N68bn Rights Issue: NSE grants Access Bank final approval

The Nigerian Stock Exchange (NSE) has granted Access Bank Plc approval on its proposed N68 billion rights issue.

This was disclosed in a statement issued by the NSE at the weekend.

‘’Further to the announcement on September 15, 2014 where the share price of Access Bank Plc was placed on technical suspension pursuant to an anticipatory approval granted to the bank, the Quotations Committee of Council of the Exchange (yesterday) granted final approval to the Bank,’’ the statement indicated.

According to the NSE, the technical suspension will now run from 15 September 2014 to 15 October 2014. “Normal transactions on the shares of the bank will resume on 16 October 2014,’’ the NSE said.

Recall that Access Bank earlier stated that it would hold an extraordinary general meeting (EGM) on October 13, 2014, to seek its shareholders’ authorisation for the board of directors to raise additional equity capital in the sum of N68 billion by way of rights issue, just as the management of Jaiz Bank has announced new innovative products.

Consequently, the NSE, last week announced granting anticipatory approval for the shares of Access Bank Plc to be placed on technical suspension. Welcoming this development, Access bank board said it believed that the technical suspension was in the overall interest of its shareholders and would preserve their value on account of the corporate proposal to invite more equity participation from its existing shareholders.

Technical suspension will be lifted on January 27, 2015, and normal trading activities will resume on January 28, 2015,” the NSE said. 

Source : Tribune

Tags: No tags

Comments are closed.