Hey, hello everyone, and good evening. Once again. Welcome to another
money space with me calu Aja. Of course here we're talking personal finance,
the economy and of course investing. This week we're gonna have a talk around
you know, investing in bank shares. As you're aware, the Central Bank
of Nigeria has asked all Nigerian banks to recapitalize. What that means is they've
asked all the Nigerian banks to raise their capital. Meaning you've got to go
to your equity side bringing new investment funds. So like you know how you
have a shop, right and I want to start that shop with a thousand
naira. So now the central Bank has actual shop owners to increase that thousand
has to say ten thousand. So they want you to increase your capital what
you're doing business with, and you can use that capital for whatever you want,
right, but you've got to introduce that capital into the bank and then
the bank will then roll out saying new branches or acquire new operations and the
capital based structurally support of that bank now gets enhanced. That's essentially the simple
terms what's going on. So we don't see a lot of Nigerian banks from
now till until the deadline is done. You see those nigiant banks come out
and say, hey, well I want to raise capital and all that.
Right, So this week we want to talk a little bit about the access
of our want, what it all means, what you do to those terms
you see on the offer mean, and you you can use them for just
any other offer, because they're gonna get right of us going forward from any
other inety show. But this will give you a point out to how you
should review those offers when you get them and all that. So I shared
a trend yesterday. It would help if you could just go to the trend.
You would see where I've talked about the access bank trend access bank or
five. I did the trend to put the prospectors there right, and you
would see the way it's saying Access Holdings PLC rights issue of about seventeen a
million or no IS shares at nineteen point seventy five more? Do all this
mean? That's what I'll just talk around. So I'll just do an explainer
right then. If you have questions, either do a DM or request to
speak. I will take them. Let me just explain to you from using
the chatter in front of me. Right. So first of all, the
word there is rights issue. What does the rights mean? So when the
company goes public, the first time you create a company, for instance,
it's going to be a private company. So you create your own company,
maybe you're your brother owned the company. That's going to be like a living
tepliablity company. Then unless you not get bigger, you want to bring in
you investors, then you go public. Public means you are selling your shares
to the general public to invest in your capital. When you sell your shares
to the public, that's why you don't have PLC with the public labaty company
right, so limited now to us to PLC. So Access Holding the PLC,
which means their shares are held by the public. Right now. When
you issue your shares for the first time, that's an IPO, an initial
public offer. So the first first first time you share your shares to the
public, that's an initial public offer. After then when you tell your shares
to the public, it's going to be a public offer. In this instance,
Access Holdings is doing the rights issue with means that those that can buy
these shares are those that are already on the books of Access Bank as shareholders.
So if you already own Access Bank shares, then you can buy these
shares through the rights issue because it's your right to participate in this offer.
So it's just a rights issue at nineteen point seventy five. Nine point seventy
five means that's the price you will take up. Those rights are usually that
price at a discount right to what the price is listed on the open market.
So I think it's about the nineteen percent discount to what it was in
March when this movie was packaged and all that, So it's sort of like
a discount to you. If you're an existing shareholder, Now can you buy
the shares? If you're not a shareholder of Access Bank, you can,
but you're gonna go to your broker. What this means is that if you
are an existing holder of access Holding shares and you do not want to participate
in this right issue, you can sell your rights for cash. So let
us say you know it, either you participate or you ask your broker to
sell your shares, so you make some cash from this transaction. If you
don't want to participate, sell and then someone else can take take up your
right. So rights are tradeable right, so they can then take those rights
and participate in this share offer. So across the board, that's what it
means. Now when you let me just talk broadly about share president and now
open up the floor to you guys, I already have your question on DM
nice questions. Now, when you see a price nineteen point seventy five,
what does that mean? You know, share price is a very very unique
thing. Let me talk about the share right. It means that the total
returns you would make from access holdings in the future, if you bring those
holdings that you're going to make from access holdings in the future, bring it
back to today, taking inflation, taking the earnings, taking all those factors,
if you bring it back today, you are going to make nineteen point
seventy five. So essentially, when you are buying a share, you are
buying future earnings of that stock. Not to be you are buying future earnings
of that company. And you essentially say that what you're buying today is at
a price that's what we call the intrinsic price. That's what access is really
worth. Where you want to buy a share, you want to buy a
share where the intrinsic price that's the real price. You want to buy at
a price lower than the intrinsic price. So what you are saying here is
that this nineteen point seventy five is lower than the intrinsic price of Access Hold
is mean that when the market eventually catches up with you, the price will
go up because you are buying at a discount to the intrinsic value of Access
Bank. That's what you are doing. So you are saying, oh,
listen, I'm going to invest in nineteen nineer today in NCeSS Bank and acces
Bank going to take this money and they're going to do this. They're going
to buy they want to invest in branches in legos portarcot Abuja. They want
to invest in branches outside Nigeria. They already have a license in Hong Kong,
they have a license in all across the world. What you are saying
is this, if Access Bank does all what they say they are going to
do, right, the price of Access Bank would rise from nineteen point seventy
five to something much higher. So that at this price, you are buying
this at a discount to the market price. That's essentially what you are saying,
and that's how you want to look at the price. So in finance,
you say, the share price is the present value of the future earnings,
the present value of the future and essentially what you're trying to do.
