Shareholders endorse Access Bank’s plan to raise additional N100b capital

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PHOTO: thescoopng.com

PHOTO: thescoopng.com

Shareholders of Access Bank Plc, yesterday, approved the bank’s plans to raise additional capital of N100 billion through the issuance of non-convertible loans, notes, bonds or any other instruments appropriate to meet its capital requirement.

The shareholders, who gave the approval at the bank’s 27th yearly general meeting held in Lagos yesterday, also accepted that the debt issuance programme should be either by way of a public offering, private placement, book building process or any other method.

Besides, the shareholders unanimously approved a final dividend of 30 kobo per ordinary share in addition to interim dividend of 25 kobo ordinary share paid earlier.

They advised that the date for the capital raising exercise should be determined by the board of directors after obtaining the requisite approvals of the relevant regulatory authorities.

Specifically, the National Cordinator, Independent Shareholders Association of Nigeria , Sir Sunny Nwosu lauded the bank on its resilence in the face of harsh operating environment.

He, however urged the bank to improve on the dividend payouts in the next financial years, noting that it has all it takes to surpass other lenders in the country.

The President, Progressive Shareholders Association of Nigeria (PSAN), Boniface Okezie, stated.that the new capital should be in form of bond or any other instrument to avoid over bloating of the bank’s share capital.

Okezie stated that the bank should not consider rights issue or public offer as it had floated a rights issue in 2015.

Guardian

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