Stanbic IBTC Pegs Scrip Dividend Allotment Price at N35.86

By Dipo Olowookere

Last month, the board of Stanbic IBTC Holdings Plc proposed the payment of interim dividend of N1 to shareholders of the company for the period ended June 30, 2019.

In the August 28, 2019 announcement, the company had said in line with a resolution passed sometimes ago, investors in the firm were at liberty to convert their cash reward to new ordinary shares of the company as scrip dividend.

Stanbic IBTC had further stated that in order to be valid, any scrip dividend election by shareholders, must be made to the company’s registrars, not later than seven days prior to any dividend payment date.

“With respect to the N1 interim dividend approved by the board for distribution to shareholders on October 3, 2019, the qualification date as previously published was Wednesday, September 4, 2019,” the firm said.

In a notice to the Nigerian Stock Exchange (NSE) on Thursday, the company said it has fixed price for the scrip dividend at N38.86k per share.

“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 Nigerian Stock Exchange for the five business days commencing on the day the ordinary shares are first quoted ex-dividend.

“With respect to the N1.00 interim dividend indicated above, the reference price for determining the scrip dividend allotment is N35.86,” it said.

Stanbic IBTC said the scrip dividend would be allotted to shareholders who requested for it “after receipt of any required regulatory approval and shall apply to shareholders whose names were on the register of members as at the qualification date for the payment of such dividend.”

It further said, “Shareholders, who wish to receive their N1.00 interim dividend by way of new ordinary shares, can either download the scrip dividend election form from https://thevault.exchange/?get_group_doc=635/1568280484-2019HalfYearScripDividendFormofElection.pdf

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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