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Access Holdings eyes N365bn rights issue

March 28, 2024
in Business
Access Holdings eyes N365bn rights issue
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Access Holdings Plc will be seeking shareholders approval at its annual general meeting on April 19, to raise capital of up to ₦365 billion by way of a rights issue on such terms and conditions and on such dates as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities.

Any shares not taken by existing shareholders within the period stipulated under the Rights Issue may be offered for sale to other interested shareholders of the Company on such terms and conditions as may be determined by the Directors subject to the approvals of the relevant regulatory authorities, according to a notice of the annual general meeting.

…to establish capital raising programme of up to $1.5bn

Access Holdings also said that the Board of Directors of the Company will seek shareholders approval to establish a capital raising programme of up to $1.5billion or its equivalent.

This will be through the issuance of ordinary shares, preference shares, Alternative Tier 1, convertible and/or non-convertible notes, bonds or any other instruments, whether by way of a public offering, private placement, rights issue, book building process or any other method or combination of methods, in such tranches, series or proportions and at such dates, coupon or interest rates within such maturity periods and upon such terms and conditions as may be determined by the Board subject to obtaining the requisite regulatory approvals.

Shareholders will also at the meeting be asked to authorise that the Issued Share Capital of the Company be increased from N17.77billion divided into 35.545billion ordinary shares of N0.50 Kobo each) to N26.658billion by the creation of 17,772,612,811 ordinary shares of N0.50 Kobo each ranking pari-passu with the existing ordinary shares of the Company.

Access Holdings Plc recently released its results for the full year (FY) ended December 31, 2023, recording 335percent growth in pre-tax profit to N729.001billion from N167.680billion in 2022. The group grew gross earnings by 87 percent to N2.594trillion from N1.387trillion in 2022.

Access Holdings also recorded profit after tax (PAT) growth by 306 percent to N619.324billion, from N152.202billion in 2022. Its earnings per shares printed high at 1,723kobo in 2023 from 449kobo in 2022.

A final dividend of N1.80 kobo for every ordinary share of N0.50 Kobo each, subject to appropriate withholding tax (bringing the total dividend for 2023 financial year to N2.10 kobo will be paid to Access Holdings shareholders whose names appear on the Register of Members as at the close of business on April 10, 2024.

The Board of Directors paid an Interim Dividend of 30 Kobo (December 2022: 20 Kobo) per ordinary share of 50 Kobo each on the 35,545,225,622 issued ordinary shares of 50kobo each paid to shareholders on the register of shareholding as of the qualification date. Withholding Tax was deducted at the time of payment.

On April 19, 2024, final dividend will be paid electronically to the shareholders whose names appear on the Register of Members as at the close of business on April 10, 2024 and who have completed the e-dividend registration and mandated the Registrars to pay their dividends directly into their bank accounts.

Access Holdings plc with a free float percentage of 75.33percent as at December 31, 2023, is compliant with the Exchange’s free float requirements for companies listed on the Premium Board. Access Holdings Plc with a free float value of N26.776billion as at December 31, 2023, is compliant with the Exchange’s free float requirements for companies listed on the Premium Board.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Businessday.ng – https://businessday.ng/markets/article/access-holdings-eyes-n365bn-rights-issue/

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