THUR, DECEMBER 20 2018-theG&BJournal- Access Bank Plc, fresh from sealing the biggest Banking merger and acquisition deal in Nigeria in 2018 is eyeing to up the ante with a N75 billion Rights Issue in the ratio, in the 2019, a move that definitely will cement its claim as the banking sector’s top new boy-on-the block after its N24 billion tie-up with Diamond Bank last week
Besides authorising the raising of additional equity capital of up to a maximum of NGN75 billion by way of a Rights Issue in the ratio , the Bank gave notice today to the regulators of an Extraordinary General Meeting ‘’to consider and, if thought fit,’’ increase its authourised share capital to N20billion made up of 38,000,000,000 (Thirty – Eight Billion) Ordinary shares of 50 (Fifty) Kobo each and 2,000,000,000 (Two Billion) Preference shares of 50 (Fifty) Kobo each to NGN35,000,000,000.00 (Thirty – Five Billion Naira) by the creation of 30,000,000,000 (Thirty Billion) Ordinary shares of 50 (Fifty) Kobo each.
The meeting is expected to hold on Friday February 1, 2019 in Lagos where the Rights Issue will be underwritten ‘’on such terms as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities.’’
The banks Authorised Share Capital after the Diamond bank acquisition deal currently stands at NGN35 billion divided into 68 billion Ordinary shares of 50 (Fifty) Kobo each and 2 billion Preference shares of 50 (Fifty) Kobo each’.
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