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Home Bank Recapitalization Access Holdings Offer

Access Holdings embarks on N351 billion rights issue to strengthen capital base

Chris Ugwu by Chris Ugwu
July 3, 2024
in Access Holdings Offer, Companies, Company News
Access Bank
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Access Holdings Plc has held a formal signing ceremony as part of the arrangements to raise a total of N351 billion by way of a rights issue 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.

Subject to approval by the SEC

According to the group in a statement, 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.

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Access Holdings’ shareholders had at its 2nd Annual General Meeting (AGM), which was held on Friday, April 19, 2024, 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.

The Group stated that, under the Rights Issue, 17.772 billion ordinary shares with a nominal value of N0.50 each will be offered at N19.75 per share, on the basis of one new ordinary share for every two existing ordinary shares held as of Friday, June 7, 2024.

2023-2027 strategic plan

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.”

Agbede disclosed that 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,” he said.

Other parties to the Offer according to him 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.

He noted that 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,” he said.


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Tags: Access HoldingsBolaji AgbedeSecurities and Exchange Commission
Chris Ugwu

Chris Ugwu

Chris is a Senior Financial Analyst at Nairametrics Advocates Limited with over a decade stint in active journalism and public relations practice.

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