Access Holdings Commences Its Rights Issue
Access Holdings Commences Its Rights Issue
4 Customs Street: 8 Jul 2024
Welcome to this week’s edition of 4 Customs Street, our weekly newsletter on the stock market.
The newsletter is divided into two parts:
Green White Green is focused on the Nigerian stock market.
Star-Spangled Banner is focused on the US stock market
Green White Green Last Week
Jude Chiemeka has been appointed CEO of the Nigerian Exchange Limited (Nigerian Stock Exchange) effective July 1, 2024. He has served in acting capacity since January 1, 2024. He succeeds Temi Popoola who moved to the role of Managing Director/CEO of the group.
Making room for more
Fidelity Bank may be anticipating robust demand in its ongoing rights issue and public offer.
The firm will be holding an extraordinary general meeting on July 26 where it will be seeking shareholder approval to accept surplus monies arising from surplus subscription of the combined offer subject to regulatory approval.
A bit longer
Oando shareholders may have to wait a bit longer for its 2024 Q1 and Q2 numbers.
The company informed the stock exchange that it will file them alongside its audited FY 23 numbers by Monday September 30, 2024.
Why so late? The company had some key shareholder disagreements a few years ago that led to a few court cases and other actions that prevented the firm from filing them.
Green White Green This Week
This week is an extremely busy one.
Access Holdings (parent company of Access Bank) will open its rights issue today.
The rights issue is for 17.7 billion ordinary shares at N19.75 each on the basis of 1 share for every 2 shares held as at June 7, 2024.
The offer will close on Wednesday August 14, 2024.
A rights issue is when a company sells shares to its existing shareholders.
GTCO (parent company of GT Bank) will hold a "Facts Behind the Offer" presentation at the stock exchange this afternoon.
Fidelity Bank's combined offer is also ongoing.
Star-Spangled Banner Last Week
Tesla deliveries came in slightly higher than estimates. The company delivered 443,956 vehicles as against the 439,000 estimates analysts had expected.
For the automaker, delivery numbers are closely watched because they are the closest approximation to sales.
Boeing pleaded guilty to criminal fraud by violating a settlement agreement made in 2021 following the 737 Airmax plane crashes.
The firm will pay a $243.6 million fine. An independent compliance monitor would also be installed to oversee compliance at Boeing for three years during a probationary period. It would also have to invest at least $455 million in compliance and safety programmes.
Breezing into crypto
Cryptocurrency prices dipped last week following the defunct exchange, Mt. Gox, releasing some money to its creditors.
The German government sold bitcoin that it had seized.
Star-Spangled Banner This Week
Earnings season kicks off properly this week as Citigroup, JP Morgan Chase, and Wells Fargo will release their second-quarter numbers.
Bank results are closely watched as their data gives considerable insight into consumer spending.
Delta Airlines and PepsiCo will also drop their earnings.
On the macro front, inflation numbers for the month of June will also be released within the week. Most analysts expect a marginal increase month-on-month.
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