Access Holdings has announced the successful conclusion of its July 2024 rights issue, with an impressive oversubscription rate of 105.76%.
The offer attracted 24,181 applications. The rights issue, launched on July 8, 2024, offered 17.77 billion ordinary shares at N19.75 per share.
The rights issue, available from July 8 to August 23, 2024, allowed shareholders on record as of June 7, 2024, to purchase one new share for every two shares held.
This structure aimed to reward existing shareholders while raising additional capital for Access Holdings.
Access Holdings reported receiving 24,181 applications for 18.82 billion ordinary shares, representing approximately N371.77 billion and reflecting a 105.76% oversubscription.
Of these, the Central Bank of Nigeria validated 24,100 applications, covering 18.79 billion shares valued at about N371.24 billion.
Meanwhile, five applications, amounting to 41,650,447 shares, were disqualified due to discrepancies identified in the Capital Verification Report.
Consequently, Access Holdings accepted 18.75 billion shares, valued at approximately N370.41 billion.
A total of 21,141 shareholders fully accepted their provisional allotment of 5.59 billion shares, amounting to N110.45 billion.
