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Saturday, March 25, 2023

Seplat to Convert Dollar Dividends at N410.24 for Shareholders

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Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian independent oil and gas company listed on both the Nigerian Exchange Limited and London Stock Exchange, has confirmed the currency exchange rates which will be applicable in determination of the proposed final dividend for 2020.

This will be the exchange rate used to pay any shareholder that qualifies for and has elected to receive the dividend payment in Naira or British Pound (GBP).

The exchange rates are 1 USD = 410.24 Naira and 1 USD = 0.7197 GBP.

The rates are a discount to the black market and bureau du change rates which hover around N485 per dollar and N475 per dollar respectively.

The exchange rate for the Naira or Pound Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 30th April 2021, according to Seplat.

The closing date for Dividend currency election to the Company’s Registrars is 18th May 2021.

Seplat notes that in the absence of a qualifying Dividend currency election by shareholders to the appropriate Registrar, dividends will be paid in their default currency.

The energy firm recently adopted the payment of quarterly dividends after Board approval, commencing with an interim dividend of US2.5 cents.

This is a change to Seplat’s previous policy of declaring dividends twice a year in the Q3 results and the full-year results.

The change in policy is intended to provide more frequent returns to shareholders.

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