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Nigerian Breweries proposes dividend conversion to shares, schedules AGM for April 22



Nigerian Breweries increases prices of beer, blames rising input cost

Adebayo Obajemu


The Board of Nigerian Breweries Plc has notified the investing public that the 75th Annual General Meeting of Nigerian Breweries Plc will be held in the Shell Nigeria Hall, Muson Centre, 8/9 Marina, Onikan, Lagos State on Thursday, 22nd April 2021 at 10.00 a.m.

Part of the business deliberation at the AGM is the proposal of dividend conversion option to shareholders.

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The Group in a notification for the AGM stated thus:

The following proposals by the Directors, be and they are hereby approved:

“That Shareholders entitled to receive cash dividends in respect of the financial year ended 31st December 2020, be offered a right of election to receive ordinary shares in the Company (“New Ordinary Shares”) instead of cash dividends, and that such New Ordinary Shares be credited as fully paid, which, when issued, shall rank pari-passu in all respects with the Company’s existing ordinary shares;

That the election to receive ordinary shares instead of cash dividends shall have been exercised on or before the 12th of April, 2021;

That the New Ordinary Shares to be received by Shareholders shall be determined by their cash dividend entitlements divided by a Reference Share Price, which Reference Share Price shall be the ten (10) day average (starting on the 11th of March, 2021) of the Company’s closing share price on the floor of The Nigerian Stock Exchange.”

“That further to the above approval, the Directors be and they are hereby authorised to allot to Shareholders who elected to receive ordinary shares in the Company in lieu of cash dividends, such number of New Ordinary Shares as shall be determined by the Directors in the manner aforesaid.”

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