Access Holdings Plc, one of Africa’s leading financial services groups, has announced an extension of deadline for its $233 (N351 billion) capital raise, citing the disruption caused by the recent nationwide protest.
It said, the offer initially set to close on August 14, 2024, has now been extended to August 23, 2024, following the approval of the Securities & Exchange Commission (SEC).
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,” the statement said.
Recall that in July 2024, the lender received approval from the SEC for the commencement of its N351 billion Rights Issue (‘the Offer’), with the target to generate up to US$1.5 billion (One billion, five hundred million United States Dollars).
The Rights Issue was strategically structured to bolster Access Holdings’ financial position and support ongoing working capital needs. It will also provide funding for organic growth across its banking and non-banking subsidiaries.
The approved Rights Issue offers 17,772,612,811 ordinary shares of N0.50 each at a price of 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 Access Holdings’ Right Issue is Chapel Hill Denham Advisory Limited, while Atlas Registrars Limited was to serve as the Registrars to the Offer.
