By InvestAdvocate

Lagos (INVESTADVOCATE)-Food and Beverage Giant, Cadbury Nigeria Plc Friday declared a 50 Kobo dividend to shareholders of the Company following its promise to pay dividend in year 2012 end.

In the Firms Corporate Action to the Nigerian Stock Exchange (NSE), the Company said Qualification and closure date of register is April 12 and 15 2013 respectively.

While payment date is scheduled for May 09, 2013 after its Annual General Meeting (AGM) scheduled to take place on May 08, 2013 at the Civic Centre in Lagos Nigeria.

On May 09 2012 Shareholders of Cadbury Nigeria at the Company’s 47^th AGM advised the Board to consider payment of dividend as part of strategies to successfully restore investors’ confidence.

Peterside Atedo, Chairman of Cadbury while reacting to the Shareholders advice said that the management was able to pull out of the N3.5 billion negative reserves in 2010 to about N2.20 million positive reserves in the year under review.

He said this explained the inability of the Company to pay dividend in the year, “In Nigeria, it is illegal for a Company to pay dividend if it has negative reserve. We have managed to get out of the negative reserve marginally ahead of 2012” he said.

According to him, some investors refused to buy into the Company’s Rights Issue because of the projections the Company made in the prospectus that dividend will not be paid until 2012.

He promised going forward; shareholders will be rewarded for their faith in the Company through the trying period.