Seplat Petroleum Development Company Plc., a Nigerian independent oil and gas company, has announced a final dividend of US$0.05 (the United States Five Cents) per Ordinary Share.
The dividend, which is subject to shareholders’ approval at its 2020 Annual General Meeting, is payable to Seplat’s shareholders whose names appear in the Register of Members as at the close of business on 12th May 2020.
The company stated that, “A Final Dividend of US$0.05 (the United States Five Cents) per Ordinary Share of N0.50keach, (subject to appropriate withholding tax and shareholders’ approval) will be paid to shareholders whose names appear in the Register of Members as at the close of business on 12th May 2020.”
In addition, Seplat Petroleum stated the default currency and options on currency election for the dividend would depend as follows:
- Shareholders holding their shares on the Nigerian Stock Exchange 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 Stock Exchange 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; and
- 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.
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Determination of Exchange Rate: 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 11th May 2020 and will be communicated by the Company on 12th May 2020.
