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Access Holdings Rights Issue’ll deliver 2023-2027 strategic plan— Agbede

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…Seals Deal to raise Plan

Following the recent signing by Access Holdings Plc of a formal agreement to raise a total of N351,009,103,017.20 Rights Issue to shareholders, the Acting Managing Director/Chief Executive Officer of Access Holdings Plc, Bolaji Agbede, has averred that “The Rights Issue is a significant step in delivering our 2023-2027 strategic plan.” The additional capital will enable us to capitalise on emerging opportunities and deliver long-term value to our shareholders.

Business Hilights further gathered that the Offer is part of the Group’s strategy to improve working capital, which includes organic growth funding for its banking and non-banking subsidiaries.

The signing occurred at Access Tower, Access Holdings’ corporate office in Lagos.

At its 2nd Annual General Meeting (AGM) on Friday, April 19, the group’s shareholders approved its plan to carry out a capital raising programme of approximately US$1.5 billion, as well as the subset initiative to raise capital through a Rights Issue of ordinary shares to 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 will be issued at N19.75 per share, with one new ordinary share for every two existing ordinary shares held on Friday, June 7, 2024.

Chapel Hill Denham is the Lead Issuing House for the Offer, and Atlas Registrars Limited will serve as Registrars throughout the process.

Coronation Merchant Bank, Stanbic IBTC Capital, Vetiva Advisory Services, Greenwich Merchant Bank, FCSL, First Ally Capital, FCMB Capital, Renaissance Capital Africa, and Meristem Capital are the joint issuers.

Other parties to the Offer 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.

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 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 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.

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