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Stanbic IBTC Holdings has listed new 31.51 million ordinary shares at 50 kobo each in the Nigerian Stock Exchange (NSE).

The additional shares were as a result of a resolution passed at the company’s extraordinary general meeting in August 2016, which read that shareholders of Stanbic IBTC Holdings may choose to receive dividends declared by the company, up to next yearthe year 2020, either in cash or as new ordinary shares in the company.

With respect to the N1 final dividend declared for half year ended June 30, 2019, the eligible shareholders of Stanbic IBTC Holdings elected to receive new ordinary shares in lieu of cash dividends. With this development, the total issued and fully paid-up shares of the company increased from 10.47 billion ordinary shares of 50 kobo each to 10.50 billion ordinary shares of 50 kobo each.

Stanbic IBTC
Stanbic IBTC Bank Plc

During the conversion programme, 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 NSE for the five business days commencing on the day the ordinary shares are first quoted ex-dividend.

[READ MORE: Resort savings raises N4.3 billion, as Camey and Rock acquire majority shares)

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For instance, where a shareholder elects to receive the whole or a part of his dividends by way of new ordinary shares, such scrip shares shall only be allotted after receipt of any required regulatory. 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.

Stanbic IBTC Holdings, through Stanbic IBTC Bank, has been the top facilitator of foreign investment into the country and has been in existents for over 33 years. The bank recently appointed Nkemdilim Uwaje as a Non-Executive Director following the resignation of Sim Tshabalala a former Non-Executive Director in the company.

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