So what's Access Bank doing with all this money? Is going to do?
Now? They give you a bit of an insight into that. Access Bank
wants to do a lot of investment in branches, in operations, in it
in ATMs, in systems. They want to essentially expand their footprints not just
across Nigeria, but also across Africa and even the world. They are already
a foremost brand everybody knows Access. Now they want to go international all right
and essentially sell this Access brand to other nations that are not yet using the
Access brand. So they are saying that when they do this, they can
increase business, they can increase deposits and then of course that means that their
returns go up. So you bind that nineteen point seventy five. You are
then getting into this strain at an early discounter price. That's the calculation for
you, guys. You are binding now at an early price because when they
invest the funds, then the funds then bring them more airnings that's the point
that they're making to you that they are going to bring it more earnings to
you. Now, I'm just talking a bit about Access Bag. Access Bag
has got a pension limited this access holding so when it says something in a
changing but just access group. Right, They've got a PFA, they've got
a pension fund. They've bought a RM so that gives them that access to
long term capital. They have an insurance brokerage firm. Right, they have
in Gambia, a branch in Gambia, Syria alone, Guinea, Rwanda,
Zambia, Congo, Ghana, the Cameroons, Mozambique, Kenya, South Africa,
Botswana and Gola and the United Kingdom. That's a spraying that you have
to taken to communists Riverboat that I said, this money is going to grow
to expand their business. So think of it this week. Think of this
of a shop that has just one branch in Aladi market. Now that shop
is going to have a branch in Jaws in Middle gree in a bar in
Legos in Quira. That means that shop would make more sales. So if
that shop Gunna tells you buy into my shop now at nineteen on seven five.
I'm going to take your money and expand my shop. I'm going to
go in and buy new branches across Nigeria. I'm going to even go and
open up a new branch in China, right, and I'm going to get
goods cheaper than the competition. So if you buy now, you are buying
that stock with doubt they're making those investments. So that's a discount that I'm
sort of referring to, that you're buying at a discount to your future.
And if that's how you want to look at it, and if you think
that calculation or that proms on access Bank is real, then of course you
go ahead and then you talk to your your advisor and if you agree with
you, then you can go ahead and take that sciship. Let me stop
talking there, Let me get James. James, thanks for being the first
guy in here. What's are my James? To be very very short.
Let's just go to the point so you can get guys. And I've got
about say tirteen minutes in here. It's not going to be that long space.
So James, also, your mind lost and understand for one years and
the right issue said to me is sixty five sixty five years yep. Problem
Now, first, how do I acquire that? How do I? Why
need to feel a form? What procedure? What process? Why I need
to go to? Correct? So excellent question, Yeah, go ahead,
Yes, the one my second concilist. There's an amount to pay in the
in the email I received. I think it's about my geen point several five
or something? Is that nien points several five times sixty five years to before?
Those are my two excellent questions, James, Yes, you are correct.
One share is nineteen point seven five. You have the right to buy
sixty five shares, So what they're asking you to do that? If you
want to take up your rights in total, you multiply nineteen by nineteen or
seventy five times the number of shares you want. If you want everything,
you buy it. If you don't want sell the rest. If you just
look on my on my page. Now I have shared the right circular.
I've shared it again. You can pick that from phil it take it to
your bank or stockbroker. Any bank or stockbroker will take this from you.
Go to your stockbroker right and just so bid that from today with your check.
I've just shared the right secular against Just go in there, grab it
and then that's it. So very very simple question there. Okay, Okay
said correct, you can? You can you if you go to that link,
then this from its online, scan that form doing online and just respond
back to them. I think Access Bank, I'm pretty sure send them a
d M they would respond to you. But I put the link in there
on I just shared it again onto the is a link right there. Any
banker, any broker that you have that is online. It doesn't have to
be Access Bank, anyone that you that has online access. You can submit
your shares to them. All. Your idea is just taking advantage of that
off through any receiving agent. They will they will do that for you.
You're welcome, Jims. Let's let's move to do what's on your mind.
Thank you, thank you for gving this opportunity. Let me contribute to James,
ask on how to get that across that ticket they have it. They
say it on the platform on the mobile app. It's go ahead the version.
Then where are you looking? You click on investment. You see weld
wet by colination. So you follow that, you know that step and do
it online with that and you need to contact to a bank or stock broker.
Thinking that is much fast faster. A secondly, what I want to
I think this access right is more of the investing in the in the land
in the larger was the question, okay, what what what? What I'm
asking this right? Is it only available for? Is this share with us?
Is there no no room for new or I don't know, expecting new
people or just waiting what they have? So right, right, right means
it's only available for existing shareholders. But you can trade your right. So
if you want to buy the accessed bank right, talk to your stockbroker,
Talk to your banker. They will try to get those right. That's from
someone that is selling. So if you are, like GM's an existing shareholder,
if he wants to sell his that's what you buy. So if it's
available to buy, that's what you don't buy. So you talk to your
broken and say I would like to participate. I'm not a shareholder. Then
they can give you for someone that has renounced his rights. Yeah, I
thank you, excellent. So it's access holdings guys, Sorry for I'm interjecting
this. Access holdings that were the offs I was in mind. Go go
ahead, how you thank you? Thank you for this pace. I was
actually going to point out that can be bought on the access more app or
need you just pointed out thank you. I don't know if it's key to
see that here, but I won't with and actually anyone happy only if you
pay me ten percent. Only if you pay me ten percent, then sure
you can do it. So I buy it here. I mean you can
go ahead, and I mean if you can share your link on the top
whatevolution on the on the hand, on this space, it's fine. I
mean, any any brokers, talk brokers, banker can take your offer,
go ahead and share. Yeah. I want to get more people to invest.
