Surplus Monies To Be Returned Jan. 9
The board of Access Holdings Plc, on Tuesday presented the scorecard of its recent rights issue which yielded 105.76% subscription level, based on the Capital Verification Report of the Central Bank of Nigeria (CBN), while the basis of allotment and announcement were cleared by the Securities & Exchange Commission.
Consequently, surplus monies due to the subscribers of securities under the Rights Issue are to be returned not later than January 9, 2025.
Recall that group had its Rights Issue of 17,772,612,811 Ordinary Shares of 50 Kobo each at N19.75 per share, on the basis of one new ordinary share for every two Ordinary Shares held as at June 7, 2024 opened on July 8, 2024 and closed on August 23, 2024.
According to a notice to the Nigerian Exchange Limited, a total of 24,181 Applications for 18,823,585,235 Ordinary Shares valued at ₦371,765,808,391.25 were received in respect of the Rights Issue.
Of these, 24,100 Acceptances for 18,796,809,419 ordinary shares valued at ₦371,236,986,025.25 were processed successfully in connection with the Rights Issue, after being confirmed as valid.
Of this, 41,650,447 shares from five Applicants, valued at N822,596,328.25 were disqualified by the CBN for reasons stated in the CVR, following which 18,755,158,972 shares worth ₦370,414,389,697.00 were accepted having been confirmed as valid and verified by the CBN.
Access Holdings, therefore, allotted a total of 17,772,612,811 shares from 24,100 subscriptions, a breakdown of which showed that 5,988,165,688 accepted shares from 23,465 Applications from Shareholders, valued at N118,266,272,338.00; another 2,139,953,954 Ordinary Shares came from 635 applications through Traded Rights, valued at ₦42,264,090,591.50. A total of 9,644,493,169 additional Ordinary Shares were received from 10,889 Applications by Shareholders who took up their Rights in full, valued at ₦190,478,740,087.75; following which shares allotted in respect of the Rights Issue represent 100% of the shares on offer.
A summary of the Rights Issue showed that 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 ₦110,452,224,713.25; another 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 ₦190,478,740,087.75
Also, 2,324 shareholders with a Provisional Allotment of 1,032,790,014 Ordinary Shares partially accepted their Rights totalling 395,647,981 Ordinary Shares, worth ₦7,814,047,624.75; just as 635 others purchased 2,139,953,954 Ordinary Shares through Traded Rights on the floor of Nigerian Exchange Limited (“NGX”), valued at ₦42,264,090,591.50.
A total of 9,644,493,169 were renounced rights by shareholders, 637,142,033 of which were partial, while 9,007,351,136 were full; even as
982,546,161 additional shares applied for over and above the fully renounced shares were unallotted.
The Registrar to the Offer, Atlas Registrars Limited, is expected to credit the Central Securities Clearing System accounts of applicants who have indicated their CSCS account numbers on their respective application forms, while shares will be allotted not later than January 10, 2025.
Applicants without CSCS accounts will have their shares credited at the CSCS using a Registrar Identification Number, in line with the SEC Directive on Dematerialisation of Share Certificates, not later than January 10, 2025.
