Their communications dept terrible. The webpage has not yet been updated

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Declaration of Dividends - Liberty Kenya Limited

It was unanimously resolved that subject to the approval from the Capital Markets Authority, a final dividend for the year of 1/- per share be and is hereby declared to be paid to shareholders registered as at close of business on 21 May 2014 either by cash or ordinary shares credited as fully paid up subject to a conversion price of Kes. 15.90, being the last traded price prior to the Board's consideration and recommendation of the dividend.

It was clarified to the meeting that it was only upon the receipt of the approval from the CMA that the Members would receive from the Company's Registrar, Comprite Kenya Limited, Forms of Election to opt for payment of the dividend either by cash or ordinary shares credited as fully paid up subject to a conversion price of Kes. 15.90.

The representative from the Company's Registrar clarified to the meeting that the payment of the dividends and credit of shares would be undertaken upon completion of the Election Process as per the time table as shall be communicated to Members. Members are advised to seek professional advice from their financial advisors with regards to the election option.

What date should we expect this erection forms?

Liberty Kenya receives approval to issue additional shares for scrip dividendLiberty Kenya has received regulatory approval to issue and list up to 30.0m additional ordinary shares, equivalent to 5.8% if the company’s issued ordinary shares. The additional shares are reserved for the company’s shareholders who choose to receive their FY13 dividend in the form of additional shares as opposed to cash. Liberty Kenya declared a final dividend per share of KES 1.00 (total KES 515.3m) and is giving its shareholders the option to receive the dividend either in the form of cash, or additional shares. The additional shares will be issued at a conversion price of KES 15.90 per ordinary share to the shareholders who select to receive their dividend in the form of shares. Shareholders who choose to receive their dividend in cash as opposed to shares will be diluted. The full extent of the dilution will be clear once the election process for the dividend payment method is completed on 12 September. Liberty Holdings Ltd, the majority shareholder in Liberty Kenya (56.8% stake), has indicated that it intends to receive its dividend in the form of bonus shares to avoid diluting its shareholding. (Source; Company, Kestrel Research)

@ S.Mutaga III

The shareholders who were in the books prior to scrip dividend book closure on 21st May 2014 will receive the forms to choose their preference.

Considering todays VWAP is 17.80, shareholders are certainly better off opting for the scrip shares.

For shareholders who fail to choose their preference, it was noted a while back that the default payment will be scrip shares.