THE Directors of Nigerian Breweries Plc are proposing to shareholders a right to elect to receive new shares in the Company instead of cash dividends. This was contained in the notice signed by the company secretary Uaboi G. Agbebaku, Esq. sent to the Exchange.
According to the notice by the company, it was proposed that shareholders entitled to receive cash dividends in respect of the financial year ended 31st December 2021, be offered a right of election to receive ordinary shares in the Company (“New Ordinary Shares”) instead of cash dividends, and that such new ordinary shares be credited as fully paid, which, when issued, shall rank pari-passu in all respects with the Company’s existing ordinary shares.
Also, it was proposed that the election to receive ordinary shares instead of cash dividends shall have been exercised on or before the 12th of April, 2022; that the new ordinary shares to be received by shareholders shall be determined by their cash dividend entitlements divided by a reference share price, which reference share price shall be the ten (10) day average of the Company’s closing share price on the floor of The Nigerian Exchange Limited (starting on the 10th of March, 2022).
That further to the above approval, the directors be and they are hereby authorized to allot to Shareholders who elected to receive ordinary shares in the Company in lieu of cash dividends, such number of new ordinary shares as shall be determined by the directors in the manner aforesaid.
That the Directors be and they are hereby authorised to take all necessary steps to give effect to the above resolutions and that all steps already taken by the directors in that regard be and they are hereby ratified.
However, the company is giving a total dividend of ₦12,921,331,039 (twelve billion, nine hundred and twenty-one million, three hundred and thirty-one thousand, thirty-nine naira only) that is, 160 (one hundred and sixty) Kobo only per ordinary share of 50 (fifty) Kobo each.
The total dividend is comprised of an interim dividend of N3,230,332,760 (three billion, two hundred and thirty million, three hundred and thirty-two thousand, seven hundred and sixty Naira only), that is, 40 (forty) Kobo per share which had earlier been paid and a final dividend of ₦9,690,998,280 (nine billion, six hundred and ninety million, nine hundred and ninety-eight thousand, two hundred and eighty Naira only), that is, 120 (One hundred and twenty) Kobo per share.
If the proposed final dividend of ₦9,690,998,280 (nine billion, six hundred and ninety million, nine hundred and ninety eight thousand, two hundred and eighty Naira only); that is, 120 (one hundred and twenty) Kobo per share is approved, the company said it will be subject to deduction of withholding tax at the appropriate rate and the dividend will become payable on the 22nd of April, 2022, to shareholders whose names appear on the Company’s register of members at the close of business on the 9th of March, 2022.
The Register will be closed from Thursday, 10th March 2022 to Wednesday, 16th March, 2022 (both dates inclusive) for the purpose of updating the Register.
On the e-dividend, shareholders who are yet to complete the form or who need to update their records and relevant bank accounts are urged to complete the e-dividend form which can be detached/downloaded from the Annual Report and Accounts as well as from the website of the Company, www.nbplc.com or that of the registrar, www.firstregistrarsnigeria.com. The duly completed form is advised be returned to First Registrars and Investor Services Limited at No 2, Abebe Village Road, Iganmu, Lagos State.
Meanwhile, shareholders are hereby informed that some dividends have remained unclaimed and returned to the Registrar. The list of all unclaimed dividends will be circulated to all affected shareholders and they are advised to contact the Registrar, First Registrars and Investor Services Limited, No 2, Abebe Village Road, Iganmu, Lagos State orvia the e-mail address, [email protected] or [email protected] to resolve any issue they may have with claiming the dividends.
Specifically, the company’s 76th Annual General Meeting which will be held on Friday, 22nd April 2022 at 10:00 a.m. is expected to discuss the financials of the year ended 31st of December, 2021 and the Reports of the Directors, the Independent Auditor and the Audit Committee.
In view of the Covid-19 pandemic and the need to ensure public health and safety, the Corporate Affairs Commission has approved that attendance at this Annual General Meeting (AGM) shall be by Proxy only.
This approval was given in accordance with the Commission’s “Guidelines on Holding of Annual General Meetings (AGM) of Public Companies Using Proxies”.
Shareholders are thus required to appoint a proxy of their choice from the list of proxies contained in the blank proxy form included in the 2021 Annual Report and Accounts.
To be valid for the AGM, a duly completed proxy form must be received in the office of the Registrar, First Registrars and Investor Services Limited, No. 2, Abebe Village Road, Iganmu, Lagos State or sent by e-mail to [email protected] or [email protected], not later than Wednesday, the 20th of April, 2022.
The Company has made arrangements for Stamp Duty to be paid on the proxy forms at its expense.
The AGM will be streamed live online. This will enable shareholders and other relevant stakeholders who will not be attending the meeting physically to be part of the proceedings. The link for the live streaming will be made available on the Company’s website: www.nbplc.com and by the registrar, in due course.
