Stanbic IBTC Shareholders Approve Scrip Dividend

Shareholders of Stanbic IBTC Holdings Plc have approved a proposal by the Board of Directors to allow shareholders 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, a statement from the lender has said.

As part of the Stanbic IBTC scrip dividend scheme, the new ordinary shares will be credited as fully paid and shall rank pari passu with existing ordinary shares of the company, according to the resolution, which was unanimously adopted at the company’s Extra-Ordinary General Meeting in Abuja.

Chairman, Stanbic IBTC Holdings Plc, Mr. Atedo Peterside, said that the approvals were required in compliance with resolutions adopted at the company’s Annual General Meeting held in June 2015, during which the board was authorised to offer additional shares to shareholders, who so choose, instead of cash in respect of any dividends.

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

 

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