WEBVTT

1
00:00:03.879 --> 00:00:09.240
Hey, hello everyone, and good
evening. Once again. Welcome to another

2
00:00:09.359 --> 00:00:14.439
money space with me calu Aja.
Of course here we're talking personal finance,

3
00:00:14.519 --> 00:00:21.320
the economy and of course investing.
This week we're gonna have a talk around

4
00:00:21.399 --> 00:00:27.280
you know, investing in bank shares. As you're aware, the Central Bank

5
00:00:27.280 --> 00:00:32.359
of Nigeria has asked all Nigerian banks
to recapitalize. What that means is they've

6
00:00:32.399 --> 00:00:37.000
asked all the Nigerian banks to raise
their capital. Meaning you've got to go

7
00:00:37.119 --> 00:00:42.000
to your equity side bringing new investment
funds. So like you know how you

8
00:00:42.000 --> 00:00:45.079
have a shop, right and I
want to start that shop with a thousand

9
00:00:45.159 --> 00:00:50.399
naira. So now the central Bank
has actual shop owners to increase that thousand

10
00:00:50.479 --> 00:00:55.240
has to say ten thousand. So
they want you to increase your capital what

11
00:00:55.359 --> 00:00:59.960
you're doing business with, and you
can use that capital for whatever you want,

12
00:01:00.200 --> 00:01:03.560
right, but you've got to introduce
that capital into the bank and then

13
00:01:03.640 --> 00:01:08.760
the bank will then roll out saying
new branches or acquire new operations and the

14
00:01:08.840 --> 00:01:17.680
capital based structurally support of that bank
now gets enhanced. That's essentially the simple

15
00:01:17.799 --> 00:01:21.840
terms what's going on. So we
don't see a lot of Nigerian banks from

16
00:01:21.879 --> 00:01:26.319
now till until the deadline is done. You see those nigiant banks come out

17
00:01:26.359 --> 00:01:29.000
and say, hey, well I
want to raise capital and all that.

18
00:01:29.159 --> 00:01:32.359
Right, So this week we want
to talk a little bit about the access

19
00:01:32.400 --> 00:01:36.760
of our want, what it all
means, what you do to those terms

20
00:01:36.760 --> 00:01:38.280
you see on the offer mean,
and you you can use them for just

21
00:01:38.599 --> 00:01:42.120
any other offer, because they're gonna
get right of us going forward from any

22
00:01:42.159 --> 00:01:46.079
other inety show. But this will
give you a point out to how you

23
00:01:46.120 --> 00:01:52.079
should review those offers when you get
them and all that. So I shared

24
00:01:52.239 --> 00:01:57.359
a trend yesterday. It would help
if you could just go to the trend.

25
00:01:57.480 --> 00:02:00.680
You would see where I've talked about
the access bank trend access bank or

26
00:02:00.719 --> 00:02:05.920
five. I did the trend to
put the prospectors there right, and you

27
00:02:05.959 --> 00:02:12.199
would see the way it's saying Access
Holdings PLC rights issue of about seventeen a

28
00:02:12.360 --> 00:02:15.960
million or no IS shares at nineteen
point seventy five more? Do all this

29
00:02:15.280 --> 00:02:20.599
mean? That's what I'll just talk
around. So I'll just do an explainer

30
00:02:20.840 --> 00:02:24.319
right then. If you have questions, either do a DM or request to

31
00:02:24.360 --> 00:02:28.439
speak. I will take them.
Let me just explain to you from using

32
00:02:28.479 --> 00:02:31.360
the chatter in front of me.
Right. So first of all, the

33
00:02:31.439 --> 00:02:36.479
word there is rights issue. What
does the rights mean? So when the

34
00:02:36.599 --> 00:02:40.319
company goes public, the first time
you create a company, for instance,

35
00:02:40.360 --> 00:02:44.240
it's going to be a private company. So you create your own company,

36
00:02:44.639 --> 00:02:47.039
maybe you're your brother owned the company. That's going to be like a living

37
00:02:47.039 --> 00:02:52.479
tepliablity company. Then unless you not
get bigger, you want to bring in

38
00:02:52.520 --> 00:02:55.800
you investors, then you go public. Public means you are selling your shares

39
00:02:55.840 --> 00:03:00.680
to the general public to invest in
your capital. When you sell your shares

40
00:03:00.719 --> 00:03:07.719
to the public, that's why you
don't have PLC with the public labaty company

41
00:03:07.800 --> 00:03:12.879
right, so limited now to us
to PLC. So Access Holding the PLC,

42
00:03:13.039 --> 00:03:17.319
which means their shares are held by
the public. Right now. When

43
00:03:17.400 --> 00:03:23.960
you issue your shares for the first
time, that's an IPO, an initial

44
00:03:23.680 --> 00:03:28.800
public offer. So the first first
first time you share your shares to the

45
00:03:28.840 --> 00:03:34.080
public, that's an initial public offer. After then when you tell your shares

46
00:03:34.120 --> 00:03:38.039
to the public, it's going to
be a public offer. In this instance,

47
00:03:38.199 --> 00:03:43.319
Access Holdings is doing the rights issue
with means that those that can buy

48
00:03:43.360 --> 00:03:49.520
these shares are those that are already
on the books of Access Bank as shareholders.

49
00:03:49.639 --> 00:03:52.719
So if you already own Access Bank
shares, then you can buy these

50
00:03:52.759 --> 00:03:59.919
shares through the rights issue because it's
your right to participate in this offer.

51
00:04:00.039 --> 00:04:04.319
So it's just a rights issue at
nineteen point seventy five. Nine point seventy

52
00:04:04.360 --> 00:04:09.840
five means that's the price you will
take up. Those rights are usually that

53
00:04:09.960 --> 00:04:15.000
price at a discount right to what
the price is listed on the open market.

54
00:04:15.080 --> 00:04:17.480
So I think it's about the nineteen
percent discount to what it was in

55
00:04:17.600 --> 00:04:20.680
March when this movie was packaged and
all that, So it's sort of like

56
00:04:20.720 --> 00:04:27.839
a discount to you. If you're
an existing shareholder, Now can you buy

57
00:04:27.879 --> 00:04:30.199
the shares? If you're not a
shareholder of Access Bank, you can,

58
00:04:30.839 --> 00:04:35.079
but you're gonna go to your broker. What this means is that if you

59
00:04:35.120 --> 00:04:41.240
are an existing holder of access Holding
shares and you do not want to participate

60
00:04:41.639 --> 00:04:46.279
in this right issue, you can
sell your rights for cash. So let

61
00:04:46.319 --> 00:04:51.240
us say you know it, either
you participate or you ask your broker to

62
00:04:51.360 --> 00:04:56.079
sell your shares, so you make
some cash from this transaction. If you

63
00:04:56.079 --> 00:05:00.800
don't want to participate, sell and
then someone else can take take up your

64
00:05:00.920 --> 00:05:04.120
right. So rights are tradeable right, so they can then take those rights

65
00:05:04.399 --> 00:05:11.439
and participate in this share offer.
So across the board, that's what it

66
00:05:11.519 --> 00:05:15.600
means. Now when you let me
just talk broadly about share president and now

67
00:05:15.639 --> 00:05:17.759
open up the floor to you guys, I already have your question on DM

68
00:05:18.040 --> 00:05:24.480
nice questions. Now, when you
see a price nineteen point seventy five,

69
00:05:24.600 --> 00:05:28.720
what does that mean? You know, share price is a very very unique

70
00:05:28.800 --> 00:05:33.560
thing. Let me talk about the
share right. It means that the total

71
00:05:34.199 --> 00:05:42.199
returns you would make from access holdings
in the future, if you bring those

72
00:05:42.279 --> 00:05:46.360
holdings that you're going to make from
access holdings in the future, bring it

73
00:05:46.560 --> 00:05:51.480
back to today, taking inflation,
taking the earnings, taking all those factors,

74
00:05:51.519 --> 00:05:56.920
if you bring it back today,
you are going to make nineteen point

75
00:05:57.000 --> 00:06:00.519
seventy five. So essentially, when
you are buying a share, you are

76
00:06:00.600 --> 00:06:08.120
buying future earnings of that stock.
Not to be you are buying future earnings

77
00:06:08.240 --> 00:06:13.399
of that company. And you essentially
say that what you're buying today is at

78
00:06:13.519 --> 00:06:17.360
a price that's what we call the
intrinsic price. That's what access is really

79
00:06:17.439 --> 00:06:21.000
worth. Where you want to buy
a share, you want to buy a

80
00:06:21.120 --> 00:06:27.839
share where the intrinsic price that's the
real price. You want to buy at

81
00:06:27.879 --> 00:06:32.279
a price lower than the intrinsic price. So what you are saying here is

82
00:06:32.319 --> 00:06:39.199
that this nineteen point seventy five is
lower than the intrinsic price of Access Hold

83
00:06:39.279 --> 00:06:46.240
is mean that when the market eventually
catches up with you, the price will

84
00:06:46.279 --> 00:06:51.360
go up because you are buying at
a discount to the intrinsic value of Access

85
00:06:51.399 --> 00:06:54.639
Bank. That's what you are doing. So you are saying, oh,

86
00:06:54.680 --> 00:06:58.399
listen, I'm going to invest in
nineteen nineer today in NCeSS Bank and acces

87
00:06:58.399 --> 00:07:00.360
Bank going to take this money and
they're going to do this. They're going

88
00:07:00.439 --> 00:07:06.519
to buy they want to invest in
branches in legos portarcot Abuja. They want

89
00:07:06.519 --> 00:07:12.279
to invest in branches outside Nigeria.
They already have a license in Hong Kong,

90
00:07:12.439 --> 00:07:15.519
they have a license in all across
the world. What you are saying

91
00:07:15.600 --> 00:07:20.360
is this, if Access Bank does
all what they say they are going to

92
00:07:20.439 --> 00:07:26.519
do, right, the price of
Access Bank would rise from nineteen point seventy

93
00:07:26.519 --> 00:07:30.160
five to something much higher. So
that at this price, you are buying

94
00:07:30.160 --> 00:07:35.399
this at a discount to the market
price. That's essentially what you are saying,

95
00:07:35.839 --> 00:07:39.120
and that's how you want to look
at the price. So in finance,

96
00:07:39.160 --> 00:07:43.399
you say, the share price is
the present value of the future earnings,

97
00:07:43.920 --> 00:07:47.199
the present value of the future and
essentially what you're trying to do.

