Access Bank Plc Announces the result of the Rights Issue

Proshare

Tuesday, August 18 2015 7:22 PM / Press Release

Announces the result of the Rights Issue of 7,627,639,636 Ordinary Shares of 50 Kobo each on the basis of One (1) New Ordinary Share for every Three (3) Ordinary Shares at N6.90 Kobo per share

Following Access Bank Plc.’s (Access Bank or the Bank) Rights Issue of 7,627,639,636 ordinary Shares of 50 Kobo each on the basis of one (1) ordinary share for every three (3) ordinary shares held as at October 23, 2014 at N6.90 per share which closed on Wednesday, March 18, 2015, a total of 24,016 acceptances for 6,792,619,568 units valued at N46,869,075,019.20 were received in connection with the Rights Issue.

The Central Bank of Nigeria (“CBN”) verification process began on April 23, 2015. Following the verification process, the CBN advised that 34 names representing a total of 747,566,845 Ordinary Shares valued at  N5,158,211,230.50 have been rejected.

Consequent to the conclusion of CBN’s verification, a total of 23,982 acceptances for 6,045,052,723 units valued at N41,710,863,788.70 were received and processed successfully in connection with the Rights Issue.

A summary of the Rights Issue is outlined below:

  23.982 Acceptance Forms for 6,045,052,723 units of the Rights received were found to be valid under the terms of the Rights and were processed accordingly. The Rights Issue was therefore 79.3% subscribed.

  •     19,404 shareholders accepted their Rights in full totaling 464,798,144 ordinary shares.
  •     486 shareholders with a provisional allotment of 422,763,459 ordinary shares partially accepted their Rights for 206,983,287 ordinary shares. Thus the balance of 215,780,172 ordinary shares were renounced
  •     4,092 shareholders purchased Rights for 1,282,093,126 ordinary shares traded on the floor of the Nigerian Stock Exchange.
  •     A total of 5,457,984,907 ordinary shares were fully renounced bringing the total number of shares renounced to 5,673,765,079 ordinary shares.
  •     Of the 19,404 shareholders who accepted their rights in full, 11,944 shareholders applied for additional 4,091,178,166 ordinary shares and were allotted in full from the total renounced rights.

 


A total of 1,582,586,913 ordinary shares were unallotted. These unallotted shares will be reverted to the unissued share capital of the Bank.


The above stated basis of allotment, as well as this announcement has been cleared by the Securities & Exchange Commission.


The Registrars to the Offer, United Securities Registrars Limited of 10 Amodu Ojikutu Street, Victoria Island Lagos, will credit the shares allotted to the CSCS accounts of applicants who have indicated their CSCS account numbers on their respective application forms with the shares allotted not later than September 7, 2015; and will dispatch share certificates in the name of the successful allottees by registered post by the same date.


The returned money plus accrued interest for the rejected applications will be dispatched to the affected shareholders not later than August 24, 2015 by the registrars.

READ MORE:
Related News
SCROLL TO TOP