By InvestAdvocate
Lagos (INVESTADVOCATE)-First dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc (SEPLAT) on Tuesday it has the intention to pay a final dividend of four (4) cent per share in its 2015 audited year end.
The company says in its corporate action with the Nigerian Stock Exchange (NSE) that the default currency for the dividend will depend on whether the shareholder has a Nigerian Certificate for Capital Importation (CCI).
Seplat says that shareholders holding their shares on the NSE and do not hold a valid CCI will be paid their dividend in Naira.
Also, investors holding their shares on the NSE 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 and partial elections are not permissible,” the company said.
According to the company, shareholders holding their shares through depository interests on the London Stock Exchange (LSE) 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,” the first dual listed Nigerian oil and gas upstream firm affirmed
“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 May 19, 2016 and will be communicated by the company on May 20, 2016.
Seplat further affirmed that the shareholders who have the option to elect to be paid their dividends in a currency other than their default currency must make the election to the company’s registrars by May 25, 2016, otherwise the dividend will be paid in the default currency.
It announced the election form will be sent out to the relevant shareholders and can also be found on the company website at http://seplatpetroleum.com/investor-centre/corporate-governance/circulars/.
First dual listed Nigerian oil and gas upstream firm, advised shareholders holding their shares on the NSE and hold a valid CCI should notify Seplat’s Nigerian registrars, DataMax Registrars Limited of that fact.
“The 2015 final dividend of 4 US cents per share is subject to shareholder approval at the Annual General Meeting to be held in Lagos, Nigeria on June 1, 2016. If approved, the final dividend is to be paid on or shortly after June 9, 2016 to shareholders on the register as of May 19, 2016.
Seplat noted the Nigerian shareholder register will be temporarily closed on May 20, 2016 to enable it’s registrar to prepare for the payment of the final dividend.
“Seplat shareholders who are yet to provide their account details for the direct credit of the 2015 final dividend payment should please provide the necessary information to DataMax. Holders of shares through depositary interests on the London Stock Exchange should please provide their account details to the Company’s UK depositary, Computershare,” the company said in its corporate action with the NSE.