98
00:07:47.439 --> 00:07:51.519
So what's Access Bank doing with all
this money? Is going to do?

99
00:07:51.680 --> 00:07:56.199
Now? They give you a bit
of an insight into that. Access Bank

100
00:07:56.279 --> 00:08:01.680
wants to do a lot of investment
in branches, in operations, in it

101
00:08:03.519 --> 00:08:09.519
in ATMs, in systems. They
want to essentially expand their footprints not just

102
00:08:09.560 --> 00:08:16.399
across Nigeria, but also across Africa
and even the world. They are already

103
00:08:16.600 --> 00:08:22.000
a foremost brand everybody knows Access.
Now they want to go international all right

104
00:08:22.319 --> 00:08:28.240
and essentially sell this Access brand to
other nations that are not yet using the

105
00:08:28.279 --> 00:08:33.440
Access brand. So they are saying
that when they do this, they can

106
00:08:33.480 --> 00:08:37.159
increase business, they can increase deposits
and then of course that means that their

107
00:08:37.320 --> 00:08:41.840
returns go up. So you bind
that nineteen point seventy five. You are

108
00:08:41.879 --> 00:08:48.639
then getting into this strain at an
early discounter price. That's the calculation for

109
00:08:48.799 --> 00:08:54.240
you, guys. You are binding
now at an early price because when they

110
00:08:54.360 --> 00:08:58.679
invest the funds, then the funds
then bring them more airnings that's the point

111
00:08:58.679 --> 00:09:03.519
that they're making to you that they
are going to bring it more earnings to

112
00:09:03.639 --> 00:09:07.039
you. Now, I'm just talking
a bit about Access Bag. Access Bag

113
00:09:07.039 --> 00:09:09.759
has got a pension limited this access
holding so when it says something in a

114
00:09:09.879 --> 00:09:15.200
changing but just access group. Right, They've got a PFA, they've got

115
00:09:15.240 --> 00:09:18.600
a pension fund. They've bought a
RM so that gives them that access to

116
00:09:18.840 --> 00:09:24.960
long term capital. They have an
insurance brokerage firm. Right, they have

117
00:09:24.240 --> 00:09:30.320
in Gambia, a branch in Gambia, Syria alone, Guinea, Rwanda,

118
00:09:30.639 --> 00:09:35.639
Zambia, Congo, Ghana, the
Cameroons, Mozambique, Kenya, South Africa,

119
00:09:35.840 --> 00:09:43.720
Botswana and Gola and the United Kingdom. That's a spraying that you have

120
00:09:43.799 --> 00:09:48.600
to taken to communists Riverboat that I
said, this money is going to grow

121
00:09:48.639 --> 00:09:50.360
to expand their business. So think
of it this week. Think of this

122
00:09:50.480 --> 00:09:56.840
of a shop that has just one
branch in Aladi market. Now that shop

123
00:09:56.879 --> 00:10:01.120
is going to have a branch in
Jaws in Middle gree in a bar in

124
00:10:01.320 --> 00:10:05.480
Legos in Quira. That means that
shop would make more sales. So if

125
00:10:05.519 --> 00:10:09.879
that shop Gunna tells you buy into
my shop now at nineteen on seven five.

126
00:10:11.240 --> 00:10:13.759
I'm going to take your money and
expand my shop. I'm going to

127
00:10:13.799 --> 00:10:18.559
go in and buy new branches across
Nigeria. I'm going to even go and

128
00:10:18.639 --> 00:10:22.000
open up a new branch in China, right, and I'm going to get

129
00:10:22.039 --> 00:10:26.960
goods cheaper than the competition. So
if you buy now, you are buying

130
00:10:26.960 --> 00:10:31.759
that stock with doubt they're making those
investments. So that's a discount that I'm

131
00:10:31.799 --> 00:10:35.399
sort of referring to, that you're
buying at a discount to your future.

132
00:10:35.679 --> 00:10:39.120
And if that's how you want to
look at it, and if you think

133
00:10:39.120 --> 00:10:45.200
that calculation or that proms on access
Bank is real, then of course you

134
00:10:45.279 --> 00:10:48.120
go ahead and then you talk to
your your advisor and if you agree with

135
00:10:48.159 --> 00:10:52.279
you, then you can go ahead
and take that sciship. Let me stop

136
00:10:52.320 --> 00:10:54.399
talking there, Let me get James. James, thanks for being the first

137
00:10:54.399 --> 00:10:58.159
guy in here. What's are my
James? To be very very short.

138
00:10:58.360 --> 00:11:01.440
Let's just go to the point so
you can get guys. And I've got

139
00:11:01.519 --> 00:11:03.360
about say tirteen minutes in here.
It's not going to be that long space.

140
00:11:03.559 --> 00:11:13.320
So James, also, your mind
lost and understand for one years and

141
00:11:13.480 --> 00:11:22.360
the right issue said to me is
sixty five sixty five years yep. Problem

142
00:11:22.440 --> 00:11:26.759
Now, first, how do I
acquire that? How do I? Why

143
00:11:26.840 --> 00:11:30.360
need to feel a form? What
procedure? What process? Why I need

144
00:11:30.399 --> 00:11:35.399
to go to? Correct? So
excellent question, Yeah, go ahead,

145
00:11:35.960 --> 00:11:41.039
Yes, the one my second concilist. There's an amount to pay in the

146
00:11:41.200 --> 00:11:46.919
in the email I received. I
think it's about my geen point several five

147
00:11:48.039 --> 00:11:56.120
or something? Is that nien points
several five times sixty five years to before?

148
00:11:56.519 --> 00:12:00.879
Those are my two excellent questions,
James, Yes, you are correct.

149
00:12:01.039 --> 00:12:03.840
One share is nineteen point seven five. You have the right to buy

150
00:12:05.000 --> 00:12:07.480
sixty five shares, So what they're
asking you to do that? If you

151
00:12:07.519 --> 00:12:13.879
want to take up your rights in
total, you multiply nineteen by nineteen or

152
00:12:13.879 --> 00:12:16.559
seventy five times the number of shares
you want. If you want everything,

153
00:12:16.840 --> 00:12:20.279
you buy it. If you don't
want sell the rest. If you just

154
00:12:20.360 --> 00:12:24.519
look on my on my page.
Now I have shared the right circular.

155
00:12:24.720 --> 00:12:28.200
I've shared it again. You can
pick that from phil it take it to

156
00:12:28.240 --> 00:12:33.320
your bank or stockbroker. Any bank
or stockbroker will take this from you.

157
00:12:33.360 --> 00:12:37.159
Go to your stockbroker right and just
so bid that from today with your check.

158
00:12:37.679 --> 00:12:39.799
I've just shared the right secular against
Just go in there, grab it

159
00:12:41.000 --> 00:12:48.360
and then that's it. So very
very simple question there. Okay, Okay

160
00:12:46.639 --> 00:12:58.320
said correct, you can? You
can you if you go to that link,

161
00:12:58.679 --> 00:13:05.559
then this from its online, scan
that form doing online and just respond

162
00:13:05.600 --> 00:13:09.440
back to them. I think Access
Bank, I'm pretty sure send them a

163
00:13:09.559 --> 00:13:13.279
d M they would respond to you. But I put the link in there

164
00:13:13.279 --> 00:13:16.399
on I just shared it again onto
the is a link right there. Any

165
00:13:16.480 --> 00:13:20.200
banker, any broker that you have
that is online. It doesn't have to

166
00:13:20.240 --> 00:13:24.399
be Access Bank, anyone that you
that has online access. You can submit

167
00:13:24.480 --> 00:13:28.000
your shares to them. All.
Your idea is just taking advantage of that

168
00:13:28.080 --> 00:13:33.519
off through any receiving agent. They
will they will do that for you.

169
00:13:33.039 --> 00:13:35.840
You're welcome, Jims. Let's let's
move to do what's on your mind.

170
00:13:37.840 --> 00:13:43.320
Thank you, thank you for gving
this opportunity. Let me contribute to James,

171
00:13:43.399 --> 00:13:48.039
ask on how to get that across
that ticket they have it. They

172
00:13:48.399 --> 00:13:58.000
say it on the platform on the
mobile app. It's go ahead the version.

173
00:13:58.720 --> 00:14:03.360
Then where are you looking? You
click on investment. You see weld

174
00:14:03.840 --> 00:14:09.399
wet by colination. So you follow
that, you know that step and do

175
00:14:09.480 --> 00:14:13.360
it online with that and you need
to contact to a bank or stock broker.

176
00:14:13.440 --> 00:14:18.200
Thinking that is much fast faster.
A secondly, what I want to

177
00:14:18.200 --> 00:14:24.240
I think this access right is more
of the investing in the in the land

178
00:14:24.320 --> 00:14:33.240
in the larger was the question,
okay, what what what? What I'm

179
00:14:33.320 --> 00:14:39.399
asking this right? Is it only
available for? Is this share with us?

