Access Holdings’ rights issue records 105.76% oversubscription
Access Holdings has successfully concluded its July 2024 rights issue, reporting an oversubscription rate of 105.76% from 24,181 applications. Access Holdings had on July 8, 2024, opened a rights issue of 17,772,612,811 ordinary shares of 50 Kobo each at N19.75 per share. The offer, which kicked off from July 8 to August 23, 2024, was […]
Access Holdings has successfully concluded its July 2024 rights issue, reporting an oversubscription rate of 105.76% from 24,181 applications.
Access Holdings had on July 8, 2024, opened a rights issue of 17,772,612,811 ordinary shares of 50 Kobo each at N19.75 per share.
The offer, which kicked off from July 8 to August 23, 2024, was extended to shareholders, who held shares as of June 7, allowing them to purchase one new share for every two shares they owned.
Access Holdings in a statement disclosed that it received 24,181 applications for a total of 18.82 billion ordinary shares, amounting to approximately N371.77 billion representing a 105.76% oversubscription.
It stated that 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 N370,414,389,697.00 were accepted having been confirmed as valid and verified by the CBN,” it said.
Also, 81 applications for 26,775,816 shares, valued at N528,822,366.00 were found to be invalid and were therefore rejected.
A total of 21,141 shareholders accepted their full provisional allotment of 5.59 billion shares, totalling N110.45 billion.
Among these shareholders, 10,889 applied for an extra 10.62 billion shares. They received 9.64 billion fully allocated shares, valued at N190.48 billion.
Additionally, 2,324 shareholders partially accepted their allotments, totalling 395,647,981 shares worth N7.81 billion.
In summary, 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 N110,452,224,713.25 – 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 N190,478,740,087.75.
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 N7,814,047,624.75.
635 subscribers purchased 2,139,953,954 ordinary shares through Traded Rights on the floor of Nigerian Exchange Limited (“NGX”), valued at N42,264,090,591.50.