Seplat Releases Forex Rate For Dividend Pay Outs

Forex brokers

Seplat Petroleum Development Company Plc, has just annouced its new Forex rate that it will apply for its dividend pay pay out to its investors.

In a statement released to The Exchange, Seplat “currency exchange rates will be applicable in determination of the 2015 final dividend payment to any shareholders that qualify for and have elected to receive the 2015 final dividend payment in Naira or GBP: Exchange Rates 1 USD = 199.0000 Naira 1 USD = 0.6831 GBP”

The company further stated that “ The exchange rate for the Naira or pounds sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 19 May 2016.

“The 2015 final dividend of 4 US cents per share, announced by the Company on 24 March 2016, is subject to shareholder approval at the Annual General Meeting to be held in Lagos, Nigeria on 1 June 2016. If approved, the final dividend is to be paid on or shortly after 9 June 2016 to shareholders on the register as of 19 May 2016. The Nigerian shareholder register will be temporarily closed on 20 May 2016 to enable the Company’s registrar, DataMax, to prepare for the payment of the final dividend.”

As a warning and note to shareholders Seplat has the following message:

The Company announced on 12 April 2016 that the default currency for the 2015 final dividend will depend on whether the shareholder has a Nigerian Certificate for Capital Importation (“CCI”) and is determined as follows:

  • Shareholders holding their shares on the Nigerian Stock Exchange and do not hold a valid CCI will be paid their dividend in Naira;
  • Shareholders holding their shares on the Nigerian Stock Exchange with a valid CCI will be paid their dividend in US dollars as the default currency. However, those shareholders may instead elect to receive their entire dividend payment in Naira (partial elections are not permissible); and
  • Shareholders holding their shares through depository interests on the London Stock Exchange will be paid their dividend in US dollars as the default currency. However, those shareholders may instead elect to receive their entire dividend payment in pounds sterling. Partial elections are not permissible.

As guidance on where to go, Seplat shareholders who are yet to provide their account details for the direct credit of the 2015 final dividend payment should please provide the necessary information to DataMax. Holders of shares through depositary interests on the London Stock Exchange should please provide their account details to the Company’s UK depositary, Computershare.

Seplat Petroleum Development Company Plc is an Nigerian oil and gas exploration and production company with a strategic focus on Nigeria, listed on the Main Market of the London Stock Exchange (“LSE”) (LSE:SEPL) and Nigerian Stock Exchange, NSE

Share of Seplat [NSE:SEPLAT] on The Exchange has risen by about 7.4% in the last 12 months.

 

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