Seplat Petroleum Development Company Plc (, a leading Nigerian independent oil and gas company has said local shareholders would receive interim dividend at N306.40 to a dollar.

In the stock market, Seplat is trading at N565 to a share, having peaked at N640 in the year. It is however quoted at 122.50 GBP on London Stock Exchange.

The company confirms that it would settle for N306.40 as rate for converting dividend payment to shareholders in Nigeria in a release submitted to the Nigerian Stock Exchange.

Seplat is listed on both the Nigerian Stock Exchange and London Stock Exchange.

The firm said: “the following currency exchange rates will be applicable in determination of the third quarter 2019 interim dividend payment to any shareholders that qualify for and have elected to receive the third quarter interim dividend payment.

The dividend is expected to come in Naira or GBP at the Exchange Rate of USD/306.40 and USD/1.2831 GBP.

The exchange rate for the Naira amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 8th November 2019.

It stated that this is because 11th November previously announced was a public holiday in Nigeria.

The management notified that the exchange rate for Pounds Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 11th November 2019.

The company stated that the closing date for dividend currency election to the Company’s Registrars is 27th November 2019.

In the absence of a qualifying dividend currency election by shareholders to the appropriate Registrar, dividends will be paid in their default currency, the management stated in the release.

It would be recalled that Seplat recently announced acquisition of Eland Oil for N174.2 billion. Analysts say the acquisition would help the company’s earnings going forward.

By Ogochi Ndubuisi.

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