Prestige Assurance Plc has declared a final dividend of 3 kobo per 50 kobo share for its 2018 financial period. This is subject to shareholders’ approval and appropriate withholding tax.
On a date yet-to-be-announced, the dividends will be paid electronically to shareholders whose names appear on the Register of Members as at Friday, May 3, 2019. Also, only those who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts, will receive payment.
Note that the Register of Shareholders will be closed from Monday, May 6, to Friday, May 10, 2019. The Qualification Date has been scheduled for Friday May 3rd, 2019.
Understanding Dividend
A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.
Distribution to shareholders may be in cash (usually a deposit into a bank account) or the issuance of further shares, otherwise known as shares repurchase. But this is usually if the company has a dividend reinvestment plan.
In other words, a dividend is allocated as a fixed amount per share with shareholders receiving a dividend in proportion to their shareholding. For the joint-stock company, paying dividends is not an expense; rather, it is the division of after-tax profits among shareholders.
About Prestige Assurance Plc
The company is a non-life insurance firm with over sixty years’ experience in Nigeria. Its core areas of business include motor, marine, bond, engineering, fire, aviation, oil & gas, and general accident.
Prestige Assurance Plc was founded in 1952 and is headquartered in Lagos, Nigeria.
New India Mumbai Assurance Company and Leadway Assurance Plc are the majority shareholders of the firm.
Prestige Assurance Plc is currently trading N0.55 on the floor of the Nigerian Stock Exchange (NSE).