I want people to invest right to be invested in Nigeria because you get
the return. So yeah, go ahead, I think so. Even though
I'm an insider about I have encourage a lot of my family and friends because
it's a very very very good opportunity. And like I said earlier, and
my dam is opened. If you have any issues as well, I don't
know, maybe I'm going to drive my official or something in whatever issues you're
having, getting your rum more than we will not have gotcha? All right,
super that's about the train out the train out there for you's get ballet
name me. If I kill that, I athotize, no vegcin me and
I'm fine, white goes white goes only. Go ahead, sir, Okay,
Yes, you referenced the March to the prize of the talk of appears
today. When I cared, I noticed that nineteen point four. So I
don't know, is it is it nice to buy from the from them direcon
which I just go straight to buy from the cubrewer. I think usually what
has happened, maybe the price has moved a bit or has floted at bit
because of the news. You know, the news that came out because of
the tax issue. But I think when it was in March, it was
about the nineteen percent discount. So I would say the prize, let me
just be better the price of a stock. Look at this simply as the
as the present, the future endings. Ignore the price quote unquote. Ask
yourself, if I buy this Access hold this at night, Person five,
do I think Access Bank can make more earnings for me over the years.
The answer is yes, that's all you're interested in. That's really it's top
prices about earnings. So your question is will access make more earnings? I
get to put the question on asking. I would look at the in terms
of that the price represents what has happened in the past. What you want
now is will access content to make ardings for you? If you just what
you want, you're interested in ye and can look they say something okay,
And when you're buying with us, the price will be paying is exactly.
That's like when you book and he said he has sixty five, he enters
six five thousand. What you'll be paying is that sixty five multiply by nineteen
point seventy five. But I think when you're going with the brokers there are
some additional brokers charges and from what charges do So when you look at the
price on the market, even my look lower that what we're currently said.
But in the end, if you look at it just operation might be paying,
it would be hard or what should be pay. As you're saying,
if you buy, if you're the right, you don't pay any taxes duty,
I don't hear that's the advantage. So if you're buying directly through your
rights, you are buying on the so quote unquote on the from the organization,
right, so they are maybe waving those fees for you. So it's
a little bit of a discound that you can tell you're not paying those fees
about. Thanks for that clarification, very very ballet. I think that's sort
of like maybe it gives them incentive to buy through the rights if you have
it makes sense? All right, excellence, Thank you so smart, doctor
smart? What are your mind? Question? You know a part of it?
Yeah, before about give us that clarification. I just think that the
ship price had moved because of the issue with the taxes. But apart from
that right issues, you usually come even rights and public offers, you usually
come out as a slight discount of the market price because that's always advantage with
the pos and the right issues. But I think has given us that clarification.
So yeah, like again, look at the price as the future.
Look at it and will access bank take your nineteen point seventy five and make
more money from it? That's the question you want to ask your advisor,
and when you get an answer, then then do the needful, right,
that's what you want to do. Doctor any any other did you have any
full of I appreciate that. Let me get my Miley's, Miley's miles,
miles of mine miles. I don't find what's up. So my question is
just from an educational perspective. So we saw the acts of deity, seeing
the proposed use of the firms that we get from their own issue. So
I'm not sure if disclosed their own they have the end of the Let me
let me just ask the question ahead, Okay, So at the end of
the day, wearing these forms that Baris and all the gods, do they
actually disclose the propositions of the firms as we used the proposal divis So so
for investing Donkey, the amount invested into the business is being used for the
proposed visage. Great question, and I think I'm usually on all public offers,
you've got to disclose what you want to do with the funds. And
also for an investor, if you read that document, it also tells you
how you know how strategic the company has been. Let's look at what ass
wants to do the funds. Assess wants to invest in new branches. They
said they wan't use seven percent of the funds for that. They want to
invest in you in ems and purist machines, don't use five percent of the
funds for that. They want to upgrade the existing ATMs and branches. They
want to use three percent of funds for that. They want to invest in
network infrastructure twelve percent about forty one billion or so for that. They want
to invest in cybers security whoop woop, cyber security very important Nigeria. Eight
percent is going to go there. Then the big boys coming. They want
to lend to corporate and commercial banking segments forty five percent, so that there
is money. Of cot course they are because they are into the financial services.
They want to lend to corporate and commercial banking. They're learning to retail
business segments about fifteen percent. Then leading to the SNP is about five percent.
