Existing shareholders in Intercontinental to have 5% in Access Bank
Category: Investors NewsBeat
Monday, July 25, 2011 9:14 AM
Vanguard is today reporting, on account of the scheme of merger sighted, that existing shareholders in Intercontinental Bank would be offered 5% of the value of shares in the new Access Bank Plc.
According to the report, indication to this effect emerged weekend as the scheme of merger which was submitted to the Securities and Exchange Commission, SEC has been given official nod of approval. SEC spokesman, Mr. Lanre Oloyi confirmed the approval saying that the merger scheme has been approved and will now go to shareholders for consideration and final approval.
He did not give details. However, those close to the drafting of the scheme said that existing shareholders of Intercontinental Bank were accommodated and given five per cent stake in the new bank that will arise from the combination of Intercontinental and Access Bank. The scheme of the proposed combination will be presented to shareholders for approval in a court- sanctioned Extraordinary General Meeting, EGM.
It was gathered that Access Bank is billed to be the core investor with about 60 per cent stake while Asset Management Company of Nigeria, AMCON, will have 35 per cent. The existing shareholders will be left with the remaining 5 per cent stake in the bank to emerge after share reconstruction.
It was also gathered that the approach adopted by the current Managing Director of Intercontinental Bank softened the minds of some of the major shareholders in that most of the policy direction of the bank were discussed with them.