Stanbic IBTC has announced that its shareholders have the option of receiving the one naira (N1) interim dividend, either in cash or may elect to receive them as new ordinary shares in the Company (“scrip dividend”).
In a press release made available on the website of the Nigerian Stock Exchange, the group stated thus:
“Our Esteemed Shareholders may recall that on 16 August 2018, Stanbic IBTC Holdings PLC announced on The Nigerian Stock Exchange that Shareholders entitled to receive the N1.00 (one naira) Interim Dividend declared by Directors, have a choice of receiving these dividends, either in cash or may elect to receive them as new ordinary shares in the Company (“scrip dividend”).
“Where a shareholder elects to receive the whole or a part of 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 date for the payment of such dividend (“Qualifying shareholders”).
“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 one naira (N1.00) Interim Dividend approved by the Board for distribution to Shareholders on 26 September, 2018, the qualification date as previously published was Tuesday 28 August 2018.
“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 one naira Interim Dividend indicated above, the reference price for determining the scrip dividend allotment is N47.75 (forty seven naira seventy five kobo)”