Shareholders in Nigeria Can Elect to Receive Dividend in Dollar –Airtel
Airtel Africa has announced that it will use a foreign exchange rate of N1,485.99 per US dollar to determine the amount payable to its local shareholders in Nigeria. However, the telecom giant stated that local shareholders can also choose to receive dividend payments in US dollars.
Recall that the Board proposed a financial dividend of 3.57 cents per ordinary share, payable on July 26, 2024 to shareholders on the register as of the close of business on June 21, 2024.
In an official statement, the telecom stated that the foreign currency exchange rate will be used to determine the final dividend payment to any shareholders who qualify for and choose to receive it. For investors in the London market, the telecom set a dividend conversion rate of 1 USD = 0.7859 GBP.
It stated in its regulatory filing, the exchange rate for the Nigerian naira or GB pounds amounts payable was determined by reference to the exchange rates applicable to the U.S. dollar available on 31 May 2024.
It stated that the currency exchange rates will be applicable in determination of the final dividend payment to any shareholders that qualify for and have elected to receive the final dividend payment in U.S. dollars, GB pounds or Nigerian naira.
“The latest date to trade shares in order to be entitled to the dividend is 19 June 2024”, Airtel Africa said in the notice. The company added that shareholders that hold their shares on the London Stock Exchange may elect to receive their dividend payment in GB pounds or U.S. dollars.
Shareholders electing to receive a dividend are required to specify a choice of currency by completing the Currency Election Form and return to Computershare Investor Services plc.
Airtel said in the statement that the closing date for the dividend currency election to the Company’s Registrars Computershare Investor Services plc in the UK is 8 July 2024.
It warned that shareholders holding their shares on the LSE who do not indicate their currency of choice before 8 July 2024 will receive their dividends in U.S. dollars.
Shareholders that hold their shares on the Nigerian Stock Exchange may elect to receive their entire dividend payment in Nigerian naira or U.S. dollars, the telecom company said. #Shareholders in Nigeria Can Elect to Receive Dividend in Dollar –Airtel
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