Access Holdings Plc on Tuesday,, 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 twentykobo) by way of a Rights Issue to existing shareholders.
The Offer is part of the Group’s strategy to enhance its working capitalr equirements, which includes organic growth funding for its banking and non-banking subsidiaries.
The Signing Ceremony withr espect 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 on the basis of 1(one) new
ordinaryshareforevery2(two)existingordinarysharesheldasofFriday,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.”
ChapelHill 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,
ChapelHill 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 a tany 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, wherein 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
than700 branches and service outlets, spanning three continents, 22 countries, and
60+ million customers.
Establishedin2022,AccessHoldingsPlcconsistsoftheAccessBankGroup;Access Pensions; a Payment and Switching Services Company; a Digital Lending Company, and an Insurance Brokerage Company.
