By Dipo Olowookere
The sum of N21 billion would be shares by shareholders of Stanbic IBTC Holdings Plc as part of their reward for being part of the company for the 2019 financial year.
This amounts to N2 for each stock of the organisation held by investors as at the close of business on Wednesday, March 18, 2020. Also, cash reward is subject to deduction of appropriate withholding tax and approval at the Annual General Meeting (AGM) fixed for Wednesday, June 17, 2020 at Eko Hotel & Suites, Victoria Island, Lagos, at 10.00am.
According to Stanbic IBTC, the register of shareholders will be closed from Thursday, March 19, 2020 to Thursday, March 26, 2020, while on Thursday, June 18, 2020, dividends will be paid electronically to shareholders whose names appear on the register of members as at close of business on Wednesday, March 18, 2020 and who have completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts.
The company also said in line with the authority granted by shareholders to the board at the Extra Ordinary General Meeting held on August 6, 2015, shareholders have the option to reject the cash reward for scrip dividend.
However, it noted that 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 (NSE) for the five business days commencing on the day the ordinary shares are first quoted ex-dividend.
It said accordingly, the scrip dividend allotment price will be communicated to all shareholders through the NSE on Thursday, March 26, 2020.
“Shareholders will thereafter be given until Friday, May 29, 2020 to make their election should they wish to receive scrip rather than cash dividend. All shareholders are hereby requested to contact their stockbrokers and the registrars for further details,” a notice from the firm said.
Stanbic IBTC also said shareholders who are yet to complete the e-dividend registration are advised to download the registrar’s E-Dividend Mandate Activation Form, which is also available on the registrars website, https://firstregistrarsnigeria.com/download-forms/, complete and submit to the registrar or their respective banks.
It further said shareholders with dividend warrants and share certificates that have remained unclaimed, or are yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the registrars.
Adedapo Adesanya 
Aduragbemi Omiyale