The Nigerian Stock Exchange (NSE) has granted anticipatory approval for the shares of Access Bank Plc (“the Bank”) to be placed on Technical Suspension. The approval follows the application made by the bank to the Exchange.
Technical suspension is the interruption of price movement in listed shares for a specified period so that any dealings in the shares, which occur during the period of the suspension will not result in any change in price, which change may have occurred had the suspension not been implemented.
The bank will hold an Extraordinary General Meeting (EGM)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 N68 billion by way of a rights issue.
Access Bank said its board believes that the Technical Suspension is in the overall interest of its shareholders and will preserve shareholders’ value, on account of the proposed corporate action. The Technical Suspension will be lifted on January 27, 2015 and normal trading activities will resume on January 28, 2015. Read more