Access Holdings Plc has announced approval by the Securities and Exchange Commission (SEC) for the commencement of its N351 billion Rights Issue (the Offer).

Access Holdings made this known via a statement made available to The Star on Sunday, July 7, 2024.

It noted that the approval marked a significant milestone in the company’s previously announced Capital Raising Programme, which it said aims to generate up to $1.5 billion.

Access Holdings stated that the Rights Issue was strategically structured to bolster the company’s financial position and support ongoing working capital needs, adding that it will also provide funding for organic growth across its banking and non-banking subsidiaries.

The company said: “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 new ordinary share for every two existing ordinary shares held as of Friday, 7 June 2024.

Recapitalisation: Access Bank offers N351bn rights issue

“The lead issuing house for Access Holdings’ Right Issue is Chapel Hill Denham Advisory Limited, while Atlas Registrars Limited will serve as the Registrars to the Offer.

“The Offer will open on Monday, July 8, 2024, and close on Wednesday, August 14, 2024.”

It further disclosed that the rights circular will be distributed to shareholders by the registrars to the offer, Atlas Registrars Limited, saying the application forms will also be available on websites – www.theaccesscorporation.com; www.chapelhilldenham.com; www.coronationmb.com; and www.atlasregistrars.com.

The company added: “Shareholders are advised to contact their stockbrokers for more details about the Offer.

“Access Holdings remains committed to its strategic vision of expanding its footprint and delivering exceptional value to all its stakeholders.

“The successful execution of this Rights Issue will further solidify the Group’s position as a leading financial services provider in Africa and beyond.”

The Star