AECI Limited has recently declared its interim ordinary cash dividend, bringing good news to its shareholders. The announcement, designated as Interim Ordinary Cash Dividend No. 179, reflects the company’s strong financial performance in the first half of the fiscal year 2023. Shareholders are set to receive a gross interim cash dividend of 100 cents per share for the six-month period ending on June 30, 2023.
The Board of Directors of AECI made the declaration on Tuesday, July 25, 2023, in a move that aims to reward its investors for their continued support and trust in the company. The dividend will be payable on Monday, September 4, 2023, to shareholders recorded in the register of the company at the close of business on the record date, Friday, September 1, 2023.
Dividend Details
AECI Limited provided specific details for shareholders to ensure a smooth dividend payment process. The table below outlines the essential dates and tax implications related to the dividend distribution:
| Event | Date |
|---|---|
| Declaration Date | July 25, 2023 |
| Record Date | September 1, 2023 |
| Payment Date | September 4, 2023 |
| Last Day to Trade “Cum” Dividend | August 29, 2023 |
| Shares Trade “Ex” Dividend | Commence on August 30, 2023 |
| Dividend Withholding Tax Applicable | 20% |
| Net Dividend | 80 cents per share |
Shareholders are reminded that the “cum” dividend shares must be traded before August 29, 2023, to be eligible for the dividend payment. After this date, the shares will trade “ex” dividend. The dividend withholding tax of 20% will apply to all shareholders who are not exempt or eligible for a reduced withholding tax rate according to a relevant Double Taxation Agreement.
As a result of the withholding tax, eligible shareholders will receive a net dividend of 80 cents per share. Shareholders who are not eligible for exemption or reduction may obtain the necessary application forms from the Transfer Secretaries, Computershare Investor Services (Pty) Ltd, and must submit them on or before Tuesday, August 29, 2023.
The dividend is being declared from the income reserves of the company, and it applies to the issued share capital of AECI Limited at the declaration date. The company’s share capital consists of 105,517,780 listed ordinary shares and 3,000,000 listed cumulative preference shares.
Dividend Administration
To facilitate a seamless dividend process, AECI Limited has provided shareholders with clear instructions regarding address changes and dividend instructions. Any changes in addresses or dividend instructions must be communicated to the company on or before Tuesday, August 29, 2023.
Moreover, the company has announced a brief period during which share certificates may not be dematerialized or rematerialized. This restriction will be in effect between Wednesday, August 30, 2023, and Friday, September 1, 2023, both days inclusive.
Looking Ahead
AECI Limited has demonstrated its commitment to enhancing shareholder value by declaring this interim dividend. The company’s robust financial performance for the first half of 2023 has allowed it to reward its investors and maintain its reputation as a dependable investment choice in the chemicals sector.
With a solid track record and a diverse portfolio of products and services, AECI Limited continues to position itself for sustained growth and profitability. The interim dividend announcement reinforces the company’s dedication to creating long-term value for shareholders and fostering investor confidence.
