Stanbic IBTC Holdings (SIBTCH) Plc, has reassured shareholders of its commitment to ensure that dividend declared by the company gets to them through any means elected to receive the returns on their investments.
Stanbic reveled this to The Daily Times that it is offering shareholders opportunity to either receive cash dividend or script dividend up to year 2020.
The company’s secretary, Chidi Okezie, said in a statement that the decision to grant shareholders option to collect cash dividend or convert value of such dividend to equity in the holding company was based on shareholders endorsement at its 06 August 2015 Extra Ordinary General Meeting.
“Shareholders have a choice of receiving dividends declared by the company, up to year 2020, either in cash or may elect to receive their dividends as new ordinary shares in the Company (“scrip dividend”)” Okezie said.
According to him, where a Stanbic IBTC shareholder elects to receive his or her dividends by way of new ordinary shares, 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 dates for the payment of such dividends.
The company further explained that In order to be valid, any scrip dividend election by shareholders, must be made to the Company’s Registrars, not later than seven working days prior to any dividend payment date.
With respect to the sixty (60) kobo Interim Dividend approved by the Board for distribution to Shareholders on 27 September 2017, the qualification date as previously published was Wednesday 06 September 2017.
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 Nigeria Stock Exchange (The NSE) for the five business days commencing on the day the ordinary shares are first quoted ex-dividend.
Thus with respect to the sixty (60) kobo Interim Dividend indicated above, the reference price for determining the scrip dividend allotment is N39.45 (Thirty Nine Naira Forty Five kobo).
Shareholders, who wish to receive their Sixty (60) kobo dividend by way of new ordinary shares, can either download the Scrip Dividend Election form (“the form”) from its website.
Shareholders, who, however, elect to receive their dividends in cash, are not required to take any action, as they will have their dividend warrants or bank accounts (in the case of shareholders with the appropriate e-dividend mandate) sent/credited on the dividend payment date.