Access Holdings announces 105.76% oversubscription of Rights Issue, discloses proceeds

On July 8, 2024, Access Holdings opened a significant rights issue, offering 17.77 billion Ordinary Shares at a price of N19.75 each.

This offer, available from July 8 to August 23, 2024, was extended to shareholders who held shares as of June 7, allowing them to purchase one new share for every two shares they owned.

In light of this, Access Holdings has revealed that it received 24,181 applications for a total of 18.82 billion Ordinary Shares, amounting to approximately N371.77 billion and reflecting a 105.76% oversubscription.

Among the submissions, the Central Bank of Nigeria (CBN) validated 24,100 applications for a total of 18.79 billion shares, which are valued at around N371.24 billion.

However, five applicants were disqualified for 41,650,447 shares due to discrepancies highlighted in the Capital Verification Report, resulting in the acceptance of 18.75 billion shares valued at N370.41 billion.

Regrettably, 81 applications for 26,775,816 shares, totaling N528.82 million, were marked invalid. In total, 68,426,263 shares, worth approximately N1.35 billion, were rejected due to compliance issues or disqualification.

In total, 17,772,612,811 shares were allotted, which includes:

Overall, the Rights Issue was oversubscribed at 105.76%.

On July 7, 2024, Access Holdings Plc announced that it received approval from the Securities and Exchange Commission (SEC) for a rights issue of 17.77 billion ordinary shares, priced at N19.75 each.

At the Signing Ceremony, Bolaji Agbede, the Acting Managing Director/CEO of Access Holdings Plc, mentioned, “The Rights Issue is an important part of our 2023-2027 strategic plan. The capital raised will help us take advantage of new opportunities and provide value to our shareholders.” 

This extension ensured that all interested shareholders got a fair chance to participate.