180
00:14:39.639 --> 00:14:43.360
Is there no no room for new
or I don't know, expecting new

181
00:14:43.360 --> 00:14:50.279
people or just waiting what they have? So right, right, right means

182
00:14:50.360 --> 00:14:54.080
it's only available for existing shareholders.
But you can trade your right. So

183
00:14:54.120 --> 00:14:58.440
if you want to buy the accessed
bank right, talk to your stockbroker,

184
00:14:58.600 --> 00:15:01.039
Talk to your banker. They will
try to get those right. That's from

185
00:15:01.080 --> 00:15:05.440
someone that is selling. So if
you are, like GM's an existing shareholder,

186
00:15:05.679 --> 00:15:09.960
if he wants to sell his that's
what you buy. So if it's

187
00:15:09.000 --> 00:15:13.000
available to buy, that's what you
don't buy. So you talk to your

188
00:15:13.000 --> 00:15:16.679
broken and say I would like to
participate. I'm not a shareholder. Then

189
00:15:16.720 --> 00:15:20.679
they can give you for someone that
has renounced his rights. Yeah, I

190
00:15:20.840 --> 00:15:24.559
thank you, excellent. So it's
access holdings guys, Sorry for I'm interjecting

191
00:15:24.559 --> 00:15:28.879
this. Access holdings that were the
offs I was in mind. Go go

192
00:15:28.879 --> 00:15:35.360
ahead, how you thank you?
Thank you for this pace. I was

193
00:15:35.399 --> 00:15:41.279
actually going to point out that can
be bought on the access more app or

194
00:15:41.559 --> 00:15:45.120
need you just pointed out thank you. I don't know if it's key to

195
00:15:45.200 --> 00:15:52.559
see that here, but I won't
with and actually anyone happy only if you

196
00:15:52.679 --> 00:15:56.120
pay me ten percent. Only if
you pay me ten percent, then sure

197
00:15:56.120 --> 00:15:58.720
you can do it. So I
buy it here. I mean you can

198
00:15:58.799 --> 00:16:00.240
go ahead, and I mean if
you can share your link on the top

199
00:16:00.840 --> 00:16:04.320
whatevolution on the on the hand,
on this space, it's fine. I

200
00:16:04.360 --> 00:16:08.679
mean, any any brokers, talk
brokers, banker can take your offer,

201
00:16:08.799 --> 00:16:11.879
go ahead and share. Yeah.
I want to get more people to invest.

202
00:16:11.960 --> 00:16:17.879
I want people to invest right to
be invested in Nigeria because you get

203
00:16:17.879 --> 00:16:22.399
the return. So yeah, go
ahead, I think so. Even though

204
00:16:22.399 --> 00:16:26.559
I'm an insider about I have encourage
a lot of my family and friends because

205
00:16:26.559 --> 00:16:30.799
it's a very very very good opportunity. And like I said earlier, and

206
00:16:30.919 --> 00:16:34.639
my dam is opened. If you
have any issues as well, I don't

207
00:16:34.639 --> 00:16:38.919
know, maybe I'm going to drive
my official or something in whatever issues you're

208
00:16:40.000 --> 00:16:45.519
having, getting your rum more than
we will not have gotcha? All right,

209
00:16:45.679 --> 00:16:52.639
super that's about the train out the
train out there for you's get ballet

210
00:16:52.240 --> 00:17:00.159
name me. If I kill that, I athotize, no vegcin me and

211
00:17:00.279 --> 00:17:07.279
I'm fine, white goes white goes
only. Go ahead, sir, Okay,

212
00:17:07.240 --> 00:17:15.599
Yes, you referenced the March to
the prize of the talk of appears

213
00:17:15.640 --> 00:17:19.359
today. When I cared, I
noticed that nineteen point four. So I

214
00:17:19.359 --> 00:17:25.359
don't know, is it is it
nice to buy from the from them direcon

215
00:17:25.519 --> 00:17:29.119
which I just go straight to buy
from the cubrewer. I think usually what

216
00:17:29.200 --> 00:17:32.839
has happened, maybe the price has
moved a bit or has floted at bit

217
00:17:33.200 --> 00:17:34.519
because of the news. You know, the news that came out because of

218
00:17:34.519 --> 00:17:37.440
the tax issue. But I think
when it was in March, it was

219
00:17:37.480 --> 00:17:42.279
about the nineteen percent discount. So
I would say the prize, let me

220
00:17:42.319 --> 00:17:47.119
just be better the price of a
stock. Look at this simply as the

221
00:17:47.319 --> 00:17:52.000
as the present, the future endings. Ignore the price quote unquote. Ask

222
00:17:52.079 --> 00:17:56.000
yourself, if I buy this Access
hold this at night, Person five,

223
00:17:56.519 --> 00:18:02.480
do I think Access Bank can make
more earnings for me over the years.

224
00:18:02.599 --> 00:18:07.519
The answer is yes, that's all
you're interested in. That's really it's top

225
00:18:07.599 --> 00:18:11.519
prices about earnings. So your question
is will access make more earnings? I

226
00:18:11.559 --> 00:18:15.160
get to put the question on asking. I would look at the in terms

227
00:18:15.240 --> 00:18:19.039
of that the price represents what has
happened in the past. What you want

228
00:18:19.079 --> 00:18:22.759
now is will access content to make
ardings for you? If you just what

229
00:18:22.799 --> 00:18:29.160
you want, you're interested in ye
and can look they say something okay,

230
00:18:29.200 --> 00:18:33.759
And when you're buying with us,
the price will be paying is exactly.

231
00:18:33.920 --> 00:18:37.799
That's like when you book and he
said he has sixty five, he enters

232
00:18:37.920 --> 00:18:42.200
six five thousand. What you'll be
paying is that sixty five multiply by nineteen

233
00:18:42.200 --> 00:18:45.240
point seventy five. But I think
when you're going with the brokers there are

234
00:18:45.279 --> 00:18:52.319
some additional brokers charges and from what
charges do So when you look at the

235
00:18:52.400 --> 00:18:56.880
price on the market, even my
look lower that what we're currently said.

236
00:18:57.440 --> 00:19:00.160
But in the end, if you
look at it just operation might be paying,

237
00:19:00.200 --> 00:19:06.640
it would be hard or what should
be pay. As you're saying,

238
00:19:06.680 --> 00:19:11.240
if you buy, if you're the
right, you don't pay any taxes duty,

239
00:19:11.400 --> 00:19:15.599
I don't hear that's the advantage.
So if you're buying directly through your

240
00:19:15.680 --> 00:19:18.920
rights, you are buying on the
so quote unquote on the from the organization,

241
00:19:19.079 --> 00:19:22.799
right, so they are maybe waving
those fees for you. So it's

242
00:19:22.839 --> 00:19:26.920
a little bit of a discound that
you can tell you're not paying those fees

243
00:19:26.000 --> 00:19:32.079
about. Thanks for that clarification,
very very ballet. I think that's sort

244
00:19:32.119 --> 00:19:36.720
of like maybe it gives them incentive
to buy through the rights if you have

245
00:19:36.839 --> 00:19:41.720
it makes sense? All right,
excellence, Thank you so smart, doctor

246
00:19:41.759 --> 00:19:55.359
smart? What are your mind?
Question? You know a part of it?

247
00:19:56.400 --> 00:19:59.680
Yeah, before about give us that
clarification. I just think that the

248
00:19:59.720 --> 00:20:03.559
ship price had moved because of the
issue with the taxes. But apart from

249
00:20:03.599 --> 00:20:07.079
that right issues, you usually come
even rights and public offers, you usually

250
00:20:07.079 --> 00:20:11.960
come out as a slight discount of
the market price because that's always advantage with

251
00:20:11.039 --> 00:20:15.880
the pos and the right issues.
But I think has given us that clarification.

252
00:20:17.039 --> 00:20:19.759
So yeah, like again, look
at the price as the future.

253
00:20:21.000 --> 00:20:25.160
Look at it and will access bank
take your nineteen point seventy five and make

254
00:20:25.240 --> 00:20:27.640
more money from it? That's the
question you want to ask your advisor,

255
00:20:27.799 --> 00:20:30.960
and when you get an answer,
then then do the needful, right,

256
00:20:32.039 --> 00:20:34.799
that's what you want to do.
Doctor any any other did you have any

257
00:20:34.839 --> 00:20:44.440
full of I appreciate that. Let
me get my Miley's, Miley's miles,

258
00:20:44.880 --> 00:20:52.359
miles of mine miles. I don't
find what's up. So my question is

259
00:20:52.400 --> 00:20:57.680
just from an educational perspective. So
we saw the acts of deity, seeing

260
00:20:57.759 --> 00:21:04.799
the proposed use of the firms that
we get from their own issue. So

261
00:21:06.680 --> 00:21:11.480
I'm not sure if disclosed their own
they have the end of the Let me

262
00:21:11.680 --> 00:21:17.119
let me just ask the question ahead, Okay, So at the end of

263
00:21:17.119 --> 00:21:19.559
the day, wearing these forms that
Baris and all the gods, do they

264
00:21:19.640 --> 00:21:27.079
actually disclose the propositions of the firms
as we used the proposal divis So so

265
00:21:27.839 --> 00:21:33.960
for investing Donkey, the amount invested
into the business is being used for the

266
00:21:33.119 --> 00:21:38.599
proposed visage. Great question, and
I think I'm usually on all public offers,

267
00:21:38.599 --> 00:21:41.319
you've got to disclose what you want
to do with the funds. And

268
00:21:41.599 --> 00:21:45.440
also for an investor, if you
read that document, it also tells you

269
00:21:45.880 --> 00:21:49.799
how you know how strategic the company
has been. Let's look at what ass

270
00:21:49.920 --> 00:21:53.559
wants to do the funds. Assess
wants to invest in new branches. They

271
00:21:53.599 --> 00:21:59.039
said they wan't use seven percent of
the funds for that. They want to

272
00:21:59.079 --> 00:22:03.000
invest in you in ems and purist
machines, don't use five percent of the

273
00:22:03.079 --> 00:22:06.799
funds for that. They want to
upgrade the existing ATMs and branches. They

274
00:22:06.880 --> 00:22:10.119
want to use three percent of funds
for that. They want to invest in

275
00:22:10.279 --> 00:22:15.519
network infrastructure twelve percent about forty one
billion or so for that. They want

276
00:22:15.559 --> 00:22:21.319
to invest in cybers security whoop woop, cyber security very important Nigeria. Eight

277
00:22:21.440 --> 00:22:23.799
percent is going to go there.
Then the big boys coming. They want

278
00:22:23.880 --> 00:22:29.000
to lend to corporate and commercial banking
segments forty five percent, so that there

279
00:22:29.079 --> 00:22:32.839
is money. Of cot course they
are because they are into the financial services.

280
00:22:33.079 --> 00:22:36.720
They want to lend to corporate and
commercial banking. They're learning to retail

281
00:22:36.880 --> 00:22:41.839
business segments about fifteen percent. Then
leading to the SNP is about five percent.

