By Peter Egwuatu
The Board and Management of Access Investment and Securities Limited, a wholly owned subsidiary of Access Bank Plc, weekend, announced at a completion board meeting its readiness to raise N2 billion from two mutual funds.
The company in its prospectus stated that it would be offering Ten million units each of two mutual funds to the public at N100 per unit. The mutual funds on offer are â€˜The Access Balanced Fundâ€™ and â€˜The Access Fixed Income Fundâ€™.
The minimum subscription amount to either offer is N50,000 (Fifty Thousand Naira Only) for 500 units, after which additional subscriptions can be made in multiples of 100 units. The offer will open for six weeks, starting from Monday, June 7, 2010. The Funds have limitless absorption capacity as investors can subscribe during and after the offer.
According to Winston Osuchukwu, the MD/CEO of Access Investment and Securities Limited, the Access Fixed Fund was created and structured with the ultimate goal of achieving long-term returns that are uncorrelated with the Nigerian equities market by investing in a portfolio of Federal Government Bonds, Money Market Securities and Cash that have been approved by the Securities and Exchange Commission of Nigeria for our investors.
Also, investors in the Access Balanced Fund can buy a single product that will automatically rotate their investment between equities, bonds, money market securities and cash, based on a thoroughly tested quantitative model that gives the Investors the best upside potential while managing the downside riskâ€.
He added that the Funds will serve as portfolio diversifiers for investors and provide a consistent stream of income, given its highly diversified approach and feature.â€
Also, Herbert Wigwe, the Chairman of Access Investment and Securities Limited, said that â€œThese offerings are an opportunity for subscribers to leverage the asset management expertise and professionalism of the Access Group to optimise their investment portfoliosâ€.
The meeting was attended by all parties to the offer including Access Bank Plc (Issuing House), Chapel Hill Advisory Partners Ltd. (Issuing House), Leadway Capital & Trust Ltd. (Trustees), Aluko & Oyebode (Solicitors to the Trustees), Udo Udoma & Belo-Osagie (Solicitors to the Offer), KPMG Professional Services (Reporting Accountant), Marina Securities Ltd. (Stockbrokers), United Securities Ltd. (Registrar), and representatives of the Securities and Exchange Commission and Nigerian Stock Exchange.