So the local and national business expansion is sixty five percent, it is
twenty percent, and an investment in just enhancing their own ditusion networks about fifty
percent. So in essence, they're investing in the business. The amount the
reason why to go and buy bonds which you just sit there. They want
to invest in the business, which goes back to the point, do you
think ACCES is going to take your nineteen point seventy five and grow it in
earnings over the years. If the answer is yes, based on their scope
of we don't do the funds, talk to your advisor and do the need
for any full of movement that does a little bit of justice. Well,
I would just be a load is like nearly point on, it would be
a disclosure. That's okay. We've used these forms for this amounts, probably
like after three years or so, because of course expansion takes time to be
apprentice, take time. Yeah, I think yeah, I'm gonna share the
screenshot for you to do the funds, and I think the shortest period that
they want to do any accomplishment is two years from today. So in two
years from today, I mean you would see it. Banks are not quote
and quote the government right when they have ATMs, you'll see it. When
there's new investments, you would see it. When your it runs better and
faster, you would see it. So maybe that's why what you will see
what you want to do. I'm going to share this user proceeds also on
the TL on my timeline, so to see what we're talking about. And
then that way when you talk to your advisor, you can see this is
what I want to do. Is it a good deal and then they can
basically do that for you. All right, thanks, then they eliminate me.
What's your mind? Allow me? There? I mean allow me day.
I've got allarm me decks to allow me the only what's your mind about?
JJ? JJ go ahead, J hit me? What's happening? JJ?
Okay, mister, I came, I came is what's happening? Hey?
I came? Hi? Go ahead? What's up? Okay? I'm
not only contributing. Just here to listen to what we're saying. A main
positions that you can include the investing or not to listen to what the person
excellent? Excellent, Yeah, talk to your advisor, read the prospectors what
I'm giving you. Guys, have an explainer, right, what right is?
What? Don't do? The funds? And how you should look at
the offer? Into that way, you have better insights when you are talking.
Let me get a raugh raffinadle if the way you don't sorry, if
you request to speak, just be a handy and they do raffinad Go ahead,
go ahead, sir. I think plaid out the world detailed, right,
but I think that you did drive to make it more accessible in themselves.
I say, make it more that they will integrate it into the mobile
app. A situation where you're going to the bank and all that sometimes make
some people, you know, but I've heard you. Guys. You can
get it on your apples again app, so refresh the app. You should
be able to see the purchasing the shares on your app. I use access
Bank. I think it's on my app. Is there? So if you
have the latest access Bank access holding this app, you should be able to
see that. Yeah, yeah, super excellent man, Thanks great, great
comments. Neither you've got the floor? What's up? They do? Hit
us? What's what's happening? Now? You heard your stop? Go ahead
on mutes, the go ahead. Come on, guys. I've got Echo
stocks, Echo stocks, please go ahead. Hey guys, your hand is
up. I call you, you know speak Echo stocks. Hey you don't
go ahead? Hey, two questions really, one is around. I'm curious
your strategies. They expanded into African and I think it was a few weeks
ago. I think it was the dtvc or. We said that we're not
everywhere. These places don't make money. So I'm curious as to what you
think about a suspense strategy of expanding into so many countries in so many places,
is it actually worth it and they're making money? And the second point
really is the comment that a lot of people have made, is that even
when you take the price and live in the market now it was about nineteen
forty, even had the biaugraphy, it's still cheaper to just go and buy
the shares in the market. What is sent to take part in the right
issue? What's the point? Why would I buy? Yeah? So lemes
on this way. So I believe that there was a dating time that this
offer was approved. Right at that dating time, there was a nineteen percent
discount when this offer was approved. I think I remember was sent to credit
about March to twenty eight. If you had bought this offer at nineteen,
you're in a nineteen percent discount on the market price of twenty four dollars.
Actions have come down a bit because of this issue with the taxing. They're
going to text them about fifty percent or so of that forest revenue, admit.
So I think the market has reacted to that after the fact and after
this has been published and comes to the marketplace. But the point I'm making
is that take look at the price, look as the access holders and ask
yourself, is it a good price? That's really the question for me.
If you want to buy it on the floor on the right issue, ask
your broker if you can get it, and you believe at nineteen point one
five it represents a discount to the intrinsic value, I think you go ahead
and get it. Echo. I think your question is valid, and I'm
just saying overall, we have to look at investment as the earnings rate,
the earnings, the future earnings that really is. And if we think that
the ending is going to be at a premium to what we have today,
then of course we want to get in today. So I think it's a
good, good question of asks. And that's really the reason why I think
now you seem to have a bit of parity with the share price. The
share price, and I'd be very careful here. The share price is not
a material thing when you want to buy stock. What is material to you
are your earnings the company is going to make it. The dividend endings to
you the bonus and is to you the future and exist what you want to
focus on. There's no point buying a store for one era if they're going
to make one cover from that store. Right, you might not buy the
store for amillion and make a million from that store. You see what I'm
saying? So is the earnings that matter really that I need your driver to
stock price? Not really just that share price? Ze? What am I
hit me? Okay, I'm going to game. What's up? Man?
Yes? I wanted to ask you a question on the question on non existing
shareholders to buy right yep? Okay you said something about contacting our stock broadcast
to get in contact with the shareholders and the charge from them. Ye,
So I wanted I wanted to ask, is it possible for this this stock
brokers? Like I didn't want important for them to be informed of digital apps
because there is one I was introduced to, like a Bamboo application, and
I also know I want to take. I don't know about the planet applications.
