Ikeja Hotel declares N0.02kobo final dividend

Ikeja Hotel Plc has declared a final dividend of N0.02kobo per ordinary share of 50 kobo, to be paid to shareholders at the next Annual General Meeting.

According to a notice filed by the firm to the Nigerian Stock Exchange, it is subject to applicable withholding tax and shareholder approval.

It is expected to be paid to shareholders whose names appear in the Register of Members as at the close of business on Wednesday, July 1, 2020.

The dividend will on Friday, August 7, 2020, be paid electronically to shareholders whose names appear on the Register of Members as at Wednesday, July 1, 2020, and to those who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.

While the Register of Shareholders will be closed on Thursday, July 2, 2020, to Wednesday, July 8, 2020, Qualification date has been scheduled for Wednesday, July 1, 2020.

A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.

Distribution to shareholders may be in cash (usually a deposit into their bank accounts) or the issuance of further shares, otherwise known as shares repurchase. But this is usually done if the company has a dividend reinvestment plan.