Access Holdings Plc, on Tuesday, signed an agreement to raise a total of N351 billion by way of rights issue to existing shareholders.
Under the arrangement, 17,772,612,811 ordinary shares of N0.50 each will be offered to existing shareholders at N19.75 per share based on one new ordinary share for every two shares held as of Friday, June 7, 2024.
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.
The offer is part of the Group’s $1.5 billion fundraising programme to raise its capital to in line with the new N500 billion regulatory thresholds of international banks and boost the operations of its non-bank companies.
The signing ceremony concerning the offer was held at the Access Holdings corporate office in Lagos. Access Holdings’ shareholders had 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.
At the signing ceremony, the Acting Managing Director of Access Holdings, Bolaji Agbede, said: “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 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.