I would just stick with registered SEC SEC approved stock brokers SEC approved apps
and see being approved banks, right, so stock brokers are approved by the
tales to stockbrokers, stick with those ones. Banks are are approved by c
being. Stick with those ones. Then we have apps that second approved calig
Wise, this approved Bamboo is approved. I don't know they have these apps
on them. I was actually referring to Bamboo. I think they are second
approved. I think they are second proved. So if they have it on
their app, go ahead. The reason why I say go to your bank
because if I if I have if I have stocks in act, if I
have stocks with access holdings and I want to sell, I will sell through
my stockbroker. So it's your broker that would know if the available rights for
you to buy. There's no way you would know justice if you want to
buy and this available right, So speak to your broker and say I'm interested,
but I don't have access holdings. How can I do this? They
will be able to walk you through together those shares. Yeah, all right,
see excellent, You're welcome. Echo, welcome back here. I think
it dropped off. Did you want to have a comeback or will be good?
Echo? Echo? Or I let that lucky? Echo? Yeah?
Go ahead? Did you have did you have? I know you dropped off.
I try to explain why I think that was the difference. I think
when when when the market with this The share price in March twenty it was
about twenty four, so it's reacted after the fact. That's what I'm thinking's
going on the echo. Yeah, I think I take a point. You
know that the shares will do what they do. So I think, like
you said, everybody has to make a decision as to whether you think it's
fairly or not. But my first ques which was around the strategy of ass
oh yeah, exactly African countries. And when I called it a bit of
a job that at the bank was not named, but he said, look,
we're not like banks so many countries speak. I'm talking about Yeah,
I hear you. I hear you. I said, you your question and
justice order to access bank pers this is more like strategy. Right. So
Nigerians are the most traveled Africans right and access banks in Nigerian Bank access bank.
I know there was a long time ago. I read it by Lebanon,
you know, and I just like Lebanon. Lots of Syrians, Lebanese
in Nigeria and all that. So if I was a bank, right,
I want to be where there's business. You know, if I if I
if I take my branch to either hole in the United States, who knows
me in Idaho, But if I go to Atlanta where the Nigerians, I
get a lot of business in Niger from the Nigers in Atlanta. That also
opens doors for me in America. I means that in Niger, say I
want to wire money to go to their bank. Go once I'm want to
Access bank the back who is Access Bank? Then they start to know me
and I'm able to get relationship lopatter banks. So the point I'm making is
that if they are Nigerians in China, it's easier for Access Bank to go
to the Nigerians and to China there where the Nigerians are than to sit just
want to go open and open up a brand new branch and all that.
So Access is taking impleation that let's go to where they are Nigerians and let's
create this global sort of like like what you have City Bank, Let's create
this global banking brand. So if you're in the Gambia or in Hong Kong,
or you are important or exporting, you have a Nigerian quote and quote
it's from Nigeria, but you have a global African bank that you can do
business free, that understands your unique you know, take on business. That's
where I think they are going to be. This you can't say it's a
bad strategy. It's worked. People have done it. You become a Google
player, you get economies of scale, you get that branding. You also
get access to international cap You're seeing what access has raised from national bodies like
Dutch FEMO. They've raised the largest amount. I want to get the exact
way that raised from Dotcha. You heard about it. Dot Efilm was giving
them funds. They able to get all this fun because they're everywhere. So
if I was a let's say I was Heineken, and Heinaking is all across
Africa. Un let's say I was Smobile, or let's say I was added
as which bank would I trade? You do I actually to the bank that
is everywhere. So if I pay salaries in city, UK, that bank
can pay salaries across the world for me, although I asked me to significant
say I want to go to this bank and pick It's all strategy. No
strategy is wrong, right, It's how you implement what you want to implement.
You might be different. You can this the other pan and say,
oh, your tragedy is wrong. What is your strategy? Implement it and
execute it completely good. That's really what the shareholders want to see. And
if you do yours better, then you go. There's some banks in America
that I have only one branch in one city and they have billions in the
part, and their banks that have branches all across America and they also have
billions. It's all about implementing your own strategy. That's what I will say
to that. All right, thanks, Let's get a Daytona. Like the
name a Daytona, so deep? What's your mind a Daytona. Let's get
locky, looky, locky friend raised on the score that looky? What'll say?
Awesome? Talk to me? Yeah, go ahead, looky, Okay,
I can hear you. It is your audio. Fix your audio,
looky, fix the audio you hit me for. Look you come looky,
okay, look you just come right back. Yeah. I can hear it.
I'm lucky. I can hate lock you. Okay, let you hold
on Lockie speaking and what I'll call you? Look you go ahead. I
just wanted to clarify that you can actually go through the access bank websites even
if you're not account home to get to your rights. You need to do
is websites, even if you don't have the access bag more up. Go
to the website and to direct you you just because you're details your SS number
and your sh number and be able to see what what's available to use,
buy and you can be be able to transact on it. Ton't you just
like to paying for something online. We're actually just taking up your rights and
if you need more climates than that, you can just say allow being able
to assist you. So loky saying, just like buying stuff online, Go
onto the app. Collect the app. It will tell you what you have.
