Access Holdings Monday opened its Rights Issue with 17.77 billion Ordinary Shares of N0.50 each for N19.75 per share, to close on August 14.
This translates to a Capital raise of N351bn, following approval from the Securities and Exchange Commission (SEC).
The Offer is issued based on one new Ordinary Share for every two existing Ordinary Shares held as of June 7.
Aig-Imoukhuede said: “We did a Rights Issue and a Rights Issue alone to signal to the World that our pact with our Shareholders can never be broken.
“Since 2002, our Shareholders have stood with us through thick and thin.
“We could have had all types of Offerings to benefit the Investing Public, but we said no.
“The first step will be the step that we took in 2002 with People like you, and I know that you will stand with us again. Please take up your Rights.”
He noted that the Rights Issue, though a Financial Exercise, was a continuation of the Access Bank Story.
The Chairman tagged the Theme of the Holdings’ Capital Market Raise as “Promises Kept,” noting that the Group had kept its Promises to the Investing Public over the years.
Aig-Imoukhuede lauded the NGX for providing a Platform that enables Entrepreneurs, Dreamers, Visionaries and Institutions to connect with Shareholders or Investors based on their understanding of the Strategy.
He stated that the Facts behind the Figures were to ensure that Issuers do not just tell a Story of Numbers, but also explain what is behind them, which is more important than the Numbers.
In his presentation, Roosevelt Ogbonna, Managing Director of Access Bank Plc, said that the Group’s Target was for its Bank Subsidiary to become “the World’s first truly African Global Bank in the Financial Services Sector.”
Ogbonna stated that the Bank intends to power Trade and Payment across the Continent and become a Platform that connects the African Continent, catalysing Capital and Business.
He noted that the Group was focusing on Continents that were profitable for the Bank from an Economic point of view, led by Southern Africa, followed by East Africa, West Africa, and Central Africa.
According to him, Access Holdings was built on very strong Governance, with a Board that has guided the Narrative and Engagement between the Financial Institution and its Stakeholders.
Looking ahead, the Managing Director stated that the Group would build several Ecosystems that would operate on its Platform, such as the Mobility and Housing Ecosystems.
“We are very excited about what the future holds.
“The Bank will be the core of the Financial Services Holdings that we are building, and we will also create significant Value for our larger Stakeholders,” he said.
In his Address, the Chairman of NGX Group Plc, Umaru Kwairanga, recognised the efforts of Aig-Imoukhuede and the late Herbert Wigwe in transforming a struggling Bank into the biggest Financial Institution in Nigeria and one of the biggest in Africa in just two Decades.
Kwairanga stated that Access Holdings had focused on First-Class Human Resources, Processes, and Services while ensuring consistency for such a large Conglomerate from top to bottom.
“Ordinarily, I would say Access Holdings does not have to broadcast why its Offer is a good buy given the heavy Rewards that average Investors have enjoyed over the years in the form of Regular Dividends and Capital Appreciation.
“On our part at the Exchange, we are committed to doing all that is necessary to ensure that all Issuances like Access Holdings’, both Wholesale and Retail, have a seamless and efficient interface during this Recapitalisation Period,” he said.
The Chairman expressed optimism about a bright future for the Group while charging Shareholders to partake in the Rights Issue.
In his remark, the Chairman of NGX, Ahonsi Unuigbe, said, “Despite prevailing Economic headwinds, the NGX recognises the concerted efforts of the Board and Management of Access Holdings in enhancing the Capital Adequacy Ratio of its Flagship Subsidiary, Access Bank.”
Unuigbe noted that ensuring an adequate Capital buffer that complies with Basel III, sufficient to withstand Economic Shocks and ensure Business Continuity, was crucial.
He said, “Most importantly, these efforts play a significant role in restoring Investors’ confidence.
“The Story of Access Bank is one of the most acclaimed in the Industry and is frequently cited in Case Studies at reputable Institutions Worldwide.”
The Lead Issuing House for Access Holdings’ Rights Issue is Chapel Hill Denham Advisory Limited while Atlas Registrars Limited will serve as the Registrars to the Offer.
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