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Stanbic IBTC shareholders approve new dividend option

By BusinessNews Staff on August 11, 2015

Stanbic IBTC Holdings Plc says a proposal by the Board of Directors for shareholders to receive new ordinary shares, instead of the whole or any part of the interim dividend to be declared for the financial year ending December 31, 2015, has been approved by the shareholders.

A statement by the Stanbic IBTC Holdings, which was made available to our correspondent on Sunday, said the shareholders approved the proposal at the company’s extra-ordinary general meeting in Abuja.

According to the statement, as part of the Stanbic IBTC scrip dividend scheme, the new ordinary shares will be credited as fully paid, and will rank pari passu with existing ordinary shares of the group.

The Chairman, Stanbic IBTC Holdings, Mr. Atedo Peterside, was quoted as saying that approvals were required in compliance with resolutions adopted at the company’s Annual General Meeting, which was held on June 3, 2015.

At the AGM, the board was authorised to offer additional shares to shareholders, who so choose, instead of cash in respect of any dividends.

Peterside said, “Shareholders have a choice of receiving their interim dividends in cash and may periodically elect to receive future dividends as new shares in the group, for any scrip dividend proposed by the board.”

[Punch]

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