Access Bank raises over GH¢221m from Renounceable Rights Issue

Access Bank Ghana has raised over GH¢221 from Renounceable Rights Issue which ran from 04 June, 2018 to 03 July, 2018.

The Offer was for 75,757,576 new ordinary shares of no par value at GH¢3.96 per share in a ratio of one new share for every 1.5588 existing shares held by qualifying shareholders of Access Bank.

A total of 55,854,462 shares were subscribed for, raising a total of GHS 221,183,669.52 (constituting 73.73% of the Offer Amount). The Offer sought to raise a minimum of GH¢60 million, and up to GH¢300 million (the “Offer Amount”).

IC Securities (Ghana) Limited acted as the Lead Manager and Sole Sponsoring Broker to Access Bank in respect of the Offer.

ALLOTMENT STRATEGY

The above allotment strategy ensured that all successful qualifying applicants received the number of shares they applied for. All Renouncees and successful applicants for extra shares were fully allotted their applications.

“There will be no refunds to any applicant. As per the Offer Circular, the successful applicants with Central Securities Depository (“CSD”) accounts will have their CSD accounts credited with their respective allotment from 18 July 2018 or as soon as practicable.

Access Bank wishes to use this opportunity to thank the public for ensuring a successful Rights Issue,” a statement from the bank said.

Shareholders approval

Access Bank last December, 2017 sought shareholders’ approval to embark on a rights issue to raise up to ¢300 million.

The move was to help the bank raise additional equity to meet the new capital requirement of ¢400 million by December 2015.

Access Bank was also looking at issuing a five-year bond to raise up to ¢150 million through private placement or public offer that would be listed on the Ghana Fixed Income market.