Access Holdings Plc has notified the Nigerian Exchange and the investing public the result of the Rights Issue of 17,772,612,811 Ordinary Shares of 50 Kobo each at N19.75 per share on the basis of one (1) new Ordinary Share for every two (2) Ordinary Shares held as at June 7, 2024.
The Company stated thus:
Access Holdings Plc’s Rights Issue of 17,772,612,811 Ordinary Shares of 50 Kobo each at N19.75 per share, on the basis of one (1) new ordinary share for every two (2) Ordinary Shares held as at June 7, 2024 opened on July 8, 2024 and closed on August 23, 2024. A total of 24,181 Applications for 18,823,585,235 Ordinary Shares valued at ₦371,765,808,391.25 were received in respect of the Rights Issue. 24,100 Acceptances for 18,796,809,419 Ordinary Shares valued at ₦371,236,986,025.25 were processed successfully in connection with the Rights Issue; having been confirmed as valid.
41,650,447 shares from 5 Applicants among the 24,100 Acceptances, valued at N822,596,328.25 were disqualified by the Central Bank of Nigeria (“CBN”) for reasons stated in the Capital Verification Report. Therefore, 18,755,158,972 shares valued at ₦370,414,389,697.00 were accepted having been confirmed as valid and verified by the CBN.
81 Applications for 26,775,816 shares, valued at N528,822,366.00 were found to be invalid and were therefore rejected. Consequently, a total of 68,426,263 shares, valued at N1,351,418,694.25 were found to be invalid and therefore rejected having not complied with the terms of the Offer and/or being disqualified by the CBN following Capital Verification.
A summary of the Rights Issue is outlined below:
- 21,141 shareholders with a Provisional Allotment of 5,592,517,707 Ordinary Shares accepted their Rights in full, totalling 5,592,517,707 Ordinary Shares with a total value of ₦110,452,224,713.25
- 10,889 shareholders – of the 21,141 shareholders who took up their Rights in full – applied for an additional 10,627,039,330 Ordinary Shares and were allotted 9,644,493,169 fully renounced shares, with a total value of ₦190,478,740,087.75
- 2,324 shareholders with a Provisional Allotment of 1,032,790,014 Ordinary Shares partially accepted their Rights totalling 395,647,981 Ordinary Shares, with a total value of ₦7,814,047,624.75.
- 635 subscribers purchased 2,139,953,954 Ordinary Shares through Traded Rights on the floor of Nigerian Exchange Limited (“NGX”), valued at ₦42,264,090,591.50.
- A total of 9,644,493,169 were renounced rights by shareholders – 637,142,033 of these rights were partially renounced while 9,007,351,136 were fully renounced.
- 982,546,161 additional shares applied for over and above the fully renounced shares were unallotted
A total of 17,772,612,811 shares from 24,100 subscriptions were therefore allotted in respect of the Rights Issue, being:
- 5,988,165,688 accepted shares from 23,465 Applications from Shareholders, valued at N118,266,272,338.00
- 2,139,953,954 Ordinary Shares from 635 Applications through Traded Rights, valued at ₦42,264,090,591.50
- 9,644,493,169 additional Ordinary Shares from 10,889 Applications from Shareholders who took up their Rights in full, valued at ₦190,478,740,087.75 The Rights Issue was therefore 105.76% subscribed; the shares allotted in respect of the Rights Issue represent 100% of the shares on offer.