By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-First dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc on Tuesday said it has confirmed the dividend currency exchange rate for its 2015 final dividend payout to investors of the company.
The currency exchange rate is applicable to shareholders seeking to be paid in the Nigerian naira or the British pounds sterling which goes for one dollar ($1) to N199 and 0.6831 GBP.
SEPLAT says the exchange rate for the naira or pounds sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 19 May 2016.
The 2015 final dividend of 4 US cents per share, announced by the company on 24 March 2016, is subject to shareholder approval at the Annual General Meeting (AGM) to be held in Lagos, Nigeria on June 1, 2016. “If approved, the final dividend is to be paid on or shortly after 9 June 2016 to shareholders on the register as of May 19, 2016,” the company added.
It affirmed that the Nigerian shareholder register will be temporarily closed on May 20, 2016 to enable the Company’s registrar, DataMax, to prepare for the payment of the final dividend.
Additional information
The Company announced on 12 April 2016 that the default currency for the 2015 final dividend will depend on whether the shareholder has a Nigerian Certificate for Capital Importation (“CCI”) and is determined as follows:
· Shareholders holding their shares on the Nigerian Stock Exchange and do not hold a valid CCI will be paid their dividend in Naira;
· Shareholders holding their shares on the Nigerian Stock Exchange 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 (partial elections are not permissible); and
· Shareholders holding their shares through depository interests on the London Stock Exchange 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.
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 25 May 2016, otherwise the dividend will be paid in the default currency. The election forms have been sent out to the relevant shareholders and can also be found on the Company’s website at Seplatpetroleum.
Those shareholders holding their shares on the Nigerian Stock Exchange who hold a valid CCI should notify Seplat’s Nigerian registrars, DataMax Registrars Limited (“DataMax”), of that fact.
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.
