Modupe Gbadeyanka
By Modupe Gbadeyanka
Shareholders of Stanbic IBTC Holdings Plc will receive cash reward for the period ended June 30, 2019, the board of directors of the company has announced.
A notice to the Nigerian Stock Exchange (NSE) from the firm said investors in the company will get a payment of N1 per ordinary share of 50 kobo, the highest interim dividend declared so far in the banking sector this year.
According to the disclosure, the cash payment, which is in total of N10.5 billion, would be paid to shareholders whose names appear in the register of members as at the close of business on Wednesday, September 4, 2019.
Thereafter, the firm said the register of shareholders would be closed from Thursday, September 5, 2019 to Wednesday, September 11, 2019, while the money would be paid to beneficiaries on Thursday, October 3, 2019.
However, the company stressed that, “In line with the authority granted by shareholders to the board of directors at the Extra Ordinary General Meeting held on August 6, 2015, the board has authorised that shareholders will have the option of electing to receive their interim dividends by way of new ordinary shares (scrip dividend).
“In view of this, and in order to allow ample opportunity for shareholders who may wish to exercise the option of receiving scrip dividend instead of cash dividend, the dividend payment date in respect of this interim dividend shall be on Thursday, October 3, 2019.
“On the above payment date, shareholders who have not elected to receive their interim dividend by way of scrip dividend, will have their cash interim dividend paid electronically (provided that they have completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts).”
It further emphasized that, “This interim dividend (whether cash or scrip) is only applicable to shareholders whose names appear on the register of members as at close of business on Wednesday, September 4, 2019.”
Stanbic IBTC 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.”
“Accordingly, the scrip dividend allotment price will be communicated to all shareholders through the NSE on Thursday, September 12, 2019.
“Shareholders will thereafter be given until Thursday, September 26, 2019 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,” the notice said.
In addition, the company advised shareholders who are yet to complete the e-dividend registration to download the registrar’s e-dividend mandate activation form from First Registrars and Investor Services Limited’s online portal, complete and submit to the registrar or their respective banks.
