Stanbic IBTC Holdings Plc has listed additional 232,899,013 ordinary shares of 50 kobo each on the Daily Official List of the Nigerian Stock Exchange.
The NSE said in a statement on Friday that the additional 232,899,013 ordinary shares of 50 kobo each resulted from the scrip dividend offered to eligible shareholders of Stanbic IBTC, who elected to receive new ordinary shares in lieu of cash dividends, with respect to the N1.50 final dividend declared for the financial year ended December 31, 2018.
It said with the listing, the total issued and fully paid up shares of the Stanbic IBTC had increased to 10,473,451,958 ordinary shares.
Stanbic IBTC gave its shareholders the choice to opt for a scrip dividend following the declaration of an interim dividend of N1 per share.
The bank had earlier announced on August 28 that its board of directors proposed an interim dividend of N1 per share.
In a statement issued on Thursday, Stanbic IBTC said its shareholders had a choice of receiving the dividends either in cash or as new ordinary shares in the company (scrip dividend).
The statement read in part, “Where a shareholder elects to receive the whole or a part of his or her dividends by way of new ordinary shares, then such scrip 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 of the qualification date for the payment of such dividend.
“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.”
The bank said with respect to the N1 interim dividend approved by the board for distribution to shareholders on October 3, the qualification date as previously published was September 4, 2019.
It said the reference price to be used in determining any scrip dividend allotment would be the volume weighted average price of the company’s shares on the Nigerian Stock Exchange for the five business days commencing on the day the ordinary shares were first quoted ex-dividend.
According to the statement, the reference price for determining the scrip dividend allotment is N35.86.
It said shareholders who wished to receive their N1 interim dividend by way of new ordinary shares should download the scrip dividend election form from the bank’s website.
It added that shareholders who elected to receive their dividends in cash were not required to take any action as they would have their bank accounts credited on the dividend payment date.