282
00:22:41.279 --> 00:22:47.319
So the local and national business expansion
is sixty five percent, it is

283
00:22:47.440 --> 00:22:52.119
twenty percent, and an investment in
just enhancing their own ditusion networks about fifty

284
00:22:52.160 --> 00:22:55.839
percent. So in essence, they're
investing in the business. The amount the

285
00:22:55.880 --> 00:22:59.000
reason why to go and buy bonds
which you just sit there. They want

286
00:22:59.039 --> 00:23:02.200
to invest in the business, which
goes back to the point, do you

287
00:23:02.400 --> 00:23:06.920
think ACCES is going to take your
nineteen point seventy five and grow it in

288
00:23:07.119 --> 00:23:10.720
earnings over the years. If the
answer is yes, based on their scope

289
00:23:10.720 --> 00:23:15.039
of we don't do the funds,
talk to your advisor and do the need

290
00:23:15.119 --> 00:23:22.599
for any full of movement that does
a little bit of justice. Well,

291
00:23:22.920 --> 00:23:26.599
I would just be a load is
like nearly point on, it would be

292
00:23:26.640 --> 00:23:30.319
a disclosure. That's okay. We've
used these forms for this amounts, probably

293
00:23:30.359 --> 00:23:33.680
like after three years or so,
because of course expansion takes time to be

294
00:23:33.799 --> 00:23:37.119
apprentice, take time. Yeah,
I think yeah, I'm gonna share the

295
00:23:37.319 --> 00:23:41.599
screenshot for you to do the funds, and I think the shortest period that

296
00:23:41.640 --> 00:23:45.039
they want to do any accomplishment is
two years from today. So in two

297
00:23:45.119 --> 00:23:48.240
years from today, I mean you
would see it. Banks are not quote

298
00:23:48.240 --> 00:23:51.880
and quote the government right when they
have ATMs, you'll see it. When

299
00:23:51.920 --> 00:23:55.759
there's new investments, you would see
it. When your it runs better and

300
00:23:55.920 --> 00:23:59.319
faster, you would see it.
So maybe that's why what you will see

301
00:23:59.359 --> 00:24:02.319
what you want to do. I'm
going to share this user proceeds also on

302
00:24:02.480 --> 00:24:06.640
the TL on my timeline, so
to see what we're talking about. And

303
00:24:06.680 --> 00:24:08.160
then that way when you talk to
your advisor, you can see this is

304
00:24:08.200 --> 00:24:11.359
what I want to do. Is
it a good deal and then they can

305
00:24:11.480 --> 00:24:15.400
basically do that for you. All
right, thanks, then they eliminate me.

306
00:24:15.559 --> 00:24:22.359
What's your mind? Allow me?
There? I mean allow me day.

307
00:24:22.440 --> 00:24:26.680
I've got allarm me decks to allow
me the only what's your mind about?

308
00:24:26.839 --> 00:24:33.720
JJ? JJ go ahead, J
hit me? What's happening? JJ?

309
00:24:33.559 --> 00:24:40.799
Okay, mister, I came,
I came is what's happening? Hey?

310
00:24:40.880 --> 00:24:44.319
I came? Hi? Go ahead? What's up? Okay? I'm

311
00:24:44.480 --> 00:24:48.599
not only contributing. Just here to
listen to what we're saying. A main

312
00:24:48.640 --> 00:24:56.839
positions that you can include the investing
or not to listen to what the person

313
00:24:56.839 --> 00:25:00.680
excellent? Excellent, Yeah, talk
to your advisor, read the prospectors what

314
00:25:02.039 --> 00:25:04.279
I'm giving you. Guys, have
an explainer, right, what right is?

315
00:25:04.720 --> 00:25:07.039
What? Don't do? The funds? And how you should look at

316
00:25:07.079 --> 00:25:11.480
the offer? Into that way,
you have better insights when you are talking.

317
00:25:11.839 --> 00:25:22.400
Let me get a raugh raffinadle if
the way you don't sorry, if

318
00:25:22.440 --> 00:25:27.000
you request to speak, just be
a handy and they do raffinad Go ahead,

319
00:25:27.319 --> 00:25:34.599
go ahead, sir. I think
plaid out the world detailed, right,

320
00:25:36.359 --> 00:25:41.640
but I think that you did drive
to make it more accessible in themselves.

321
00:25:45.279 --> 00:25:49.119
I say, make it more that
they will integrate it into the mobile

322
00:25:49.200 --> 00:25:55.400
app. A situation where you're going
to the bank and all that sometimes make

323
00:25:55.519 --> 00:25:59.000
some people, you know, but
I've heard you. Guys. You can

324
00:25:59.039 --> 00:26:04.559
get it on your apples again app, so refresh the app. You should

325
00:26:04.559 --> 00:26:08.680
be able to see the purchasing the
shares on your app. I use access

326
00:26:08.759 --> 00:26:11.920
Bank. I think it's on my
app. Is there? So if you

327
00:26:12.039 --> 00:26:18.400
have the latest access Bank access holding
this app, you should be able to

328
00:26:18.480 --> 00:26:22.960
see that. Yeah, yeah,
super excellent man, Thanks great, great

329
00:26:23.039 --> 00:26:30.319
comments. Neither you've got the floor? What's up? They do? Hit

330
00:26:30.440 --> 00:26:33.079
us? What's what's happening? Now? You heard your stop? Go ahead

331
00:26:33.079 --> 00:26:37.279
on mutes, the go ahead.
Come on, guys. I've got Echo

332
00:26:37.440 --> 00:26:41.680
stocks, Echo stocks, please go
ahead. Hey guys, your hand is

333
00:26:41.839 --> 00:26:45.200
up. I call you, you
know speak Echo stocks. Hey you don't

334
00:26:45.279 --> 00:26:52.160
go ahead? Hey, two questions
really, one is around. I'm curious

335
00:26:52.480 --> 00:27:03.079
your strategies. They expanded into African
and I think it was a few weeks

336
00:27:03.119 --> 00:27:06.160
ago. I think it was the
dtvc or. We said that we're not

337
00:27:06.279 --> 00:27:10.720
everywhere. These places don't make money. So I'm curious as to what you

338
00:27:10.839 --> 00:27:15.079
think about a suspense strategy of expanding
into so many countries in so many places,

339
00:27:15.079 --> 00:27:18.599
is it actually worth it and they're
making money? And the second point

340
00:27:18.680 --> 00:27:22.279
really is the comment that a lot
of people have made, is that even

341
00:27:22.400 --> 00:27:26.039
when you take the price and live
in the market now it was about nineteen

342
00:27:26.119 --> 00:27:30.119
forty, even had the biaugraphy,
it's still cheaper to just go and buy

343
00:27:30.200 --> 00:27:33.480
the shares in the market. What
is sent to take part in the right

344
00:27:33.559 --> 00:27:37.200
issue? What's the point? Why
would I buy? Yeah? So lemes

345
00:27:37.240 --> 00:27:41.519
on this way. So I believe
that there was a dating time that this

346
00:27:41.680 --> 00:27:45.640
offer was approved. Right at that
dating time, there was a nineteen percent

347
00:27:45.799 --> 00:27:49.759
discount when this offer was approved.
I think I remember was sent to credit

348
00:27:49.839 --> 00:27:52.799
about March to twenty eight. If
you had bought this offer at nineteen,

349
00:27:53.319 --> 00:27:59.400
you're in a nineteen percent discount on
the market price of twenty four dollars.

350
00:28:00.000 --> 00:28:03.759
Actions have come down a bit because
of this issue with the taxing. They're

351
00:28:03.759 --> 00:28:07.880
going to text them about fifty percent
or so of that forest revenue, admit.

352
00:28:07.000 --> 00:28:11.599
So I think the market has reacted
to that after the fact and after

353
00:28:11.759 --> 00:28:15.079
this has been published and comes to
the marketplace. But the point I'm making

354
00:28:15.200 --> 00:28:19.680
is that take look at the price, look as the access holders and ask

355
00:28:19.720 --> 00:28:22.759
yourself, is it a good price? That's really the question for me.

356
00:28:23.240 --> 00:28:26.119
If you want to buy it on
the floor on the right issue, ask

357
00:28:26.240 --> 00:28:30.440
your broker if you can get it, and you believe at nineteen point one

358
00:28:30.640 --> 00:28:36.799
five it represents a discount to the
intrinsic value, I think you go ahead

359
00:28:36.799 --> 00:28:38.839
and get it. Echo. I
think your question is valid, and I'm

360
00:28:38.920 --> 00:28:44.519
just saying overall, we have to
look at investment as the earnings rate,

361
00:28:44.720 --> 00:28:47.839
the earnings, the future earnings that
really is. And if we think that

362
00:28:47.880 --> 00:28:51.480
the ending is going to be at
a premium to what we have today,

363
00:28:51.559 --> 00:28:52.759
then of course we want to get
in today. So I think it's a

364
00:28:52.839 --> 00:28:56.160
good, good question of asks.
And that's really the reason why I think

365
00:28:56.359 --> 00:29:00.559
now you seem to have a bit
of parity with the share price. The

366
00:29:00.640 --> 00:29:03.960
share price, and I'd be very
careful here. The share price is not

367
00:29:04.200 --> 00:29:08.359
a material thing when you want to
buy stock. What is material to you

368
00:29:08.559 --> 00:29:12.240
are your earnings the company is going
to make it. The dividend endings to

369
00:29:12.359 --> 00:29:18.079
you the bonus and is to you
the future and exist what you want to

370
00:29:18.119 --> 00:29:21.799
focus on. There's no point buying
a store for one era if they're going

371
00:29:21.880 --> 00:29:23.799
to make one cover from that store. Right, you might not buy the

372
00:29:23.920 --> 00:29:26.920
store for amillion and make a million
from that store. You see what I'm

373
00:29:26.920 --> 00:29:30.680
saying? So is the earnings that
matter really that I need your driver to

374
00:29:30.759 --> 00:29:34.799
stock price? Not really just that
share price? Ze? What am I

375
00:29:36.200 --> 00:29:41.240
hit me? Okay, I'm going
to game. What's up? Man?

376
00:29:41.599 --> 00:29:45.759
Yes? I wanted to ask you
a question on the question on non existing

377
00:29:45.880 --> 00:29:55.599
shareholders to buy right yep? Okay
you said something about contacting our stock broadcast

378
00:29:55.960 --> 00:29:59.880
to get in contact with the shareholders
and the charge from them. Ye,

379
00:30:00.400 --> 00:30:04.240
So I wanted I wanted to ask, is it possible for this this stock

380
00:30:04.599 --> 00:30:10.839
brokers? Like I didn't want important
for them to be informed of digital apps

381
00:30:11.680 --> 00:30:15.960
because there is one I was introduced
to, like a Bamboo application, and

382
00:30:17.000 --> 00:30:21.160
I also know I want to take. I don't know about the planet applications.

