Access Bank Seeks Shareholders’ Nod For HoldCo Structure At EGM Dec. 16
Directors of Access Bank Plc, on Tuesday scheduled an extraordinary general meeting for Thursday, December 16, 2021, to seek the approval of shareholders for a holding company structure, which will see its entire issued and fully paid-up share capital transferred to the proposed Access Holdings Plc.
A Federal High Court had on Friday, November 19, 2021, had directed that a Court-Ordered Meeting of the holders of the fully paid ordinary shares of Access Bank Plc be convened to consider, and if thought fit, approve, “with or without modification, a Scheme of Arrangement pursuant to Section 715 of the Companies and Allied Matters Act, 2020 between the Bank and the holders of the fully paid ordinary shares of 50 kobo each in the bank.
According to the Scheme of Arrangement, the directors, will at the meeting, propose that the bank’s issued and paid-up share capital of 35,545,225,622 ordinary shares of 50 kobo each held by the shareholders be transferred to Access Holdings Plc in exchange for the allotment of 35,545,225,622 ordinary shares of 50 kobo each in the share capital of the Holdco to the shareholders in proportion to their shareholding in the bank credited as fully paid without any further act or deed.
Thereafter, the meeting will also authorize the directors “to take all necessary action to delist the shares of the Bank from the official list of the Nigerian Exchange Limited,” and the Memorandum and Articles of the bank amended as set out in the Annexure to this Notice.
The directors will also seek the approval of the Securities & Exchange Commission, the Central Bank of Nigeria, the Federal High Court, or any other regulatory authority.