Access Holdings Plc has successfully raised N370.4bn through its fully allotted Rights Issue of 17,772,612,811 Ordinary Shares at N19.75 per share.
The offering, conducted on the basis of one new ordinary share for every two shares held as of June 7, 2024, closed on August 23, 2024, with overwhelming shareholder participation.
According to a notice to the Nigerian Exchange Limited, the Rights Issue attracted 24,181 applications for a total of 18,823,585,235 shares, valued at N371.77bn.
After a thorough validation process, 24,100 applications for 18,796,809,419 shares, worth ₦371.24bn, were confirmed as valid. Ultimately, 18,755,158,972 shares valued at N370.41bn were approved following verification by the Central Bank of Nigeria (CBN).
Despite the strong demand, some applications were disqualified or rejected. A total of 41,650,447 shares from five applicants, valued at N822.6m, were disqualified by the CBN due to issues identified in the Capital Verification Report.
Additionally, 68,426,263 shares, valued at N1.35bn, were rejected for failing to meet the offer’s terms.
The statement noted that the offering achieved a 105.76 per cent subscription rate, underscoring strong investor confidence in Access Holdings’ growth strategy.
All 17.77bn shares offered were fully allotted to qualified subscribers, with a breakdown including shares accepted by existing shareholders, additional shares allocated from renounced rights, and shares acquired via traded rights.