SEC Grants Access Holdings Extension On N351bn Rights Issue

The Securities and Exchange Commission (SEC) has approved a 10-day extension for Access Holdings Plc’s N351 billion rights issue, moving the new deadline to August 23, 2024.

The extension follows disruptions caused by nationwide protests that affected business operations across Nigeria.

The rights issue, initially set to close on August 14, 2024, opened on July 8 and seeks to raise 17.77 billion ordinary shares at N0.50 each, priced at N19.75 per share. Existing shareholders can subscribe on the basis of one new share for every two existing shares held as of June 7, 2024.

This fundraising effort is part of Access Holdings’ broader Capital Raising Programme, aimed at generating up to $1.5 billion to support the pan-African financial institution’s 2023-2027 strategic plan. The funds will enable the company to capitalise on emerging opportunities and deliver long-term value to its shareholders.

In a statement, Access Holdings’ Company Secretary, Mr. Sunday Ekwochi, emphasised that the decision to extend the deadline was made to give shareholders additional time to participate in the offer, especially given the disruptions caused by the recent protests.

Mr. Ekwochi also noted that during the extended period, trading by company insiders will remain restricted, except for participation in the rights issue, as stipulated by the Nigerian Exchange regarding the non-dealing period for the company’s interim financial statements for the period ending June 30, 2024.

At a recent signing ceremony, Acting Managing Director (MD)/Chief Executive Officer (CEO) of Access Holdings, Ms. Bolaji Agbede, described the rights issue as a crucial step toward realising the company’s strategic goals for 2023-2027.

“The additional capital will enable us to maximise emerging opportunities and deliver long-term value to our shareholders,” Ms. Agbede said.

As of August 13, 2024, the stock price of Access Holdings closed at N19.30 per share, reflecting the company’s ongoing efforts to raise capital and strengthen its market position.