Tag: Seplat Petroleum Development Company

The Nigerian Exchange Limited has notified trading license holders, investors and other relevant stakeholders of the implementation in the change of name of Seplat Petroleum Development Company Plc (the Company) to Seplat Energy Plc.

The recent development is in line with the consensus reached at the recently concluded Annual General Meeting of the company held on 20th of May, 2021. At the aforementioned meeting, shareholders of the company voted in support of the change of name and consequently, a new certificate of incorporation was issued from the Corporate Affairs Commission.

The change of name is a reflection of the recent efforts by the organization geared towards ensuring a seamless transition into a full energy solutions company. It is in line with its (the organization) goal of being a key player in promoting and operationalizing a low carbon environment in the nearest future.

It is pertinent to note that despite the change in name, the Company’s trading symbol remains the same.

What you should know:

• Seplat announced a total dividend of $0.10 for the 2020 financial year. The breakdown of the total dividend showed that an interim dividend of $0.05 was first announced in October 2020, and subsequently followed by a final dividend of $0.05.
• Speaking at the recently concluded 8th AGM of the company, the Chairman of the board, Mr. ABC Orjiako noted that following a capital injection of about $535 million raised through the firm’s IPO launched in May 2014, the company has since returned $344 million to shareholders in the form of dividends.

Seplat Petroleum Development Company, a leading indigenous oil and gas company in Nigeria, has announced that an exchange rate of N410.29/$ will be applicable in the determination of its proposed interim dividend of 2.5 cents

According to a disclosure signed by the Chief Financial Officer of the company, Emeka Onwuka and published on the website of the Nigerian Exchange Group Plc (NGX Plc), the rates will be applicable to any shareholder that qualifies for and has elected to receive the dividend payment in Naira of GBP.

The exchange rates for the naira and the pound sterling amounts payable to shareholders were respectively determined with specific reference to the dollar, given that the company is listed on both the Nigerian Exchange Limited and London Stock Exchange.

Exchange rate

• 1 USD=410.29 Naira
• 1 USD=0.7062 GBP

It is pertinent to note that the recent exchange rate announced by the firm for Q1 2021 interim dividend payment, is slightly higher than the FY 2020 figures by 0.01%, translating to a nominal increase of about 5 kobo. As at the period of writing this, CBN’s official exchange rate currently stands at N410.25/$1.

For more information about the disclosure, click HERE

Seplat Petroleum Development Company has announced the amendment in its Q1 2021 dividend payment timeline.

This is according to a disclosure signed by the firm’s Chief Financial Officer, Emeka Onwuka and seen by Nairametrics. Key changes in the timeline include;

• A shift of the qualification date from 12th to 26th of May, 2021.
• Register of members will hence be closed on the 27th of May, from an initial date of 13th of May, 2021.
• The proposed Q1 2021 dividend of US 2.5cents will now be paid on the 10th of June, from an initial date of 6th of June, 2021.
• However, currency elections can only be made on the 2nd of June, 2021.

Why the change?

According to the disclosure, the key dates for the dividend was amended to allow the registrar facilitate Shareholders’ currency selection for the two dividends (FY 2020 and Q1 2021) which is running concurrently.

What you should know:

• Recall that Seplat Petroleum had earlier announced currency exchange rates for proposed final dividend in FY 2020.
• The firm had reported a 2020 FY loss of $80.2 million.

For more information about the changes in the dividend timeline, click HERE.