BREAKING: CBN Disqualifies 41.65m Shares In Access Holdings Rights Issue

CBN has disqualified 41.65m shares in the Access Holdings Rights Issue.

 

NewsOnline Nigeria reports that the Central Bank of Nigeria (CBN) has disqualified 41.65 million shares worth N822.60million in Access Holdings Plc’s Rights Issue that was recently concluded.

 

In a corporate notice filed on the Nigerian Exchange Limited, NGX on Wednesday, the disqualified shares, linked to five applicants, were flagged for reasons stated in the Capital Verification Report.

 

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“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,” the statement said.

 

Despite the disqualification, Access Holdings reported a successful Rights Issue. Out of 24,181 applications received for 18.82billion shares valued at N371.77billion, 18.76billion shares worth N370.41billion were verified as valid and accepted by the CBN.

 

“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,” the allotment notice added.

 

The company provided a breakdown of the Rights Issue which showed that 21,141 shareholders fully accepted their provisional allotments, totalling 5.59 billion shares worth N110.45billion.

 

Additionally, 10,889 shareholders applied for an extra 10.63 billion shares, while 9.64 billion Rights were fully renounced.

 

Furthermore, 2,324 shareholders partially accepted their provisional allotments, taking up 395.65 million shares worth N7.81bn. Meanwhile, 635 subscribers purchased 2.14billion  shares through traded Rights on the NGX, valued at N42.26 billion.

 

Access Holdings also disclosed that 68.43 million shares worth N1.35billion were invalidated due to non-compliance with the terms of the offer or disqualification by the CBN.