Stanbic IBTC Holdings to issue scrip dividend

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The shareholders of Stanbic IBTC Holdings Plc, the holding firm for Stanbic IBTC Bank Plc and its other subsidiaries have the choice to receive scrip dividend from the declared result of full year 2019.

This action is to be effected following the approval by the Board of Director of Stanbic IBTC Holdings Plc.

This was announced in a notification by Stanbic IBTC Holdings Plc, which was signed by the Company Secretary, Chidi Okezie, and sent to the Nigerian Stock Exchange (NSE) on March 26, 2020.

The press statement, which was sent to the NSE, states, “Stanbic IBTC Holdings Plc, once again wishes to advise our esteemed shareholders that in line with the authority granted to Directors by shareholders at the 6 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’).

“Where a shareholder elects to receive the whole or a part of his or her dividends by way of new ordinary shares, then such script 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 dividends (‘Qualifying Shareholders’).”

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The announcement further stated that the qualification date for the N2.00 dividend, which was recommended by the Board of Directors, was Wednesday, March 18, 2020. The approval is to be gotten at the 8^th Annual General Meeting of the company which has been scheduled to hold on Wednesday, June 17, 2020.

According to the statement, shareholders, who wish to receive their N2.00 dividend by way of new ordinary shares, can either download the scrip dividend election form from the company’s website or contact the Registrars, First Registrars and Investor Services Limited.

However, Shareholders who elect to receive their dividends in cash, are not required to take any action as they will have their bank accounts credited on dividend payment date.

About Scrip Dividends: They are new shares of issuer’s stock that are issued to shareholders instead of cash dividend. A company declaring scrip dividend gives the shareholders the option to either receive the dividend in cash or to receive additional shares.