Access Holdings Plc, on Thursday announced plans through the Nigerian Exchange Limited platform for an Extra-ordinary General Meeting slated for December 18, 2025, aimed at seeking the approval of shareholders to raise up to N40 billion in fresh capital.
The money, according to the notification by Sunday Ekwochi, the company secretary, is being raised through a private placement of its shares to be allotted at N20.25 per share.
Specifically, the amount is to be raised by the creation and addition of 1,975,308,641 ordinary shares to be allotted so created in connection with the private placement to one or more investors in such tranches and on such terms and conditions as shall be determined by the board.”
The directors also seek the authority of the meeting to beheld virtually “to take the necessary steps to cancel any unallotted shares of the Company or to further increase the share capital of the company to an amount sufficient to accommodate any transaction undertaken by the company to raise additional equity capital pursuant to the foregoing resolution or pursuant to the capital raising programme.”
Before then, the board also seeks approval to increase the issued share capital of AccessCorp from N26,658,919,216.50 divided into 53,317,838,433 ordinary shares, to N27,646,573,537 divided into 55,293,147,074 ordinary shares of 50 kobo each.
The board also wants shareholders’ nod “to consider, negotiate, approve, and finalise the list of potential private placement investors; determine the structure, valuation, modalities, and timeline for the private placement.”
The directors will likely announce what they plan to use the net proceeds of the recapitalisation exercise at the meeting, or in documents to be released subsequently.
