Stanbic IBTC Holdings PLC in a notice to the Nigerian Stock Exchange announced to shareholders that they 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”).
In a statement signed by the company secretary Chidi Okeke, the company stated thus:
“Our Esteemed Shareholders may recall that on 28August 2019, Stanbic IBTC Holdings PLC announced on the Nigerian Stock Exchange (“The NSE”), 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 03October 2019, the qualification date as previously published was Wednesday 04 September 2019.
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 (The NSE) for the five business days commencing on the day the ordinary shares are first quoted ex-dividend. With respect to the one naira (N1.00) Interim Dividend indicated above, the reference price for determining the scrip dividend allotment is N35.86 (thirty five naira eighty six kobo).
“Shareholders, who wish to receive their One Naira (N1.00) Interim Dividend by way of new ordinary shares, can either download the Scrip Dividend Election form (“the form”) from our website”.
All completed forms must reach the Registrars on or before close of business on Thursday 26 September2019.
“Shareholders who however elect to receive their dividends in cash, are not required to take any action as they will have their bank accounts (in the case of shareholders with the appropriate e-dividend mandate) credited on the dividend payment date”.