383
00:30:21.160 --> 00:30:26.839
I would just stick with registered SEC
SEC approved stock brokers SEC approved apps

384
00:30:27.359 --> 00:30:32.759
and see being approved banks, right, so stock brokers are approved by the

385
00:30:32.880 --> 00:30:36.279
tales to stockbrokers, stick with those
ones. Banks are are approved by c

386
00:30:36.440 --> 00:30:41.000
being. Stick with those ones.
Then we have apps that second approved calig

387
00:30:41.079 --> 00:30:45.480
Wise, this approved Bamboo is approved. I don't know they have these apps

388
00:30:45.720 --> 00:30:48.880
on them. I was actually referring
to Bamboo. I think they are second

389
00:30:48.880 --> 00:30:52.279
approved. I think they are second
proved. So if they have it on

390
00:30:52.400 --> 00:30:53.759
their app, go ahead. The
reason why I say go to your bank

391
00:30:53.839 --> 00:30:57.519
because if I if I have if
I have stocks in act, if I

392
00:30:57.599 --> 00:31:00.599
have stocks with access holdings and I
want to sell, I will sell through

393
00:31:00.680 --> 00:31:04.839
my stockbroker. So it's your broker
that would know if the available rights for

394
00:31:04.960 --> 00:31:08.680
you to buy. There's no way
you would know justice if you want to

395
00:31:08.720 --> 00:31:15.000
buy and this available right, So
speak to your broker and say I'm interested,

396
00:31:15.079 --> 00:31:18.400
but I don't have access holdings.
How can I do this? They

397
00:31:18.400 --> 00:31:21.960
will be able to walk you through
together those shares. Yeah, all right,

398
00:31:22.039 --> 00:31:25.319
see excellent, You're welcome. Echo, welcome back here. I think

399
00:31:25.359 --> 00:31:27.519
it dropped off. Did you want
to have a comeback or will be good?

400
00:31:27.680 --> 00:31:33.920
Echo? Echo? Or I let
that lucky? Echo? Yeah?

401
00:31:33.920 --> 00:31:37.240
Go ahead? Did you have did
you have? I know you dropped off.

402
00:31:37.559 --> 00:31:38.920
I try to explain why I think
that was the difference. I think

403
00:31:38.960 --> 00:31:42.920
when when when the market with this
The share price in March twenty it was

404
00:31:42.920 --> 00:31:47.599
about twenty four, so it's reacted
after the fact. That's what I'm thinking's

405
00:31:47.640 --> 00:31:51.839
going on the echo. Yeah,
I think I take a point. You

406
00:31:51.920 --> 00:31:53.759
know that the shares will do what
they do. So I think, like

407
00:31:53.839 --> 00:31:56.359
you said, everybody has to make
a decision as to whether you think it's

408
00:31:56.400 --> 00:32:02.000
fairly or not. But my first
ques which was around the strategy of ass

409
00:32:02.039 --> 00:32:07.000
oh yeah, exactly African countries.
And when I called it a bit of

410
00:32:07.039 --> 00:32:10.880
a job that at the bank was
not named, but he said, look,

411
00:32:10.880 --> 00:32:16.119
we're not like banks so many countries
speak. I'm talking about Yeah,

412
00:32:16.119 --> 00:32:17.920
I hear you. I hear you. I said, you your question and

413
00:32:19.079 --> 00:32:22.839
justice order to access bank pers this
is more like strategy. Right. So

414
00:32:22.839 --> 00:32:30.920
Nigerians are the most traveled Africans right
and access banks in Nigerian Bank access bank.

415
00:32:30.039 --> 00:32:34.119
I know there was a long time
ago. I read it by Lebanon,

416
00:32:34.319 --> 00:32:37.799
you know, and I just like
Lebanon. Lots of Syrians, Lebanese

417
00:32:37.839 --> 00:32:39.920
in Nigeria and all that. So
if I was a bank, right,

418
00:32:40.160 --> 00:32:44.559
I want to be where there's business. You know, if I if I

419
00:32:44.799 --> 00:32:49.279
if I take my branch to either
hole in the United States, who knows

420
00:32:49.319 --> 00:32:52.160
me in Idaho, But if I
go to Atlanta where the Nigerians, I

421
00:32:52.279 --> 00:32:55.880
get a lot of business in Niger
from the Nigers in Atlanta. That also

422
00:32:57.000 --> 00:33:00.559
opens doors for me in America.
I means that in Niger, say I

423
00:33:00.640 --> 00:33:01.799
want to wire money to go to
their bank. Go once I'm want to

424
00:33:01.880 --> 00:33:05.680
Access bank the back who is Access
Bank? Then they start to know me

425
00:33:06.000 --> 00:33:08.279
and I'm able to get relationship lopatter
banks. So the point I'm making is

426
00:33:08.359 --> 00:33:13.599
that if they are Nigerians in China, it's easier for Access Bank to go

427
00:33:14.240 --> 00:33:20.119
to the Nigerians and to China there
where the Nigerians are than to sit just

428
00:33:20.200 --> 00:33:22.039
want to go open and open up
a brand new branch and all that.

429
00:33:22.480 --> 00:33:28.400
So Access is taking impleation that let's
go to where they are Nigerians and let's

430
00:33:28.559 --> 00:33:31.799
create this global sort of like like
what you have City Bank, Let's create

431
00:33:31.839 --> 00:33:36.799
this global banking brand. So if
you're in the Gambia or in Hong Kong,

432
00:33:37.039 --> 00:33:42.519
or you are important or exporting,
you have a Nigerian quote and quote

433
00:33:42.799 --> 00:33:46.279
it's from Nigeria, but you have
a global African bank that you can do

434
00:33:46.440 --> 00:33:51.759
business free, that understands your unique
you know, take on business. That's

435
00:33:51.839 --> 00:33:53.759
where I think they are going to
be. This you can't say it's a

436
00:33:53.880 --> 00:33:58.839
bad strategy. It's worked. People
have done it. You become a Google

437
00:33:58.960 --> 00:34:02.440
player, you get economies of scale, you get that branding. You also

438
00:34:02.480 --> 00:34:08.000
get access to international cap You're seeing
what access has raised from national bodies like

439
00:34:08.199 --> 00:34:12.599
Dutch FEMO. They've raised the largest
amount. I want to get the exact

440
00:34:12.639 --> 00:34:15.039
way that raised from Dotcha. You
heard about it. Dot Efilm was giving

441
00:34:15.079 --> 00:34:19.920
them funds. They able to get
all this fun because they're everywhere. So

442
00:34:20.159 --> 00:34:24.039
if I was a let's say I
was Heineken, and Heinaking is all across

443
00:34:24.239 --> 00:34:29.039
Africa. Un let's say I was
Smobile, or let's say I was added

444
00:34:29.119 --> 00:34:31.360
as which bank would I trade?
You do I actually to the bank that

445
00:34:31.559 --> 00:34:37.480
is everywhere. So if I pay
salaries in city, UK, that bank

446
00:34:37.559 --> 00:34:40.760
can pay salaries across the world for
me, although I asked me to significant

447
00:34:40.800 --> 00:34:45.000
say I want to go to this
bank and pick It's all strategy. No

448
00:34:45.199 --> 00:34:49.920
strategy is wrong, right, It's
how you implement what you want to implement.

449
00:34:50.239 --> 00:34:52.320
You might be different. You can
this the other pan and say,

450
00:34:52.400 --> 00:34:57.519
oh, your tragedy is wrong.
What is your strategy? Implement it and

451
00:34:57.639 --> 00:35:00.840
execute it completely good. That's really
what the shareholders want to see. And

452
00:35:00.880 --> 00:35:05.000
if you do yours better, then
you go. There's some banks in America

453
00:35:05.079 --> 00:35:09.000
that I have only one branch in
one city and they have billions in the

454
00:35:09.079 --> 00:35:14.519
part, and their banks that have
branches all across America and they also have

455
00:35:15.119 --> 00:35:21.880
billions. It's all about implementing your
own strategy. That's what I will say

456
00:35:21.920 --> 00:35:29.159
to that. All right, thanks, Let's get a Daytona. Like the

457
00:35:29.320 --> 00:35:37.480
name a Daytona, so deep?
What's your mind a Daytona. Let's get

458
00:35:37.559 --> 00:35:42.039
locky, looky, locky friend raised
on the score that looky? What'll say?

459
00:35:42.119 --> 00:35:52.599
Awesome? Talk to me? Yeah, go ahead, looky, Okay,

460
00:35:52.639 --> 00:35:53.920
I can hear you. It is
your audio. Fix your audio,

461
00:35:54.039 --> 00:36:01.199
looky, fix the audio you hit
me for. Look you come looky,

462
00:36:01.400 --> 00:36:05.840
okay, look you just come right
back. Yeah. I can hear it.

463
00:36:05.880 --> 00:36:07.079
I'm lucky. I can hate lock
you. Okay, let you hold

464
00:36:07.079 --> 00:36:12.719
on Lockie speaking and what I'll call
you? Look you go ahead. I

465
00:36:12.840 --> 00:36:19.960
just wanted to clarify that you can
actually go through the access bank websites even

466
00:36:20.000 --> 00:36:25.400
if you're not account home to get
to your rights. You need to do

467
00:36:25.519 --> 00:36:30.719
is websites, even if you don't
have the access bag more up. Go

468
00:36:30.840 --> 00:36:36.079
to the website and to direct you
you just because you're details your SS number

469
00:36:36.159 --> 00:36:39.880
and your sh number and be able
to see what what's available to use,

470
00:36:39.960 --> 00:36:45.400
buy and you can be be able
to transact on it. Ton't you just

471
00:36:45.519 --> 00:36:49.880
like to paying for something online.
We're actually just taking up your rights and

472
00:36:49.960 --> 00:36:53.559
if you need more climates than that, you can just say allow being able

473
00:36:53.559 --> 00:36:58.639
to assist you. So loky saying, just like buying stuff online, Go

474
00:36:58.840 --> 00:37:01.199
onto the app. Collect the app. It will tell you what you have.

