By Modupe Gbadeyanka
Mid-tier lender in Nigeria, Stanbic IBTC Bank, has said it would offer scrip dividends to its shareholders in place of cash dividends.
The financial institution, in a statement signed by its secretary, Chidi Okezie, on Wednesday, said shareholders have a choice of receiving dividends declared by the company, up to year 2020, either in cash or may elect to receive their dividends as new ordinary shares in the firm (scrip dividend).
Stanbic IBTC further said, “In order to be valid, any scrip dividend election by shareholders must be made to the company’s Registrars, not later than seven working days prior to any dividend payment date.”
However, the bank stressed that, “Where a shareholder elects to receive his or her dividends by way of new ordinary shares, then such scrip dividend shall only be allotted after receipt of any required regulatory approval and shall apply to shareholders whose names were on the Register of Members as at the qualification dates for the payment of such dividends.”
It noted that, “With respect to the 60 kobo Interim Dividend approved by the Board for distribution to shareholders on September 27, 2017, the qualification date as previously published was Wednesday September 6, 2017.
“The reference price to be used in determining any scrip dividend allotment shall be the volume weighted average price (VWAP) of the company’s shares on the Nigeria Stock Exchange (NSE) for the five business days commencing on the day the ordinary shares are first quoted ex-dividend.
“Thus with respect to the 60 kobo Interim Dividend indicated above, the reference price for determining the scrip dividend allotment is N39.45k.”
The bank stated that, “Shareholders, who wish to receive their 60 kobo dividend by way of new ordinary shares, can either download the Scrip Dividend Election form from our website, by clicking on http://reporting.stanbicibtc.com/resultsreports.php.
“In addition, you may also obtain a copy of the form by contacting either the Group Company Secretary– Email: firstname.lastname@example.org or Idris Toriola, Head Investor Relations – Email: email@example.com; Tel +234 1 422 8501; or by contacting the Registrars: First Registrars and Investor Services Limited on Tel: +234 1 2701078-9.
“All completed forms must reach the Registrars on or before Friday, September 22, 2017.
“Shareholders who however elect to receive their dividends in cash, are not required to take any action as they will have their dividend warrants or bank accounts (in the case of shareholders with the appropriate e-dividend mandate) sent/credited on the dividend payment date.
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