AT the weekend, the Nigerian Exchange (NGX) said Access Bank recently notified the Market that trading in the shares of Access Bank Plc was placed on full suspension effective Thursday, 24 March 2022, in preparation for the delisting of Access Bank and listing of the Holding Company, Access Holdings Plc (Access HoldCo).
The Market was notified that the entire 35,545,225,622 issued shares of Access Bank were delisted from the Daily Official List of Nigerian Exchange Limited (NGX) on Monday 28 March 2022 while Access HoldCo’s entire issued share capital of 35,545,225,622 ordinary shares of 50 Kobo each were also listed on the Daily Official List of NGX at N9.95 per share.
The delisting of Access Bank and listing of Access HoldCo on NGX is pursuant to the Scheme of Arrangement between Access Bank Plc and the holders of its fully paid ordinary shares of 50 Kobo each as approved by the Securities and Exchange Commission and sanctioned by the Court.
However, the exchange implemented capital restructuring and lifting of the full suspension placed on Wema Bank plc shares, and relisting of the reconstructed shares.
Specifically, the Market was notified that trading in the shares of Wema Bank Plc (“Wema Bank”) was placed on full suspension effective Tuesday, 8 March 2022, in preparation for the share reconstruction of the Bank’s issued and fully paid shares from 38,574,466,082 ordinary shares of 50 Kobo each to 12,858,155,360 ordinary shares of 50 Kobo each in the ratio of one (1) for every three (3) shares held.
The Market was notified that the entire listed old shares of 38,574,466,082 units of N0.50 at N0.92 each were delisted from the daily official list of Nigerian Exchange Limited (NGX) on Wednesday, 30 March 2022. NGX also relisted on the daily official list the reconstructed shares of 12,858,155,360 units of N0.50 at N2.76 each, and lifted the full suspension placed on Wema Bank Plc’s shares.
Also, trading license holders were notified that additional 3,107,001,335 ordinary shares of NPF Microfinance Bank Plc. (NPF Microfinance or the Company) were on Friday, 1 April 2022 listed on the daily official list of the Nigerian Exchange Limited (NGX).
The additional 3,107,001,335 ordinary shares of 50 Kobo each listed on NGX arose from the Company’s Rights Issue arising from the offer of 2,286,657,766 ordinary shares of 50 Kobo each at N1.50 per share via a Rights Issue on the basis of one new ordinary share for every one ordinary share held and Public Offer of 713,342,234 ordinary shares at N1.50 per share (Hybrid Offer) made by NPF Microfinance.
With this listing of the additional 3,107,001,335 ordinary shares, the total issued and fully paid-up shares of NPF Microfinance have now increased from 2,286,657,766 to 5,393,639,101 ordinary shares of 50 kobo each.
The bond market wasn’t left out as the Federal Government of Nigeria (FGN) Savings Bonds were listed on the Nigerian Exchange Limited (NGX) on Thursday, 31 March 2022.
