Access Holdings Plc has announced an extension of the deadline for its ₦351 billion ($233 million) capital raise, now set to close on August 23, 2024. The company adjust the ₦351 billion capital raise deadline from August 14 to August 23.
Access Holdings Plc has extended the deadline for its ₦351 billion ($233 million) capital raise due to recent nationwide protests disrupting business operations in Nigeria. The Securities and Exchange Commission (SEC) approved a 10-day extension, moving the closing date from August 14 to August 23, 2024. This adjustment is intended to give shareholders additional time to subscribe to their rights in light of the ongoing disruptions.
The extension supports Access Holdings' public offer of 17.7 billion new ordinary shares priced at ₦19.75 each, which is crucial for strengthening its financial position and fueling growth. During this period, insider transactions will be restricted to participating in the Rights Issue to ensure regulatory compliance and transparency. This extension reflects the company’s commitment to accommodating shareholders amid challenging circumstances and maximizing the effectiveness of the capital raise.
During the extended period of Access Holdings Plc’s capital raise, insider transactions will remain restricted to participation in the Rights Issue, as previously approved by the Exchange. This restriction will stay in place until 24 hours after the publication of the company’s Interim Financial Statements for the period ending June 30, 2024.
The extension of the capital raise follows a similar move by Zenith Bank, which launched a ₦290 billion ($182 million) capital raise to meet new Central Bank of Nigeria requirements, while Fidelity Bank and GTCO recently concluded their public offers.
Access Holdings has expressed its ambition to become the world’s first truly African global brand in the financial sector. Over the past two decades, the bank has expanded from a mid-sized lender to one of the continent’s largest banks through strategic acquisitions, now operating in 18 countries. The capital raised will be allocated to expanding its loan book (65%), upgrading infrastructure (20%), and establishing new branches across Nigeria (15%).
