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Equity Research ReportOn
ACCESS BANK PLC
July 2007
This report is based upon information from various sources that we believe are reliable. However, no representationis made that is not accurate or complete. This report is not an offer to buy or sell, nor a solicitation to buy or sell thesecurities mentioned therein. This report is provided solely for the information of clients of LeadCapital Limited (LeadCapital) who are expected to make their own investment decisions without sole reliance on this report. LeadCapital accepts no liability for any direct or consequential loss arising from any use of this report or itscontents. Investments can fluctuate in price and value and the investor may get back less than was originallyinvested. Past performance is not necessarily a guide to future performance. This information has been issued by LeadCapital, which is licensed by the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange(NSE 
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Table of Contents
Front Page…………………………………………………………………...........................1Table of Contents…………………………………………………………………………..2Public Offer Highlights…………………………………………………………………...3Company Profile…………………………………………………………………………..4Products and Services…………………………………………………………………….4Awards and Ratings……………………………………………………………………....4Board of Directors………………………………………………………………………...4SWOT Analysis……………………………………………………………………………5Current Initiatives…………………………………………………………………………5Future Plans………………………………………………………………………………..5Financial Analysis…………………………………………………………………………6Investment Analysis……………………………………………………………………....8Stock Market Analysis…………………………………………………………………….9Comparative Analysis…………………………………………………………………...10Forecasts and Valuation………………………………………………………………….11Recommendation…………………………………………………………………………11Appendix………………………………………………………………………………….14
 
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Public Offer Highlights
Issuer Access Bank Current Market Price N18.92Market Capitalisation (at offer price) N103.9bnOffer Price N14.90 per shareOffer Size N70bnUnderwriting N57.5bn representing 81.73% of the offer to be underwritten ona firm basisPreferential Allotment 2bn shares representing 46.59%of the offer may be offered toidentified foreign and localIndividual investorsPurpose To provide for the bank’s growthobjectives, including financingthe bank’s branch expansion
Use of Offer Proceeds
PurposeN’M %EstimatedCompletion Period
Expansion of branch Network 21,975 33 36 MonthsStrategic Business Development (ATM Rollout, CallCenters & E -banking) 6,658 10 24 MonthsEquity Investments in subsidiaries 14,720 22 36 MonthsIncrease in Working Capital 18,331 28 ContinuousExpansion & Upgrade of IT Infrastructure 4,907 7 18 Months
Total 66,592 100
Source: Offer prospectus
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