Access Bank Nigeria Plc has cancelled its extraordinary general meeting (EGM) scheduled to take place February 1st, 2019 and expressed its regret over any inconvenience the cancellation will cause shareholders in a notice filed with the Nigerian Stock Exchange.
The bank’s EGM announced late last month was meant to address eight special business resolutions of which the raising of N75 billion through a rights issue was part of.
According to the notice signed by Sunday Ekwochi, company secretary for Access Bank, shareholders were to grant or rescind approval for directors to raise additional equity capital of up to a maximum of N75 billion by way of a rights issue on terms and conditions and on such dates as may be determined by the directors, subject to obtaining the approvals of the relevant regulatory authorities.
The shareholders were to also deliberate on an increase in the bank’s authorised share capital. The bank was proposing that the authorized share capital be increased from N20 billion made up of N38 billion ordinary shares of 50 kobo each and two billion preference shares of 50 kobo each to N35 billion by the creation of 30 billion ordinary shares of 50 kobo each.
Although the bank gave no reason for the cancellation of the EGM or dates when these and other business resolutions will be addressed, the stock of the tier one lender hascontinued to record notable performance.
It ended Tuesday as the second most traded stock on the Nigerian Stock Exchange after Diamond Bank. Its share price closed flat at N5.60 per share as investors exchanged 26,997,462 units amounting to N151.1 million in 178 deals.
Market Illiquidity: Experts advocate diversifying investment options through global best practices
Money Market: Naira flat at N463 on street as market awash with liquidity Wednesday
Gains in Nestle, DanCem, Ecobank drove Wednesday’s equities trading
Analysts see no sharp pullback in Nigeria stocks amid bullish run
Investors take N105.8bn profit in equities trading as bulls’ momentum continues on Nigeria bourse
CBN’s PMI fall continues despite 2.5bps rise to 49.4 points in October
CAP, Portland merger faces positive cost, revenue synergy implications, say analysts
Robust system liquidity keeps money, fixed income markets order-driven
Fixed income market analysts ponder how long crashing yields will run
Nigeria equities rebound on price gains in MTN, Stanbic, UBA
- Access Bank, WEMA, FCMB offer to help rebuild in aftermath of #EndSARS…
- Sterling Bank targets “Switch” at Diaspora Nigerians with free banking,…
- Gains in Nestle, DanCem, Ecobank drove Wednesday’s equities trading
- Investors take N105.8bn profit in equities trading as bulls’ momentum…
- Analysts see no sharp pullback in Nigeria stocks amid bullish run