mi Awards Hosts Bldr. (Dr.) Abdulhakeem Odegade, Akmodel Group MD, Hon. James Abiodun Faleke, Favour Benson, Cardinal James Odumbaku, etc To Attend Maiden Edition
Press Release3 days ago

Eko Mi Awards Hosts Bldr. (Dr.) Abdulhakeem Odegade, Akmodel Group MD, Hon. James Abiodun Faleke, Favour Benson, Cardinal James Odumbaku, etc To Attend Maiden Edition

Top 5 Most Popular Apps Worldwide
Breaking News4 days ago

Top 5 Most Popular Apps Worldwide

Band A Struggles: Universities Face High Tariffs While Students Suffer from Blackouts
Breaking News5 days ago

Band A Struggles: Universities Face High Tariffs While Students Suffer from Blackouts

Business1 week ago

Zenith Bank Capital Markets Day

GTCO Offers 9 Billion Shares At ₦44.50 Each, Envisions One Billion Dollar Profit
Business2 weeks ago

GTCO Offers 9 Billion Shares At ₦44.50 Each, Envisions One Billion Dollar Profit

Zenith Bank Wins Best Commercial Bank In Nigeria And Best Corporate Governance Awards At World Finance 2024 Awards
Business2 weeks ago

Zenith Bank Wins Best Commercial Bank In Nigeria And Best Corporate Governance Awards At World Finance 2024 Awards

Unity Bank empowers 400 fresh graduates and invests over N100 million in the Corpreneurship Challenge.
Business2 weeks ago

Unity Bank empowers 400 fresh graduates and invests over N100 million in the Corpreneurship Challenge.

FIRSTBANK SPONSORS “THE NOBLE WARRIOR” PLAY, A 90TH BIRTHDAY TRIBUTE TO WOLE SOYINKA
Business2 weeks ago

FIRSTBANK SPONSORS “THE NOBLE WARRIOR” PLAY, A 90TH BIRTHDAY TRIBUTE TO WOLE SOYINKA

Access Holdings launches N351 billion rights issue to bolster capital base
Business3 weeks ago

Access Holdings launches N351 billion rights issue to bolster capital base

Why Investors will buy Fidelity Banks Offers, by Capital Market Stakeholders
Business4 weeks ago

Why Investors will buy Fidelity Banks Offers, by Capital Market Stakeholders

GTCO Offers 9 Billion Shares At ₦44.50 Each, Envisions One Billion Dollar Profit
Business4 weeks ago

GTCO Recognised As Nigeria’s Strongest Banking Brand

Union Bank Advocates for Environmental Restoration; Commemorates World Environment Day
Business1 month ago

Union Bank Advocates for Environmental Restoration; Commemorates World Environment Day

FiBOP Partners with Fidelity Bank and CRC Credit Bureau to Educate Students on Financial Literacy
Business1 month ago

FiBOP Partners with Fidelity Bank and CRC Credit Bureau to Educate Students on Financial Literacy

Copyright © FastNews Nigeria