Nigerian Breweries offers shares-dividend swap to shareholders

Nigerian Breweries Plc has offered its shareholders the opportunity to get more shares in exchange for their dividend.

The Brewer, in a notice ahead of its 76th Annual General Meeting (AGM), 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.

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 N1.20k each per ordinary share of 50k each.

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

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 ElectionScheme, 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 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.

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Nigerian Breweries offers shares-dividend swap to shareholders