The Central Bank of Nigeria(CBN) has disqualified 41.65 million shares in the Access Holdings Plc Rights Issue worth N822.60 million that was concluded recently.
This was contained in a corporate notice filed on the Nigerian Exchange Limited, NGX on Wednesday, where the disqualified shares, linked to five applicants, were flagged for reasons stated in the Capital Verification Report.
According to the statement, “41,650,447 shares from five applicants among the 24,100 acceptances, valued at N822,596,328.25 were disqualified by the Central Bank of Nigeria for reasons stated in the Capital Verification Report. Therefore, 18,755,158,972 shares valued at N370.41billion were accepted having been confirmed as valid and verified by the CBN.”
Be that as it may Access Holdings Plc recorded a successful Rights Issue.
Of a total of 24,181 applications received for 18.82 billion shares valued at N371.77billion, 18.76billion shares worth N370.41billion were verified as valid and accepted by the CBN.
According to the allotment notice, “The shares allotted regarding the Rights Issue represent 100 per cent of the shares on offer,” the company added. The Rights Issue, which offered 17.77 billion shares at N19.75 per share, was oversubscribed by 5.76 per cent.”
A break down of the Rights Issue provided by Access Holdings Plc, indicated that 21,141 shareholders fully accepted their provisional allotments, totalling 5.59 billion shares worth N110.45billion.
Similarly, 10,889 shareholders applied for an extra 10.63 billion shares, while 9.64 billion Rights were fully renounced.
It equally showed that 2,324 shareholders partially accepted their provisional allotments, taking up 395.65 million shares worth N7.81billion.
The company disclosed that 635 subscribers bought 2.14 billion shares through traded Rights on the NGX, valued at N42.26 billion.
Access Holdings also revealed that 68.43 million shares worth N1.35 billion were invalidated for not complying with the terms of the offer or disqualification by the CBN.
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