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Access holdings holds formal signing ceremony for proposed N351bn rights issue

tribuneonlineng.com 2 days ago

Access Holdings Plc   (“Access   Holdings” or “the Group”) on Tuesday, June 2, 2024, held a formal signing ceremony as part of the arrangements to raise a total of  N351,009,103,017.25 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 its shareholders.

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 based on 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 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.

According to the group, 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.

Access Holdings Plc is a leading multinational financial services group that offers commercial banking, lending, payment, insurance, and asset management services. Headquartered in Lagos, Nigeria, Access Holdings operates through a network of more than 700 branches and service outlets, spanning three continents, 22 countries, and 60+ million customers.

Established in 2022, Access Holdings Plc consists of the Access Bank Group; Access Pensions; a Payment and Switching Services Company; a Digital Lending Company, and an Insurance Brokerage Company.

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