The largest single shareholder in Access Bank Plc, Blackney GP increased the number of its shares in Access Bank by a whopping 76% this year according to Nairametrics research. A review of the company’s annual report reveals the group increased its shareholding from 981,279,528.00 to 1,728,683,761.00 in the 6 months leading to June 2015. Blackney GP now owns about 7.6% of Access Bank. This is the largest shares the company has owned in Access Bank since 2011, making it the largest single shareholder in the company.
The company took its first major stake in Access Bank in 2011 when it bought about 954,376,855.00 representing 5.3% of the company. Strangely it has increased and reduced its shareholdings in the bank over the last 5 years as the table below indicates.
|%age of Total||5.3%||8.3%||6.1%||4.3%||7.6%|
In 2014, the company reduced its shareholdings in Access Bank by 29% t0 981.2million only for it to increase it again to N1.7billion units in 2015. This suggest the company may have sold down its shares in the bank at the height of the stock market sell-off last November. For example, the company had about 1,452,159,580 in Access Bank as at June 2014. However, by December 2014 it had reduced its shares in the bank to about 981,279,528.
One reason we can attribute to this sale was the oil price crash and the subsequent sell-off that hit the Nigerian stock market. It appears the company sold off its holdings in Access Bank down by 29% only to come back to nearly double its holdings when the share price was battered.
Access Bank as at June 30 2014 was trading at above N9 per share only to close the year at about N6.60. Access Bank has however traded for as low as N4 this year suggesting that the group may have decided to increase its stake at a price discount of about 40% less than what it was before it sold off in 2014.
Who are they?
Little is known of the Group except that it is a UK based company. However, it appears the group has ties to Saudi Arabian sheikh even though Nairametrics can’t confirm. We also do not know who is representing the Group on the board of Access Bank. However, with Herbert Wigwe owning about 1.7billion units in indirect holdings it thus suggest there could be a connection in there.
Blackney GP has Obiora Ogbunudea, Nigerian in its Management Team as Partner. Obiora focuses on Sub-Saharan Africa and is also responsible for pre-listing investments.