Access Bank Plc has extended its offer on the
Rights Issue by 10 working days, March 18, 2015 as opposed to the initial closing
date of March 4, 2015.
The Management of the bank requested for an extension of the offer
period to avail shareholders more time to take up their rights considering the
prevailing economic and political situation.
An application was therefore directed to the Securities &
Exchange Commission (SEC) to postpone the closing date of the acceptance list
and this has been approved accordingly.
The Rights Issue is available for participation on the basis of
one (1) new ordinary share for every three (3) ordinary shares held by
shareholders on the qualification date (Thursday, 23 October, 2014), at an
issue price of N6.90 per share.
The Group Managing Director, Mr.
Herbert Wigwe, in explaining how the raised funds will be utilized said
that, “We will use part of the proceeds to augment our working capital, while a
part of it will be used to upgrade the information and technology platforms of
the Bank”.
He further added that for the Bank to achieve its vision of being
the World’s most respected African Bank “we cannot afford to standstill, with
the additional funds, we will ensure our customers get improved services
through an expanded branch network that will ensure the provision of an
enabling working environment.
The bank now joined the league of United bank of Africa (UBA) and
Oando Plc among others in rights Issue closing date extension.
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