With an additional listing of 145,075,002 units shares arising from 2021 scrip dividend election scheme, Nigerian Breweries Plc has crossed N450 billion in market capitalisation.
The listing pushed NB to N459.12 billion in market capitalisation to become 10th most capitalised listed company on the Nigerian Exchange Limited (NGX) and most capitalised beverages–brewers/distillers company.
The company had proposed for shareholders’ approval, the Share for Cash Dividend Election Scheme; a scheme that will allow shareholders to convert final cash dividends to new ordinary shares.
The Exchange in a statement said, “Trading License Holders are hereby notified that additional 145,074,002 ordinary shares of 50 kobo each of Nigerian Breweries were on, listed on the Daily Official List of the NGX.
“The additional shares listed on NGX arose from Nigerian Breweries’ Scrip Dividend Election Scheme. With this listing of the additional 145,074,002 ordinary shares, the total issued and fully paid-up shares of Nigerian Breweries Plc has now increased from 8,075,831,900 to 8,220,905,902 ordinary shares of 50 kobo each.”
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The part of resolutions passed at the international breweries 76th Annual General Meeting (AGM) was, “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 instead of cash dividends, and that such New Ordinary Shares be credited as fully paid, which, when issued, shall rank Pari Passau in all respects with the company’s existing ordinary shares.
“That the election to receive ordinary shares instead of cash dividends should have been exercised on or before the 12th of April, 2022; 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 10-day average (starting on the 10th of March, 2021) of the Company’s closing share price on the floor of The NGX.”
