Access Bank Plc has announced a final dividend of 70 kobo per share for its shareholders from its operations for the year ended 31st December, 2021.
The lender made the declaration in a corporate action announcement submitted to the Nigeria Stock Exchange (NSE), and sighted by BigNaira on Friday, March 18, 2022.
The bank stated that a Final Dividend of 70 kobo for every share of 50 kobo, subject to appropriate withholding tax will be paid to shareholders whose names appear in the Register of Members as at the close of business on 19th day of April 2022 (bringing the Total Dividend for the 2021 Financial Year to N1.00).
In its explanatory note on dividend payment, Access Bank Plc noted that it had announced on March 10, 2021 a court sanction of the Scheme of Arrangement between the Bank and the holders of its fully paid up ordinary shares of 50 kobo each which led to the establishment of Access Holdings Plc as a Non-Operating Holding Company and listed parent entity of the Bank and related Group Companies.
Sequel to the announcement and in line with the terms of the Scheme, the Bank noted that applications have been made to the Nigerian Exchange Limited for the delisting of the entire 35,545,225,622 issued and fully paid up ordinary shares of 50 Kobo each of Access Bank Plc and the listing of 35,545,225,622 issued and fully paid up ordinary shares of Access Holdings Plc.
“Indicatively, it is expected that the two processes will be completed within the next couple of days leaving Access Holdings Plc as the listed entity on the Nigerian Exchange Limited and the sole beneficial shareholder of Access Bank Plc which will be entitled to Final Dividend herein declared,” the explanatory note stated.
The Bank added that it will hold its Annual General Meeting on March 28, 2022 and pay the declared Final Dividend to Access Holdings Plc.
Consequent upon receipt of the Final Dividend from the Bank, Access Holdings Plc will issue its Q1, 2022 accounts and pay the sum received as Final Dividend from the Bank as Interim Dividend to its shareholders on April 28, 2022.
On qualification and means of payment, the Bank noted that on April 28, 2022, dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 19th day of April, 2022 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.
It however, informed its shareholders that the obligation to pay the Final Dividend of 70 kobo as stated in its March 18, 2022 announcement will be fully discharged in accordance with the terms and conditions contained herein by Access Holdings Plc on April 28, 2022.