Access Holdings Plc N351bn Rights Issue is Now Open for Subscription
Access Holdings Plc is raising up to N351 billion through a Rights Issue to support ongoing working capital needs, strategic expansion, organic growth in the banking business, and consolidation of investments in non-banking subsidiaries as per the 2023-2027 five-year strategy. The issue price is N19.75, with a qualification date of 7th June 2024.
HOW TO TAKE UP YOUR RIGHTS IN THE ACCESS HOLDINGS RIGHTS ISSUE
To participate in the access holdings rights issue, shareholders must be registered as of that date. The issue size is 17,772,612,811 ordinary shares, ranking equally with existing shares. This Rights Issue provides an opportunity for shareholders to enhance their investments in Access Holdings Plc, ensuring long-term capital appreciation and sustainable dividend growth. The bank has obtained approvals from the Board, shareholders, SEC, NGX, and CBN
All shareholders of access holdings who have not dematerialized their shares and whose names appear in the shareholding register as of the qualification date are encouraged to participate. For further information on the dematerialization of share certificates and unclaimed dividends, please contact your stockbroker or Coronation Registrars.
If you refuse to exercise your rights, you can trade them on the Nigeria Exchange (NGX) during the issue period, or they will be deemed to have been renounced.
The Rights Issue creates for you, our esteemed shareholder, the chance to increase your investments in Access Holdings Plc, positioning you for long-term capital appreciation and sustainable dividend growth.
We are transitioning from the investment phase of our strategic cycle to consolidation, which aims to deliver sustainable dividend payouts and capital appreciation on your investments.
The lead issuing house for the Rights Issue is Chapel Hill Denham Advisory Limited. Atlas Registrars Limited will serve as registrars to the Offer. You can pay for your rights through any of the following channels:
- AccessMore app. Download from your Android or App store.
- Access Holding’s website. theaccesscorporation.com/rights-issue
- Any Access Bank branch.
- The receiving agents listed in the Rights Circular
Note: All shareholders that submit a paper application must be captured digitally and collect their proof of payment for the Rights Offer. Shareholders purchase additional shares above their provisional allotment at any time during the offer period. Simply subscribe for the additional shares required and pay through any of the payment channels during the offer period.
Note: The request for additional units is subject to availability. If unallotted, all monies will be returned to the shareholder by the Registrar.
ACCESS HOLDINGS ACTING CEO COMMENTS
The acting Group Chief Executive Officer of Access Holdings, Bolaji Agbede, said, “The commencement of the Rights Issue subscription is an important step in our growth strategy and capital raising plans, reinforcing our financial strength and accelerating our strategic ambitions. However, this execution is more than a capital raise; it is a pivotal process that will propel us towards our goal of becoming one of the top five financial institutions in Africa by 2027. We are confident that this exercise will solidify our position as a market leader and drive sustainable growth for years to come.”
