S P Setia fixes new shares at RM3.10 under 3rd dividend reinvestment plan

KUALA LUMPUR (April 23): Property player S P Setia Bhd has fixed the price of its new shares to be issued in relation to its third dividend reinvestment plan (3rd DRP) at RM3.10 per share.

In a filing with Bursa Malaysia, S P Setia said the issue price was computed based on the five-day volume weighted average market price (five-day VWAMP) of S P Setia shares up to and including April 22 of RM3.50. The price has also been adjusted for its final dividend of 5.7 sen to the five-day VWAMP and given a further discount of 34 sen, which is approximately a 10% discount to the ex-dividend VWAMP of RM3.44.

Maybank Investment Bank also said the entitlement date of the 5.7 sen final dividend and 3rd DRP has been fixed for May 11, 2015. The dividends will go ex on May 7.

“The relevant documents and the dividend reinvestment form in relation to the 3rd DRP, will be despatched to entitled shareholders two market days after the entitlement date (i.e. by May 13, 2015),” the filing read.

“The expected date for the allotment and issuance of the new shares, as well as payment for the cash dividend to the entitled shareholders, is on June 8, 2015,” it added.

To recap, S P Setia declared a single-tier final cash dividend of 5.7 sen per S P Setia share for the financial year ended Oct 31, 2014 (FY14) and had on Feb 11, 2015 determined the DRP shall apply to the entire final dividend (3rd DRP).

Shareholders of S P Setia are given an option to reinvest their final dividend in new S P Setia shares to be issued pursuant to the 3rd DRP.

S P Setia shares closed two sen or 0.57% lower at RM3.48 today, with a market capitalisation of RM8.898 billion.