Stanbic IBTC to convert N21b cash to scrip at N24.79 per share


By Taofik Salako Deputy Group Business Editor

 

Stanbic IBTC Holdings Plc has indicated that a conversion price of N24.79 per share for any shareholder that elects to convert his cash dividend to scrip dividend under the ongoing convertible policy of the holding company.

The board of the holding company has recommended payment of N21 billion as dividend for the 2019 business year, implying a dividend per share of N2, 33.3 per cent increase on N1.50 per share paid for the 2018 business year.

Under a resolution passed at its extraordinary general meeting in August 2016, shareholders of Stanbic IBTC Holdings may choose to receive dividends declared by the company, up to year 2020, either in cash or as new ordinary shares in the company.

Under the conversion programme, the reference price to be used in determining any scrip dividend allotment shall be the volume weighted average price (VWAP) of the company’s shares on the NSE for the five business days commencing on the day the…



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