Not a few shareholders of Access
Bank are poise for showdown at the next shareholders meeting slated for October
13, 2014 over the dwindling fortune of Access Bank since the current MD took
over the mantle of leadership.
Aside high rate of Staff corruption,
payment of fines to CBN are grounds for their grouse. Just yesterday, Access
Bank has been suspended technically from the Stock Exchange Market.
The Nigerian Stock Exchange on
Monday approved the technical suspension of the shares of Access Bank Plc to
enable the bank to preserve shareholders’ value as it moves to raise up to
N68bn additional capital.
The Exchange explained in a
statement posted on its website that it granted “anticipatory approval” for
Access Bank’s shares to be placed on technical suspension following an
application made by the bank.
It added, “The bank will hold an
Extraordinary General Meeting on Monday, October 13, 2014 to seek its
shareholders’ authorisation for the Board of Directors to raise additional
equity capital in the sum of up to N68bn by way of a rights issue.
“The board believes that the
technical suspension is in the overall interest of the bank’s shareholders and
will preserve the shareholders’ value, on account of the proposed corporate
action.”
According to the Exchange, the
technical suspension will be lifted on January 27, 2015 and normal trading
activities will resume on January 28, 2015.
Access Bank shareholders had on May
30 at its 25th Annual General Meeting approved plans by the bank to raise $1bn
to strengthen its operations and enable it to achieve its goal of becoming one
of the top three banks in the country.
The bank had explained at the yearly
meeting that the amount would be raised in tranches at a date to be determined
by its directors.
Access Bank had in June issued a $400m Eurobond
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