Access Holdings Plc has extended the period of raising money for recapitalization through its existing shareholders to August 23, 2024.
The Holdco made the announcement to its shareholders and Nigerian Exchange Limited on Tuesday that the period of the Acceptance List for its Rights Issue which opened on July 8, 2024, to close on August 14, 2024, has been extended to August 23, 2024, following the approval of the Securities & Exchange Commission.
The statement, signed by the Group’s Company Secretary, Sunday Ekwochi, confirmed that, “The decision is in response to the recent nationwide protest that disrupted operations of businesses and individuals across Nigeria and to provide shareholders with ample opportunity to subscribe to their rights.
During the extended period of the Issue, dealings by the Company’s insiders on the Company’s shares will continue to be strictly limited to participation in the Rights Issue as earlier approved by the Exchange in respect of the Non-Dealing Period on the Company’s Audited Interim Financial Statements for the Period Ended June 30, 2024, until 24 hours after the publication of the Interim Financial Statements.
Access Holdings Plc, one of Africa’s leading financial services groups, launched its hunt for N351 billion via a Rights Issue on July 8, 2024.
A subset of the Group’s Capital Raising Programme aiming to generate up to US$1.5 billion, the Rights Issue is designed to strengthen the Group’s financial footing and support ongoing working capital needs, including organic growth funding for its banking and non-banking subsidiaries.
Access Holdings’ Rights Issue offers 17,772,612,811 ordinary shares of N0.50 each at N19.75 per share. The Offer will be issued on the basis of one (1) new ordinary share for every two (2) existing ordinary shares held as of Friday, 7 June 2024.
The lead issuing house for the Rights Issue is Chapel Hill Denham Advisory Limited. Atlas Registrars Limited will serve as Registrars to the Offer.