475
00:37:01.320 --> 00:37:05.199
So look at this is for existing
right because you have it's a right

476
00:37:05.360 --> 00:37:12.400
office. No, I mean the
offer is the right office. So it's

477
00:37:12.440 --> 00:37:15.480
going to be for the existing show. Okay, okay, So if I

478
00:37:15.559 --> 00:37:19.239
have shares, I go to the
app. If I don't have shares,

479
00:37:19.320 --> 00:37:30.400
I talk to my broker and all
that perfect four tents of August we see

480
00:37:30.440 --> 00:37:32.079
that time. But guys, do
it now, get that right, cut

481
00:37:32.159 --> 00:37:36.480
the check and send it. But
if you wait, that money will go

482
00:37:36.599 --> 00:37:38.480
somewhere else. When you have money
that whends people will call you and say

483
00:37:38.800 --> 00:37:42.400
I want to build house or some
and some. So if you have the

484
00:37:42.480 --> 00:37:45.880
money, do it now, lock
it away, move on. There are

485
00:37:45.920 --> 00:37:47.800
lots of offers that are going to
come move on with this. If you

486
00:37:47.840 --> 00:37:51.519
want to do this right, don't
delay too much and stay let me wait

487
00:37:51.639 --> 00:37:53.440
yeah, lock it in, send
a check is done. You move on.

488
00:37:53.559 --> 00:37:57.719
You get more money, right,
locky, appreciate your clear find out

489
00:37:57.760 --> 00:38:00.559
for me. Thank you so much. All right, they do. You've

490
00:38:00.599 --> 00:38:04.280
got the floor. Thanks for hanging
in there. Thank you. Mister.

491
00:38:06.239 --> 00:38:10.840
You inventially assess bank access holdings.
Sorry, it's in my head. It

492
00:38:10.920 --> 00:38:17.679
is access holdings. Okay, this
right you're talking about, is it really

493
00:38:20.519 --> 00:38:27.719
access holdings access holdings? It's all
right, some of that is right in

494
00:38:27.880 --> 00:38:37.480
access access holdings. Do they do
access holdings? So the holdings owns all

495
00:38:37.679 --> 00:38:43.440
those are listened to you, all
those access bank mos am, big Access

496
00:38:43.599 --> 00:38:52.079
pensions, access insurance, access wonder, that's what you're buying into. Does

497
00:38:52.119 --> 00:38:57.119
that make sense? They do access
holdings. Is the corporation that is raising

498
00:38:57.320 --> 00:39:04.199
capital, and that corporation has got
subsidiaries Hydrogen, access pensions, insurance brokers,

499
00:39:04.440 --> 00:39:09.840
access bank. They are all subsidiaries
of access holdings. So this is

500
00:39:09.920 --> 00:39:16.280
the right of of access holdings and
access holdings owns, Access bank and all

501
00:39:16.400 --> 00:39:22.400
these sort of pensions Access Bank,
Gambia, Access Bank, Towander. Just

502
00:39:22.679 --> 00:39:27.440
so that makes it no, sir, yeah, thank you. You know,

503
00:39:28.159 --> 00:39:32.360
Access Bank is known for buying or
acquired banks. Any plan of with

504
00:39:32.519 --> 00:39:37.880
this funding, any plan of buying
more banks and agelia, why did they

505
00:39:38.000 --> 00:39:44.519
buy We don't know why they didn't
buy a specific bank, but it's listed

506
00:39:44.639 --> 00:39:47.079
there in part of the distribution of
funds that they are going to do local

507
00:39:47.320 --> 00:39:52.559
and international expansion. So they've told
us about sixty five percent is going to

508
00:39:52.599 --> 00:39:55.280
go towards that expansion of the business. That would include, of course buying

509
00:39:55.719 --> 00:39:59.119
I'm not sure why they didn't buy
a particular bank. We can not that

510
00:39:59.239 --> 00:40:01.159
answer. The point for us is
that they're going to, of course to

511
00:40:01.360 --> 00:40:06.760
grow. You grow organically, which
is it just grew yourself for you also

512
00:40:06.840 --> 00:40:12.599
grew by purchasing our partners. That's
fits of your strategy and of course your

513
00:40:12.679 --> 00:40:15.719
brand. So I'm pretty sure we'll
see more of that going on line.

514
00:40:17.039 --> 00:40:21.199
All right, let me get Larry
o helby. Thank you, they do,

515
00:40:21.559 --> 00:40:25.639
Larry o'helby, you've got the floor. Go ahead, Carlo and Goodie

516
00:40:25.719 --> 00:40:30.519
and everyone. Then yeah, I
guess. Then we first of all start

517
00:40:30.639 --> 00:40:37.360
with a very clear disclosure. So
I work for a firm called chop Hole.

518
00:40:37.480 --> 00:40:42.039
Dan. We are the lead advisor
on this right issue. So I

519
00:40:42.119 --> 00:40:45.480
felt, you know, I mean
listening and some very good questions, very

520
00:40:45.559 --> 00:40:50.599
valid questions. So we'll be you
know, would like you know, answer

521
00:40:50.719 --> 00:40:57.519
some and just provide clarity what's going
on. So the object that I believe

522
00:40:57.559 --> 00:41:00.960
everyone here people asking questions I existed
shareholders. So as he rightly said,

523
00:41:01.039 --> 00:41:07.679
as the right issues predominantly cater into
existing shareholders. So I would be speaking,

524
00:41:07.880 --> 00:41:10.199
you know, to the owners of
Access Bank, which are the people

525
00:41:10.280 --> 00:41:19.960
asking questions. Two reasons for this
transaction. They see that, you know,

526
00:41:20.159 --> 00:41:24.320
banks need to recapitalize, so on
that basis, the bank has going

527
00:41:24.400 --> 00:41:28.800
to go raise capital. But the
second of all, the bank has been

528
00:41:28.920 --> 00:41:34.239
expanding and to fund that expansion,
they're also on the you know, undergoing

529
00:41:34.280 --> 00:41:39.000
this transaction. So as shareholders,
the bank need requires you to support them

530
00:41:39.119 --> 00:41:44.000
in this journey. So why should
you buy the rights or why should you

531
00:41:44.119 --> 00:41:46.360
buy in the market. I think
clearly people have stay said if you buy

532
00:41:47.039 --> 00:41:51.800
in the market there are additional charges. But I think if you buy the

533
00:41:51.880 --> 00:41:54.800
market, the ash or the funds
you put into the market does not go

534
00:41:54.920 --> 00:41:59.960
to the bank to fund this growth. So it's very important that as share

535
00:42:00.159 --> 00:42:06.559
holders that you should follow your rights
to support the bank in its expansion and

536
00:42:06.719 --> 00:42:12.079
also to prevent you from being diluted. There are various investors, foreign investors,

537
00:42:13.280 --> 00:42:16.199
pension funds, corporates, H and
I s who are going to before

538
00:42:16.679 --> 00:42:22.039
or learn their rights and likely pick
up more. So to prevent you from

539
00:42:22.079 --> 00:42:27.119
being diluted, it's instructive that you
follow your rights. So the questions around

540
00:42:28.119 --> 00:42:31.920
expansions of the bank where they're doing, some other banks claiming that some markets

541
00:42:31.920 --> 00:42:36.719
are not profitable. I think you
need to study those banks themselves. I

542
00:42:36.840 --> 00:42:40.719
can also are looking to expand across
the continent. They're starting later that Access

543
00:42:42.079 --> 00:42:45.280
so of course understands at a competition
going to some people who speak bad or

544
00:42:46.280 --> 00:42:49.639
you know, in some kind of
competitive tones to say, hey, what

545
00:42:50.199 --> 00:42:53.519
the back bank is doing is not
proper. You know, I think you

546
00:42:53.519 --> 00:43:00.440
should also study what the sector is
doing. For clarity. You look at

547
00:43:00.480 --> 00:43:06.679
a Q one numbers of Access Bank, fifty one percent of profits came from

548
00:43:06.719 --> 00:43:13.599
outside Nigeria. That's FX. It's
the best hedge you can have in the

549
00:43:13.679 --> 00:43:15.519
market here in Nigeria where we all
know what we're going through and it comes

550
00:43:15.559 --> 00:43:20.239
to foreign exchange, the bank is
very very deliberate in what they're trying to

551
00:43:20.360 --> 00:43:23.559
do in terms of that expansion planets. They're in the UK. Access today

552
00:43:23.639 --> 00:43:29.880
is the biggest African bank in the
UK and they have you know, target

553
00:43:29.960 --> 00:43:32.239
of you know, you know,
posting amost of the billion dollar listing profits

554
00:43:32.719 --> 00:43:37.360
you know, you know in the
coming years. So I think, as

555
00:43:37.440 --> 00:43:40.480
klo has you know, said,
people need to wig the documents on the

556
00:43:40.599 --> 00:43:46.880
standing of being be able to decipher
what's fact and what's fiction. But I

557
00:43:47.000 --> 00:43:51.960
think the bank has been very very
clear and our shareholders, you will be

558
00:43:52.039 --> 00:43:55.519
following the bank's history, you know, barely ten years ago those back number

559
00:43:55.639 --> 00:44:00.840
seventy five and over this period of
bank number one interesting continue to maintain that

560
00:44:00.920 --> 00:44:06.039
they want to be the top ten
bank in Africa, so beyond Nigeria,

561
00:44:07.159 --> 00:44:09.519
and this is going to translate it
to the bigger process and bigger dividends.

562
00:44:09.719 --> 00:44:15.039
So guing plorn you know, shareholders, follow your rights. It's your bank,

563
00:44:15.119 --> 00:44:20.360
you own the bank. I need
disappointed in all this growth and I

564
00:44:20.440 --> 00:44:24.000
think, you know, I think
over the long term you see the benefits

565
00:44:24.039 --> 00:44:30.079
of this investment. So pose there
and just listening. But Larry, Larry,

566
00:44:30.400 --> 00:44:32.599
excellent, excellent, excellent point.
Let me just recap again what Larry

567
00:44:32.639 --> 00:44:37.440
says. Number one, when you
buy the rights, your funds are going

568
00:44:37.519 --> 00:44:40.320
to the bank. What I mean
is if I if I buy Access Bank

569
00:44:40.360 --> 00:44:43.800
shares on the floor, then I
just talk exchange. I'm just trading with

570
00:44:43.880 --> 00:44:47.199
somebody else. But when I buy
the rights the bank your bank, because

571
00:44:47.239 --> 00:44:52.320
you have a rights holder, your
shareholder, it goes to Access Holdings.

