Seplat announces interim dividend of US3 cents per share

Article Summary

• The interim dividend is subject to appropriate withholding tax and will be paid to shareholders whose names appear in the Register of Members as of the close of business on 18th May 2023.
• shareholders who have a dividend currency option must make the election to the Company’s Registrars by 2nd June 2023, otherwise, the dividend will be paid in the default currency.
• shareholders holding their shares on the Nigerian Exchange Limited who hold a valid CCI should notify Seplat’s Nigerian Registrars of that fact.

Seplat Energy Plc, an indigenous Nigerian energy company listed on both the Nigerian Exchange Limited (NGX) and London Stock Exchange has announced an interim dividend at a rate of US3 cents per Ordinary Share of N0.50k each.

This was contained in the company’s corporate action announcement to the Nigerian Exchange Limited (NGX) and obtained by Nairametrics.

The interim dividend is subject to appropriate withholding tax and will be paid to shareholders whose names appear in the Register of Members as of the close of business on 18th May 2023.

The statement signed by Mr. Emeka Onwuka, Chief Financial Officer noted that to enable Seplat ‘s Registrar, Datamax Registrars Limited, to prepare for the payment of the interim dividend, the Register of Shareholders will be closed on 19th May 2023.

Options on currency election

According to the company, the default currency and options on currency election for the dividend will depend as follows:

• “Shareholders holding their shares on the Nigerian Exchange Limited without a valid Nigerian Certificate for Capital Importation (CCI) will be paid their dividend in Naira as the default currency. “Shareholders holding their shares on the Nigerian Exchange Limited with a valid CCI will be paid their dividend in US dollars as the default currency. However, those shareholders may instead elect to receive their entire dividend payment in Naira (partial elections are not permissible). Evidence of the CCI must be provided to Datamax Registrars Limited.
• “Shareholders holding their shares through depository interests on the London Stock Exchange will be paid their dividend in US dollars as the default currency. However, those shareholders may instead elect to receive their entire dividend payment in pounds sterling. Partial elections are not permissible”.

The company stated that shareholders who have a dividend currency option must make the election to the Company’s Registrars by 2nd June 2023, otherwise, the dividend will be paid in the default currency.

It added that the election form will be sent out to the relevant shareholders and can also be found on the Company website

Valid CCI

The company also noted that those shareholders holding their shares on the Nigerian Exchange Limited who hold a valid CCI should notify Seplat’s Nigerian Registrars of that fact.

• “The exchange rate for the Naira or Pounds Sterling amounts payable will be determined by reference to the relevant exchange rates applicable to the US dollar on 17th May 2023 and will be communicated by the Company on 18th May 2023.
• On or around 16th June 2023, the interim dividend will be paid electronically to shareholders whose names appear on the Register of Members as of 18th May 2023, and who have completed the e-dividend registration and mandated the Registrar to pay their interim dividend directly into their Bank accounts,” the company said.