Access Bank Plc has notified The Nigerian Stock Exchange that further to the Notice of Extraordinary General Meeting of the Bank scheduled to hold on Monday, October 13, 2014 at 11.00 a.m. at Lagoon Restaurant, Ozumba Mbadiwe Avenue, Victoria Island, Lagos
Further to the announcement on 15 September 2014 where the share price of Access Bank Plc was placed on Technical Suspension pursuant to an anticipatory approval granted to the Bank, the Quotations Committee of Council of The Exchange on 18 September granted final approval to the Bank.
The Board of Directors of Transcorp Hotels Plc ("THP") (formerly Transnational Hotels and Tourism Services Limited) held its Completion Board Meeting today, approving the company's plans to conduct an Initial Public Offering (IPO) and list its shares on the Nigerian Stock Exchange. THP will offer 800,000,000 ordinary shares of 50 kobo each at N10.00 per share for subscription.
Access bank has announced that it has received shareholder approval for a N68Bn rights issue, post which the management of the bank approached NSE and requested for technical suspension of the stock till 27th January 2015. This has caused ripples across the market, since technical suspensions have not taken place for over four years, and more so because of the duration � it is typically for a maximum period of 30 days. Not only is this unexpected, it is also unprecedented.
This report/article is an attempt to help set the records straight on a major development in our market for which the necessary response is both urgent as well as imperative in continuance of the evolution of the market.
Technical suspension is the interruption of price movement in listed shares for a specified period so that any dealings in the shares which occur during the period of the suspension will not result in any change in price, which change may have occurred had the suspension not been implemented.
The Nigerian Stock Exchange has granted anticipatory approval for the shares of Access Bank Plc (“the Bank”) to be placed on Technical Suspension. The approval follows the application made by the Bank to The Nigerian Stock Exchange.
Nigeria is amongst the fast growing countries on the African continent, indeed the biggest in Sub-Saharan Africa (SSA), and confidence in the Nigerian capital markets and the overall private sector performance has been growing year-on-year, with the Nigerian economy projected to be among the top 20 global economies by 2030 (with an estimated GDP of $1.6 trillion).
Nigeria's growing financial services sector could be boosted by investments totaling up to ₦16 billion (US $100m) from a new fund announced today by LeapFrog Investments. The ₦65 billion (US $400m) fund will invest in high growth businesses in Africa and Asia.