Access Holdings holds signing ceremony for proposed N351bn rights issue
In a major milestone towards perfecting its recapitalisation plans, Access Holdings (“the Group”), on Tuesday, hosted a formal signing ceremony to commence a N351,009,103,017.25 rights issue. This initiative is part of the Group’s strategy to bolster its working capital, facilitating organic growth for its banking and non-banking subsidiaries.
The ceremony took place at Access Tower, the corporate headquarters in Lagos. During the Group’s 2nd Annual General Meeting on April 19, 2024, shareholders unanimously approved a Capital Raising Programme of approximately US$1.5 billion, including the Rights Issue of ordinary shares.
The Rights Issue will involve offering 17,772,612,811 (Seventeen billion, seven hundred and seventy-two million, six hundred and twelve thousand, eight hundred and eleven) ordinary shares at N19.75 each, on a basis of 1 new ordinary share for every 2 existing shares held as of June 7, 2024.
Bolaji Agbede, Acting Managing Director/CEO of Access Holdings, remarked, “The Rights Issue is a crucial element of our 2023-2027 strategic plan. This capital will enable us to seize emerging opportunities and deliver long-term value to our shareholders.”
Chapel Hill Denham is the Lead Issuing House, with Atlas Registrars Limited as Registrars. Joint Issuing Houses include Coronation Merchant Bank, Stanbic IBTC Capital, Vetiva Advisory Services, Greenwich Merchant Bank, FCSL, First Ally Capital, FCMB Capital, Renaissance Capital Africa, and Meristem Capital.
Additional participants include 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 SEC approval, the Acceptance and Application Lists for the Rights Issue will open on July 8, 2024, and close on August 8, 2024. The Rights Circular, including a Provisional Allotment Letter and Participation Form, will be sent to shareholders. Printed forms will also be available at Access Bank branches and Issuing Houses’ offices.
Shareholders and potential investors are encouraged to review the Rights Circular and Prospectus carefully. For further guidance, they should consult their Stockbroker, Fund/Portfolio Manager, Accountant, Banker, Solicitor, or any other professional adviser before subscribing.
Access Holdings Plc is a prominent multinational financial services group providing commercial banking, lending, payment, insurance, and asset management services. Headquartered in Lagos, Nigeria, Access Holdings operates through over 700 branches and service outlets across three continents, 22 countries, and serves more than 60 million customers.