So look at this is for existing right because you have it's a right
office. No, I mean the offer is the right office. So it's
going to be for the existing show. Okay, okay, So if I
have shares, I go to the app. If I don't have shares,
I talk to my broker and all that perfect four tents of August we see
that time. But guys, do it now, get that right, cut
the check and send it. But if you wait, that money will go
somewhere else. When you have money that whends people will call you and say
I want to build house or some and some. So if you have the
money, do it now, lock it away, move on. There are
lots of offers that are going to come move on with this. If you
want to do this right, don't delay too much and stay let me wait
yeah, lock it in, send a check is done. You move on.
You get more money, right, locky, appreciate your clear find out
for me. Thank you so much. All right, they do. You've
got the floor. Thanks for hanging in there. Thank you. Mister.
You inventially assess bank access holdings. Sorry, it's in my head. It
is access holdings. Okay, this right you're talking about, is it really
access holdings access holdings? It's all right, some of that is right in
access access holdings. Do they do access holdings? So the holdings owns all
those are listened to you, all those access bank mos am, big Access
pensions, access insurance, access wonder, that's what you're buying into. Does
that make sense? They do access holdings. Is the corporation that is raising
capital, and that corporation has got subsidiaries Hydrogen, access pensions, insurance brokers,
access bank. They are all subsidiaries of access holdings. So this is
the right of of access holdings and access holdings owns, Access bank and all
these sort of pensions Access Bank, Gambia, Access Bank, Towander. Just
so that makes it no, sir, yeah, thank you. You know,
Access Bank is known for buying or acquired banks. Any plan of with
this funding, any plan of buying more banks and agelia, why did they
buy We don't know why they didn't buy a specific bank, but it's listed
there in part of the distribution of funds that they are going to do local
and international expansion. So they've told us about sixty five percent is going to
go towards that expansion of the business. That would include, of course buying
I'm not sure why they didn't buy a particular bank. We can not that
answer. The point for us is that they're going to, of course to
grow. You grow organically, which is it just grew yourself for you also
grew by purchasing our partners. That's fits of your strategy and of course your
brand. So I'm pretty sure we'll see more of that going on line.
All right, let me get Larry o helby. Thank you, they do,
Larry o'helby, you've got the floor. Go ahead, Carlo and Goodie
and everyone. Then yeah, I guess. Then we first of all start
with a very clear disclosure. So I work for a firm called chop Hole.
Dan. We are the lead advisor on this right issue. So I
felt, you know, I mean listening and some very good questions, very
valid questions. So we'll be you know, would like you know, answer
some and just provide clarity what's going on. So the object that I believe
everyone here people asking questions I existed shareholders. So as he rightly said,
as the right issues predominantly cater into existing shareholders. So I would be speaking,
you know, to the owners of Access Bank, which are the people
asking questions. Two reasons for this transaction. They see that, you know,
banks need to recapitalize, so on that basis, the bank has going
to go raise capital. But the second of all, the bank has been
expanding and to fund that expansion, they're also on the you know, undergoing
this transaction. So as shareholders, the bank need requires you to support them
in this journey. So why should you buy the rights or why should you
buy in the market. I think clearly people have stay said if you buy
in the market there are additional charges. But I think if you buy the
market, the ash or the funds you put into the market does not go
to the bank to fund this growth. So it's very important that as share
holders that you should follow your rights to support the bank in its expansion and
also to prevent you from being diluted. There are various investors, foreign investors,
pension funds, corporates, H and I s who are going to before
or learn their rights and likely pick up more. So to prevent you from
being diluted, it's instructive that you follow your rights. So the questions around
expansions of the bank where they're doing, some other banks claiming that some markets
are not profitable. I think you need to study those banks themselves. I
can also are looking to expand across the continent. They're starting later that Access
so of course understands at a competition going to some people who speak bad or
you know, in some kind of competitive tones to say, hey, what
the back bank is doing is not proper. You know, I think you
should also study what the sector is doing. For clarity. You look at
a Q one numbers of Access Bank, fifty one percent of profits came from
outside Nigeria. That's FX. It's the best hedge you can have in the
market here in Nigeria where we all know what we're going through and it comes
to foreign exchange, the bank is very very deliberate in what they're trying to
do in terms of that expansion planets. They're in the UK. Access today
is the biggest African bank in the UK and they have you know, target
of you know, you know, posting amost of the billion dollar listing profits
you know, you know in the coming years. So I think, as
klo has you know, said, people need to wig the documents on the
standing of being be able to decipher what's fact and what's fiction. But I
think the bank has been very very clear and our shareholders, you will be
following the bank's history, you know, barely ten years ago those back number
seventy five and over this period of bank number one interesting continue to maintain that
they want to be the top ten bank in Africa, so beyond Nigeria,
and this is going to translate it to the bigger process and bigger dividends.
So guing plorn you know, shareholders, follow your rights. It's your bank,
you own the bank. I need disappointed in all this growth and I
think, you know, I think over the long term you see the benefits
of this investment. So pose there and just listening. But Larry, Larry,
excellent, excellent, excellent point. Let me just recap again what Larry
says. Number one, when you buy the rights, your funds are going
to the bank. What I mean is if I if I buy Access Bank
shares on the floor, then I just talk exchange. I'm just trading with
somebody else. But when I buy the rights the bank your bank, because
you have a rights holder, your shareholder, it goes to Access Holdings.
