Nigerian Breweries offers ‘shares for dividends’ option to shareholders

Nigerian Breweries Plc, the foremost brewing company in Nigeria, has proposed for shareholders’ approval, the Share for Cash Dividend Election Scheme; a scheme that will allow shareholders convert final cash dividends to new ordinary shares. This proposal comes ahead of Nigerian Breweries Plc 76th Annual General Meeting and follows the impressive results released for the financial year ended December 31, 2021,

A statement issued by the management of the company through an explanatory note revealed that the scheme would give interested shareholders the option to elect or a right of election to receive ordinary shares in the company instead of a final cash dividend of N1.20kobo each per ordinary share of 50kobo each.

The statement further stated that part of the final proposed dividend of N9.69billion at N1.20kobo per share, which is meant to be paid to shareholders upon approval on April 25, 2022, will be converted to ordinary shares.

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Qualifying shareholders are those who have their names in the Company’s Register of Members at the close of business on March 9, 2022. To participate in the Share for Cash Dividend Election Scheme, qualifying shareholders who intend to make an election for shares must complete an election form and return the same to the First Registrar and Investor Services Limited on or before April 12, 2022.

The form can be obtained manually from the office of the Registrar (www.firstregistrarsnigeria.com) oron the investor relations page of the company’s website(www.nbplc.com). The election form will be equally be sent to qualifying shareholders alongside the 2021 Annual Report and Accounts. The shareholders are expected to scan and send (using their personal email address) the completed election forms to the Registrar‘s email address-([email protected]).

The default option will remain cash for Final Dividend, therefore qualifying shareholders who do not wish to covert their final dividends into additional shares do not need to fill or submit the election form. Such shareholders will automatically receive cash on Friday, April 22, 2022.