Access Holdings Plc has announced an extension of the acceptance period for its ongoing Rights Issue.
Initially set to close on August 14, 2024, the period 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.
The group is currently undertaking a capital raising initiative of N351b through a rights issue to existing shareholders.
As part of this rights issue, 17.772 billion ordinary shares are being offered at N19.75 per share.
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.
Managing Director of Access Bank, Mr. Roosevelt Ogbonna during Access Holdings Plc’s Facts Behind the Rights Issue Presentation, held recently on the Nigerian Exchange said that the bank will continue to focus on shareholders’ value, as it urged shareholders to participate actively in its ongoing N351.02bb rights issue.
He said the bank’s presence in this sophisticated market has continued to position it strategically in the areas of facilitating and enhancing cross-border trade across the globe.
According to him, its resolve to provide innovative financial solutions has played a vital role in supporting businesses and investors involved in international trade over the years.
He noted that the bank is currently in its consolidation phase to add value to shareholders’ investment, having invested heavily in new markets, skills, and infrastructure, technology over the last 10 years.
“All our earnings are in the UK dollars. So, every time there is a devaluation, our UK business continues to grow, so we have created a natural hedge.
Going forward, our consolidation with shareholders will be to show what we have built over the years. Our international business is competing with other foreign banks in capitalisation. The institution has indeed delivered in all its commitment from 2002,” he added.
The chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede urged shareholders to participate actively in the ongoing rights Issue.
Imokhuede said the additional capital would enable it to maximise emerging opportunities and deliver long-term value to our shareholders, adding that the bank is committed to strengthening ties with shareholders and enhancing value creation.
“The reality is this: the reason we conducted a rights issue is because it would be unfortunate if, after supporting us through the highs and lows, through the times of investing, through the sweat, and tears, you missed out just as this money-making machine is about to start generating profits. Don’t make that mistake,” he said.