So Access Holdings is investing your funds to grow that whole brand. That's number
one. Number two, did you hear him say if something of the revenues
for revenues came from outside Nigeria? Did you hear him say that? So,
if you hold naira and you take nayra and you buy Access Holding,
you are hedging your naira. If I head look at it that way,
just big picture, you are buying into an organization that this clean business outside
Nigeria. That's a hedge right there. Then do you hear him talk about
the UK where it's just Access is the largest African bank in the UK.
Did you hear that? So, guys, this is what you want to
talk to your advice and say. The guy on the space said this.
If if he hold, this company has these characteristics and they're asking me to
invest naira at nineteen point seventy five. Should I invest? If your advice
I said it's a good deal is helping. Let me say this guy,
we have to with this. Were almost in an an hour, so we
have to shot down at this by eleven fifty. Let me give you guys
this promise. I'm going to do this again. We'll not do this thing
because I can even the d MS. I can read the DMS, so
I will take my time. If you have a question, send the d
M. If I can answer it, I will send it to Access and
they will to get back to you on that. Send me the DMS.
Right, But we're going to have another space again, either on Thursday or
Saturday. But I'll let you guys know so we can have more times to
talk real time and to get experts and access workers have come. Access issue,
she has has come. That's what you guys want, So let me
shut up and let's take at least moved about three to five and then will
shut down the space. I am Adams, Larry. I appreciate you coming
in and saying that that was very very helpful. Thank you so much.
I am Adams, You've got the floor. Oh it's good. I actually
want to these question to you before. Right, Yeah, I work with
bank and I had a lot of shielders that I've not picked up their rights.
So initially you said to those that did not pick up their rights that
anybody, any shower that wants to pick up that does. No one to
their allies can say it and make money. Well listening in the special here,
but I don't show that do not pick up their rights. And it's
actually so because at the end of the day, to be so to people
want it, we just shield the benefits for me. We is going to
get the money when when when it's sued. So if you sell your rights,
someone's going to pay for it, and that person is a little to
buy their rights, have to pay for those shares that you've given it up,
so that the rights that you sold the tactical to you to tell that,
but that buyer I still have to buy those rights. So those cars
that we're going to sense I want to see them what he's going to access,
Yes it is, but that's the process. Right, So we raise
this money the sec the regulator, right, and the CBN there's a process
where they have to go through the awarcement and make sure there's a legit funds.
If everything isn't declared, they approved the proceeds, mental fees and whatever
it is goes to the bank and the bank will go ahead and invest the
base as disclosed in the right circular. Now, so I mentioned how do
you know it's done? So the SEC and the CBN does track user proceeds.
So's they'll be they'll be engaged with the regulator to say, hey,
I've done except on't y and the rest is short. If the whatever's in
that document is what they're going to do. What's the original question? Yes,
you sell, You're right, I see, I'm the buyer. I
pay you whatever the the fees are for the costs for those rights, and
I still have to buy those shares. You've given up to that castal to
go to the access. So Larry keep quick Quick pointed that means that you
have to sell the right. You just can't say I'm not taking it up
and you get cash. You've got to make the airport to sell. You
have to you can sell to do anything. No, I mean if I
want cash, if I'm a shareholder. If I'm a shareholder, yes,
yes, listen, I'm not picking up my rights. I want to sell
them and your broker will go into the market for buyers. Whatever the market
prices, that would be the price excellent. So that so don't just sit
down and don't leave say I'm not interested. Make the airport to strewch out
to your bank, your broker and say I would like to trade my right.
That's the point. If you leave it alone, nothing will happen.
Make sure you reatur and you get cash for that right that you want to
take up. Sheddy, You've got the floor, Sheddy, how are you
doing fine? Thank you? I just stumbled on this space. I had
the por knowledge of this whole thing, so I'm too quickly ask in what
the nomination is this offer? In what comment is this Nira? Yeah,
it's issued in Nigeria. So if you're buying my front, ninety guys going
to be in Nira. That's one of the advantages that line has shared with
us. Now you're buying Nira, but you're now exposing that I had to
get anything from outside Nigeria. So you want to the minimum. No,
it's a right issue. It's been sold for nineteen point seventy five pop.
Right, so p para right. So if you're interested in taking it up,
if you already own access bank shares, access holdings, you should already
have that notification if you don't speak to a broker and say you'd like to
take advantage of it. If you look at my tear, I've shared the
the form to fill out, also share the use of funds and all that.
So it's all indy there for you. Also just Google. I just
bed upon it. And then if you have a specifig question, of course
you know me, hit me up and thank you, thank you, thank
you for before the exposite. Thanks appreciate that. Okay, guys, I
want a question to ask a question very quickly, real good around the idiots
for Access Bank Share is my first time treading. I'm thinking about it after
that body was started. So I'm just thinking, what's the viability of the
access bank share pertformed the most research. Let me answer this way. This
is the point of middle over and over again. Right, when you buy
any share, any share, what you are saying is that you are buying
that share at a discount today to its future earnings. So the question you're
asking yourself that do you think if you give Access Bank nineteen NIRA seventy five
Google, you think they will return it back to you with the profit tomorrow?
