Access Bank shares was punished by the market today and one day after its suspension was lifted by the Exchange. The exchange had last week initially placed the stock on technical suspension till January 15 only for it to change the date again to October 15.
The flip flop continued yesterday after it now announced it was lifting the suspension. It explained the decision was after Access Bank sent in a letter saying “now that it has eliminated the Information asymmetry that existed prior to the announcement…” to seek approval for a N8.9 rights issue.
The share price has now fallen below the proposed rights issue price. This is one of those decisions taken by the exchange that will be criticised well into the future.
