The Securities and Exchange Commission (SEC) has granted Access Holdings Plc a 10-day extension on its ₦351 billion rights issue.
This was made known by the Company Secretary, Access Holdings, Mr. Sunday Ekwochi in a signed statement, on Tuesday.
The statement revealed that the period of the acceptance list for its rights issues that opened on July, 8 2024, to close on August 14, 2024, was extended to August 23, 2024, following the approval of the Commission.
Access Holdings is seeking existing shareholders support to raise 17,772,612,811 ordinary shares of ₦0.50 each at a price of ₦19.75 per share through a rights issue offers.
The offer would be issued on the basis of one new ordinary share for every two existing ordinary shares held as of Friday, June 7, 2024.
This development represents a key milestone in the Group’s previously announced Capital Raising Programme, which aims to secure up to $1.5 billion.
Ekwochi explained that the decision to extend the offer period was made in response to the recent nationwide protests, which had disrupted business and individual operations across Nigeria. The extension is intended to provide shareholders with sufficient time to subscribe to their rights.
“During the extended issue period, dealings by the company’s insiders in its shares will remain strictly limited to participation in the rights issue, as previously approved by the Exchange,” the statement noted. This restriction will continue until 24 hours after the publication of the company’s audited interim financial statements for the period ending June 30, 2024.
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