Shareholders endorse Access Bank’s Holdco structure

CenturyPost December 17, 2021

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Shareholders have endorsed the proposed Holding structure (Holdco) for Access Bank Plc and all scheme of arrangement pursuant to Section 715 of the Companies and Allied Matters Act, 2020 between the bank and the holders of the fully paid ordinary shares of 50 kobo each in the bank.

The shareholders at the Court Ordered Meeting held both physically and virtually yesterday approved all resolutions at the meeting.

In accordance with the scheme of arrangement, the 35.55 billion ordinary shares of 50 kobo each in the issued and paid-up share capital of the bank held by the shareholders are to be transferred to Access Holdings Plc (the Holdco) in exchange for the allotment of 35.55 billion ordinary shares of 50 kobo each in the share capital of the Holdco to the shareholders in proportion to their shareholding in the bank credited as fully paid without any further act or deed.