Access Holdings Proposes Rights lssue to Raise N17.8bn

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June 7, 2024/NGX

In a market bulletin on the Nigerian Exchange Limited (NGX), the Exchange notified Trading License Holders that Access Holdings Plc has applied for approval and listing a Rights Issue of N17.77bn.

According to the bulletin, “Access Holdings PIc: Proposed Rights lssue Trading License Holders are hereby notified that Access Holdings Plc (Access Holdings or the Company) has, through its Stockbrokers, Chapel Hill Denham Securities Limited and Coronation Securities Limited, submitted an application to Nigerian Exchange Limited for the approval and Iisting of Rights Issue of Seventeen billion seven hundred and seventy-two million, six hundred and twelve thousand, eight hundred and eleven (17,772,612,81 1) ordinary shares of N0.50 each at N19.75 per share on the basis of one (1) new ordinary share for every two (2) existing ordinary shares held as the close of business on Friday, 7 June 2024. The Qualification Date for the Rights lssue is 7 June 2024.”

Recall that Access Holdings Plc has disclosed plans to establish a Capital Raising Programme of up to US$1.5bn to enhance the Group’s financial strength by issuing various financial instruments such as ordinary shares, preference shares, Alternative Tier 1 capital, convertible and non-convertible debt, bonds, or other capital and funding instruments.

It is important to note that the qualification date for the rights issue is Friday, June 7, 2024.

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