572
00:44:52.000 --> 00:44:59.519
So Access Holdings is investing your funds
to grow that whole brand. That's number

573
00:44:59.559 --> 00:45:02.199
one. Number two, did you
hear him say if something of the revenues

574
00:45:02.280 --> 00:45:06.519
for revenues came from outside Nigeria?
Did you hear him say that? So,

575
00:45:06.800 --> 00:45:12.199
if you hold naira and you take
nayra and you buy Access Holding,

576
00:45:13.039 --> 00:45:16.679
you are hedging your naira. If
I head look at it that way,

577
00:45:17.119 --> 00:45:22.320
just big picture, you are buying
into an organization that this clean business outside

578
00:45:22.440 --> 00:45:25.559
Nigeria. That's a hedge right there. Then do you hear him talk about

579
00:45:25.599 --> 00:45:30.480
the UK where it's just Access is
the largest African bank in the UK.

580
00:45:30.840 --> 00:45:32.920
Did you hear that? So,
guys, this is what you want to

581
00:45:32.920 --> 00:45:37.119
talk to your advice and say.
The guy on the space said this.

582
00:45:37.360 --> 00:45:42.320
If if he hold, this company
has these characteristics and they're asking me to

583
00:45:42.440 --> 00:45:47.519
invest naira at nineteen point seventy five. Should I invest? If your advice

584
00:45:47.519 --> 00:45:51.719
I said it's a good deal is
helping. Let me say this guy,

585
00:45:51.880 --> 00:45:54.119
we have to with this. Were
almost in an an hour, so we

586
00:45:54.239 --> 00:45:57.880
have to shot down at this by
eleven fifty. Let me give you guys

587
00:45:57.920 --> 00:46:00.239
this promise. I'm going to do
this again. We'll not do this thing

588
00:46:00.320 --> 00:46:04.519
because I can even the d MS. I can read the DMS, so

589
00:46:04.760 --> 00:46:07.920
I will take my time. If
you have a question, send the d

590
00:46:07.119 --> 00:46:10.119
M. If I can answer it, I will send it to Access and

591
00:46:10.239 --> 00:46:14.920
they will to get back to you
on that. Send me the DMS.

592
00:46:15.000 --> 00:46:20.440
Right, But we're going to have
another space again, either on Thursday or

593
00:46:20.559 --> 00:46:23.000
Saturday. But I'll let you guys
know so we can have more times to

594
00:46:23.239 --> 00:46:30.480
talk real time and to get experts
and access workers have come. Access issue,

595
00:46:30.679 --> 00:46:31.960
she has has come. That's what
you guys want, So let me

596
00:46:32.039 --> 00:46:36.440
shut up and let's take at least
moved about three to five and then will

597
00:46:36.519 --> 00:46:39.920
shut down the space. I am
Adams, Larry. I appreciate you coming

598
00:46:39.960 --> 00:46:43.519
in and saying that that was very
very helpful. Thank you so much.

599
00:46:43.960 --> 00:46:52.000
I am Adams, You've got the
floor. Oh it's good. I actually

600
00:46:52.079 --> 00:47:01.199
want to these question to you before. Right, Yeah, I work with

601
00:47:01.800 --> 00:47:07.800
bank and I had a lot of
shielders that I've not picked up their rights.

602
00:47:07.199 --> 00:47:12.480
So initially you said to those that
did not pick up their rights that

603
00:47:12.960 --> 00:47:15.079
anybody, any shower that wants to
pick up that does. No one to

604
00:47:15.119 --> 00:47:20.679
their allies can say it and make
money. Well listening in the special here,

605
00:47:20.760 --> 00:47:23.079
but I don't show that do not
pick up their rights. And it's

606
00:47:23.320 --> 00:47:27.159
actually so because at the end of
the day, to be so to people

607
00:47:27.199 --> 00:47:30.000
want it, we just shield the
benefits for me. We is going to

608
00:47:30.119 --> 00:47:38.960
get the money when when when it's
sued. So if you sell your rights,

609
00:47:42.039 --> 00:47:45.119
someone's going to pay for it,
and that person is a little to

610
00:47:45.199 --> 00:47:50.119
buy their rights, have to pay
for those shares that you've given it up,

611
00:47:50.920 --> 00:47:53.840
so that the rights that you sold
the tactical to you to tell that,

612
00:47:54.320 --> 00:47:59.679
but that buyer I still have to
buy those rights. So those cars

613
00:47:59.719 --> 00:48:02.320
that we're going to sense I want
to see them what he's going to access,

614
00:48:02.480 --> 00:48:05.880
Yes it is, but that's the
process. Right, So we raise

615
00:48:05.960 --> 00:48:10.440
this money the sec the regulator,
right, and the CBN there's a process

616
00:48:10.440 --> 00:48:15.119
where they have to go through the
awarcement and make sure there's a legit funds.

617
00:48:15.679 --> 00:48:20.800
If everything isn't declared, they approved
the proceeds, mental fees and whatever

618
00:48:20.880 --> 00:48:23.760
it is goes to the bank and
the bank will go ahead and invest the

619
00:48:23.880 --> 00:48:28.800
base as disclosed in the right circular. Now, so I mentioned how do

620
00:48:28.920 --> 00:48:34.920
you know it's done? So the
SEC and the CBN does track user proceeds.

621
00:48:35.360 --> 00:48:37.559
So's they'll be they'll be engaged with
the regulator to say, hey,

622
00:48:37.719 --> 00:48:42.639
I've done except on't y and the
rest is short. If the whatever's in

623
00:48:42.719 --> 00:48:47.400
that document is what they're going to
do. What's the original question? Yes,

624
00:48:47.559 --> 00:48:51.639
you sell, You're right, I
see, I'm the buyer. I

625
00:48:51.800 --> 00:48:55.079
pay you whatever the the fees are
for the costs for those rights, and

626
00:48:55.159 --> 00:48:59.159
I still have to buy those shares. You've given up to that castal to

627
00:48:59.239 --> 00:49:02.079
go to the access. So Larry
keep quick Quick pointed that means that you

628
00:49:02.400 --> 00:49:07.159
have to sell the right. You
just can't say I'm not taking it up

629
00:49:07.239 --> 00:49:12.079
and you get cash. You've got
to make the airport to sell. You

630
00:49:12.159 --> 00:49:19.599
have to you can sell to do
anything. No, I mean if I

631
00:49:19.639 --> 00:49:25.840
want cash, if I'm a shareholder. If I'm a shareholder, yes,

632
00:49:27.880 --> 00:49:31.960
yes, listen, I'm not picking
up my rights. I want to sell

633
00:49:32.039 --> 00:49:37.320
them and your broker will go into
the market for buyers. Whatever the market

634
00:49:37.400 --> 00:49:40.000
prices, that would be the price
excellent. So that so don't just sit

635
00:49:40.079 --> 00:49:44.880
down and don't leave say I'm not
interested. Make the airport to strewch out

636
00:49:44.920 --> 00:49:47.360
to your bank, your broker and
say I would like to trade my right.

637
00:49:47.440 --> 00:49:51.119
That's the point. If you leave
it alone, nothing will happen.

638
00:49:51.360 --> 00:49:54.239
Make sure you reatur and you get
cash for that right that you want to

639
00:49:54.280 --> 00:50:00.320
take up. Sheddy, You've got
the floor, Sheddy, how are you

640
00:50:00.400 --> 00:50:08.320
doing fine? Thank you? I
just stumbled on this space. I had

641
00:50:08.400 --> 00:50:15.119
the por knowledge of this whole thing, so I'm too quickly ask in what

642
00:50:15.320 --> 00:50:22.199
the nomination is this offer? In
what comment is this Nira? Yeah,

643
00:50:22.239 --> 00:50:25.639
it's issued in Nigeria. So if
you're buying my front, ninety guys going

644
00:50:25.719 --> 00:50:30.039
to be in Nira. That's one
of the advantages that line has shared with

645
00:50:30.159 --> 00:50:32.599
us. Now you're buying Nira,
but you're now exposing that I had to

646
00:50:32.679 --> 00:50:39.519
get anything from outside Nigeria. So
you want to the minimum. No,

647
00:50:39.639 --> 00:50:44.480
it's a right issue. It's been
sold for nineteen point seventy five pop.

648
00:50:44.599 --> 00:50:47.079
Right, so p para right.
So if you're interested in taking it up,

649
00:50:47.079 --> 00:50:52.440
if you already own access bank shares, access holdings, you should already

650
00:50:52.519 --> 00:50:55.400
have that notification if you don't speak
to a broker and say you'd like to

651
00:50:55.440 --> 00:50:59.760
take advantage of it. If you
look at my tear, I've shared the

652
00:51:00.199 --> 00:51:04.199
the form to fill out, also
share the use of funds and all that.

653
00:51:04.320 --> 00:51:07.480
So it's all indy there for you. Also just Google. I just

654
00:51:07.599 --> 00:51:09.320
bed upon it. And then if
you have a specifig question, of course

655
00:51:09.360 --> 00:51:13.760
you know me, hit me up
and thank you, thank you, thank

656
00:51:13.800 --> 00:51:19.880
you for before the exposite. Thanks
appreciate that. Okay, guys, I

657
00:51:19.960 --> 00:51:27.000
want a question to ask a question
very quickly, real good around the idiots

658
00:51:27.239 --> 00:51:30.719
for Access Bank Share is my first
time treading. I'm thinking about it after

659
00:51:30.800 --> 00:51:35.840
that body was started. So I'm
just thinking, what's the viability of the

660
00:51:35.960 --> 00:51:40.639
access bank share pertformed the most research. Let me answer this way. This

661
00:51:40.800 --> 00:51:44.559
is the point of middle over and
over again. Right, when you buy

662
00:51:44.960 --> 00:51:47.800
any share, any share, what
you are saying is that you are buying

663
00:51:47.840 --> 00:51:53.000
that share at a discount today to
its future earnings. So the question you're

664
00:51:53.079 --> 00:51:59.199
asking yourself that do you think if
you give Access Bank nineteen NIRA seventy five

665
00:51:59.320 --> 00:52:02.320
Google, you think they will return
it back to you with the profit tomorrow?