That's your question. Because share price is look into the future future earnings.
So once you ask that question in the stock market, we say past
performance. It's not a guarantee of future earnings, right, we say that,
So you want to ask yourself, is this a discount to future earnings?
If ACCES is going to go into left Band, they're gonna go into
Hong Kong, they're going to go to the US, all those countries and
they're going to increase their earnings. Am I buying at a price today that
it represents a discount to that future? The answer is yes, doing this
that's really how you look at it. Yeah, for not just this,
for all stocks. The same principle is stop represents the present value of the
discount earnings. So you want to buy at a price that is at a
discount to what has been the intrinsic value. That's what you're trying to do.
All this language, that's what we are trying to actually do, right,
all right, all right, thank you excellent. So let's do ICE,
and I think after Ice will sort of close it down. Tako,
Larry is here sort of close it down, and like, I promise we
don't space on this so you can have more. Have a look at DMS.
So it's crazy. So Ice, you're going to close this down?
Ice? What's what's ice? Once your eyes go for it? Yah?
Ice, go ahead, Yeah, yeah, thank you so much for Yeah,
let's get It's the question. Okay, I want to ask, I'm
actually naive with all these Okay, I want to ask, where do I
get to meet a broker? Pleace? Like, and can I invest about
two hundred k? This more? Yes, you can meet a book you
can invest two hundred thousands. I don't. I don't think your own share
an access to it. So the best now advice too is to walk into
an access access bank share and speak to them, or just google stock brokers
in Nigeria google SEC registered stock brokers. Many will pop up. Go to
any of them, the many I always talk about. So just go to
anyone that is SEC registered. They will take care of you if you look
at them. On this train, there's Abba Abba is there? There's low
key they bo for access bank send them a DM. I'm sure they'll walk
you through it, right, last one to speak is going to be bored
all out. Both they are best seen again police kill the name. But
yeah, go ahead, last yeah, go ahead. Yeah yeah. So,
I mean thanks for on this goal. I just had like one question.
So I understand that Access you know, as mixed money from showing from
following markets, but if they earned that income is even saying so yeah.
So that's one question, and then the other one is about like I think
less than so like the negative negative yeah, so, but I get the
second question first, I think Larry has explained that you know, when you
buy from Access Holdings, your money is going to Access Holdings, So it's
good to allow Access Holdings to implement this plan that they want to do these
investments in material men and locations to grow your earnings. So if you want
to grow your earnings, you want to buy directly from Access Holding so that
way you can grow the holding companies earning. That's that's why you want to
go through them. The second qersons to wit to taxation. If Access Holdings
makes a profit, right, then of course the profit that let's say Access
Rwanda makes a profit. So access to Wanda is going to send a dividend
to Access Nigeria. Correct, So it's Access niger that is taxing two two
percent, but you have access to Rwanda access Gaining access UK there will give
you an exposure, so it's a different thing now better than exposure to those
Anything in those countries sort of hedge your positions. So just holding access holdings
is in effect a kind of a hedge taxes. Your everyone's going to pay
tax. This is a one time tax deal they are talking about in Nigeria,
a one time pack deal on for xt revaluations. That's when actually passing
the bill, so no normal company income tax would apply going forward. I
believe unless they're going to keep on passing one time doesn't make any sense.
So that's how I'll answer that. Larry, Can we just have you give
us like your closing real real quick and then from there I forty problem will
have this again and I hope you will be there trying to missus in the
DMA. Thanks Carl. I just think just to reiterate, you know I
shareholders, and I use this word you know quite firmly your owners of the
bank. You want to see your bad growth I want to see your band
continue to expand I want to see a bad pay very big, big dividends.
You have to invest and support this transaction. You have to follow your
rights. You know. I guess Calible hosters together that maybe I'm available or
try and joy, But I think it's an opportunity for shareholders to continue this
journey. And you have the history, You've seen it grown. You see,
you see your dividends being paid. So yeah, dividends twice a year
when you give it into you know, you know and get a full year
dividend has been paid years of years and years and this can only get bigger
as the band continues to grow. So offer is closing on the fourteenth of
August. I think they've been mentioned about outlets your broker, the access app,
I will say the n g X has also been quite innovative and creating
a platform for people to buy share that participating in these transactions on their platform
Charcoal Hill that has advisors and this also has digital plots. So speak to
your broker, go to Access more you can call you know the customer service
and my chapel Hill and then also go to the NX on your phone on
your laptop looking follow your rights, so we'll talk. You know when to
speed excellent excellence on a personal known I've known Access from Key Bank days I
Herberts, So the people we talk about the numbers. But again, the
people behind this institution are good people. Let me just end the spacelight like
that. They are good people. So let's see how it goes. Thanks
guys for hanging in here. Thanks about thanks looking for Access Bank. Thanks
everyone has contributed. We'll do this again. I'm gonna hop off if you're
interested with I have an on the space I'm gonna go to. But I
do pretut you guys hopping in here. I'm gonna go now to the d
MS and asking them, like I said, get information, speak to your
advisor before you invest. Guys. I'll see you guys again. Thank you
so much. Have a good day and by