666
00:52:02.559 --> 00:52:07.519
That's your question. Because share price
is look into the future future earnings.

667
00:52:07.920 --> 00:52:13.039
So once you ask that question in
the stock market, we say past

668
00:52:13.119 --> 00:52:15.199
performance. It's not a guarantee of
future earnings, right, we say that,

669
00:52:15.559 --> 00:52:21.000
So you want to ask yourself,
is this a discount to future earnings?

670
00:52:21.039 --> 00:52:23.719
If ACCES is going to go into
left Band, they're gonna go into

671
00:52:23.800 --> 00:52:28.239
Hong Kong, they're going to go
to the US, all those countries and

672
00:52:28.320 --> 00:52:31.800
they're going to increase their earnings.
Am I buying at a price today that

673
00:52:31.920 --> 00:52:37.880
it represents a discount to that future? The answer is yes, doing this

674
00:52:37.239 --> 00:52:39.760
that's really how you look at it. Yeah, for not just this,

675
00:52:40.400 --> 00:52:46.000
for all stocks. The same principle
is stop represents the present value of the

676
00:52:46.079 --> 00:52:51.079
discount earnings. So you want to
buy at a price that is at a

677
00:52:51.320 --> 00:52:55.079
discount to what has been the intrinsic
value. That's what you're trying to do.

678
00:52:55.320 --> 00:52:59.800
All this language, that's what we
are trying to actually do, right,

679
00:53:00.760 --> 00:53:02.599
all right, all right, thank
you excellent. So let's do ICE,

680
00:53:02.719 --> 00:53:06.360
and I think after Ice will sort
of close it down. Tako,

681
00:53:07.000 --> 00:53:09.199
Larry is here sort of close it
down, and like, I promise we

682
00:53:09.480 --> 00:53:14.639
don't space on this so you can
have more. Have a look at DMS.

683
00:53:14.840 --> 00:53:17.000
So it's crazy. So Ice,
you're going to close this down?

684
00:53:17.159 --> 00:53:24.000
Ice? What's what's ice? Once
your eyes go for it? Yah?

685
00:53:24.039 --> 00:53:30.960
Ice, go ahead, Yeah,
yeah, thank you so much for Yeah,

686
00:53:30.000 --> 00:53:35.559
let's get It's the question. Okay, I want to ask, I'm

687
00:53:35.639 --> 00:53:43.360
actually naive with all these Okay,
I want to ask, where do I

688
00:53:43.480 --> 00:53:49.679
get to meet a broker? Pleace? Like, and can I invest about

689
00:53:49.719 --> 00:53:53.199
two hundred k? This more?
Yes, you can meet a book you

690
00:53:53.320 --> 00:53:57.039
can invest two hundred thousands. I
don't. I don't think your own share

691
00:53:57.079 --> 00:53:59.840
an access to it. So the
best now advice too is to walk into

692
00:53:59.880 --> 00:54:05.320
an access access bank share and speak
to them, or just google stock brokers

693
00:54:05.400 --> 00:54:09.559
in Nigeria google SEC registered stock brokers. Many will pop up. Go to

694
00:54:09.639 --> 00:54:13.320
any of them, the many I
always talk about. So just go to

695
00:54:13.360 --> 00:54:16.039
anyone that is SEC registered. They
will take care of you if you look

696
00:54:16.079 --> 00:54:20.239
at them. On this train,
there's Abba Abba is there? There's low

697
00:54:20.280 --> 00:54:22.960
key they bo for access bank send
them a DM. I'm sure they'll walk

698
00:54:23.039 --> 00:54:27.280
you through it, right, last
one to speak is going to be bored

699
00:54:28.440 --> 00:54:32.960
all out. Both they are best
seen again police kill the name. But

700
00:54:34.320 --> 00:54:38.000
yeah, go ahead, last yeah, go ahead. Yeah yeah. So,

701
00:54:38.480 --> 00:54:43.880
I mean thanks for on this goal. I just had like one question.

702
00:54:44.079 --> 00:54:47.599
So I understand that Access you know, as mixed money from showing from

703
00:54:47.760 --> 00:54:55.440
following markets, but if they earned
that income is even saying so yeah.

704
00:54:55.519 --> 00:55:00.199
So that's one question, and then
the other one is about like I think

705
00:55:00.599 --> 00:55:09.920
less than so like the negative negative
yeah, so, but I get the

706
00:55:10.000 --> 00:55:14.360
second question first, I think Larry
has explained that you know, when you

707
00:55:14.559 --> 00:55:19.039
buy from Access Holdings, your money
is going to Access Holdings, So it's

708
00:55:19.079 --> 00:55:22.719
good to allow Access Holdings to implement
this plan that they want to do these

709
00:55:22.800 --> 00:55:28.920
investments in material men and locations to
grow your earnings. So if you want

710
00:55:28.960 --> 00:55:32.199
to grow your earnings, you want
to buy directly from Access Holding so that

711
00:55:32.280 --> 00:55:37.960
way you can grow the holding companies
earning. That's that's why you want to

712
00:55:37.039 --> 00:55:43.320
go through them. The second qersons
to wit to taxation. If Access Holdings

713
00:55:43.400 --> 00:55:46.599
makes a profit, right, then
of course the profit that let's say Access

714
00:55:46.719 --> 00:55:51.760
Rwanda makes a profit. So access
to Wanda is going to send a dividend

715
00:55:51.920 --> 00:55:55.159
to Access Nigeria. Correct, So
it's Access niger that is taxing two two

716
00:55:55.199 --> 00:56:01.119
percent, but you have access to
Rwanda access Gaining access UK there will give

717
00:56:01.199 --> 00:56:06.480
you an exposure, so it's a
different thing now better than exposure to those

718
00:56:06.559 --> 00:56:10.960
Anything in those countries sort of hedge
your positions. So just holding access holdings

719
00:56:12.159 --> 00:56:15.039
is in effect a kind of a
hedge taxes. Your everyone's going to pay

720
00:56:15.119 --> 00:56:19.400
tax. This is a one time
tax deal they are talking about in Nigeria,

721
00:56:19.719 --> 00:56:22.639
a one time pack deal on for
xt revaluations. That's when actually passing

722
00:56:22.679 --> 00:56:28.119
the bill, so no normal company
income tax would apply going forward. I

723
00:56:28.239 --> 00:56:31.000
believe unless they're going to keep on
passing one time doesn't make any sense.

724
00:56:31.039 --> 00:56:35.400
So that's how I'll answer that.
Larry, Can we just have you give

725
00:56:35.480 --> 00:56:38.880
us like your closing real real quick
and then from there I forty problem will

726
00:56:38.960 --> 00:56:43.000
have this again and I hope you
will be there trying to missus in the

727
00:56:43.119 --> 00:56:47.800
DMA. Thanks Carl. I just
think just to reiterate, you know I

728
00:56:47.960 --> 00:56:52.400
shareholders, and I use this word
you know quite firmly your owners of the

729
00:56:52.480 --> 00:56:55.760
bank. You want to see your
bad growth I want to see your band

730
00:56:55.800 --> 00:57:00.159
continue to expand I want to see
a bad pay very big, big dividends.

731
00:57:00.719 --> 00:57:05.360
You have to invest and support this
transaction. You have to follow your

732
00:57:05.440 --> 00:57:09.400
rights. You know. I guess
Calible hosters together that maybe I'm available or

733
00:57:09.519 --> 00:57:17.199
try and joy, But I think
it's an opportunity for shareholders to continue this

734
00:57:17.360 --> 00:57:22.599
journey. And you have the history, You've seen it grown. You see,

735
00:57:22.679 --> 00:57:24.960
you see your dividends being paid.
So yeah, dividends twice a year

736
00:57:25.000 --> 00:57:30.360
when you give it into you know, you know and get a full year

737
00:57:30.760 --> 00:57:34.920
dividend has been paid years of years
and years and this can only get bigger

738
00:57:35.599 --> 00:57:38.880
as the band continues to grow.
So offer is closing on the fourteenth of

739
00:57:38.960 --> 00:57:45.599
August. I think they've been mentioned
about outlets your broker, the access app,

740
00:57:45.199 --> 00:57:50.880
I will say the n g X
has also been quite innovative and creating

741
00:57:50.920 --> 00:57:55.159
a platform for people to buy share
that participating in these transactions on their platform

742
00:57:55.960 --> 00:58:00.199
Charcoal Hill that has advisors and this
also has digital plots. So speak to

743
00:58:00.239 --> 00:58:06.079
your broker, go to Access more
you can call you know the customer service

744
00:58:06.119 --> 00:58:09.320
and my chapel Hill and then also
go to the NX on your phone on

745
00:58:09.440 --> 00:58:15.239
your laptop looking follow your rights,
so we'll talk. You know when to

746
00:58:15.280 --> 00:58:22.079
speed excellent excellence on a personal known
I've known Access from Key Bank days I

747
00:58:22.199 --> 00:58:27.519
Herberts, So the people we talk
about the numbers. But again, the

748
00:58:27.840 --> 00:58:32.760
people behind this institution are good people. Let me just end the spacelight like

749
00:58:32.840 --> 00:58:36.599
that. They are good people.
So let's see how it goes. Thanks

750
00:58:36.639 --> 00:58:38.920
guys for hanging in here. Thanks
about thanks looking for Access Bank. Thanks

751
00:58:38.960 --> 00:58:44.320
everyone has contributed. We'll do this
again. I'm gonna hop off if you're

752
00:58:44.360 --> 00:58:46.239
interested with I have an on the
space I'm gonna go to. But I

753
00:58:46.440 --> 00:58:50.519
do pretut you guys hopping in here. I'm gonna go now to the d

754
00:58:50.719 --> 00:58:53.760
MS and asking them, like I
said, get information, speak to your

755
00:58:53.920 --> 00:58:59.880
advisor before you invest. Guys.
I'll see you guys again. Thank you

756
00:59:00.239 --> 00:59:01.400
so much. Have a good day
and by