Financial Statements 2011 - Investing In Africa

Notes To The Financial Statements (Continued)
As at 31 december 2011
34) Dividends
At the Annual General Meeting scheduled for 2 May 2012, a final dividend in respect of 2011 of Shs 0.25 per share (2010
- Shs 0.25 per share) amounting to a total of Shs 98,724,000 (2010 – Shs 89,749,000) is to be proposed by the directors.
During the year an interim dividend in respect of 2011 of Shs 0.25 per share (2010 - Shs 0.25 per share) amounting to
a total of Shs 98,724,000 (2010 – Shs 89,749,000) was paid.
The total estimated dividend for the year to be paid is therefore Shs 0.50 per share (2010 - Shs 0.50 per share) amounting
to a total of Shs 197,449,000 (2010 - Shs 179,499,000). The final proposed dividend for the year is subject to approval
by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements.
The movement in unclaimed dividends is as follows:
GROUP AND BANK
2011 2010
Shs`000 Shs`000
At 1 January 50,181 43,825
Final dividend declared 89,749 81,590
Interim dividend declared 98,724 89,749
Dividends paid (182,749) (164,983)
At 31 December 55,905 50,181
Payment of dividends to members with shareholding of up to 12.5% is subject to withholding tax at the rate of 5.0% for
residents and 10.0% for non-residents.
35) Share capital and reserves
(a) Share capital and share premium
GROUP AND BANK Share Share
Number capital premium
of shares Shs `000 Shs `000
At 1 January 2010 326,361,622 1,631,808 192,600
Bonus issue 32,636,162 163,181 (163,181)
Bonus issue expenses - - (571)
At 31 December 2010 358,997,784 1,794,989 28,848
At 1 January 2011 358,997,784 1,794,989 28,848
Bonus issue 35,899,778 179,499 (28,848)
At 31 December 2011 394,897,562 1,974,488 -
As at 31 December 2011 the authorised share capital of the company comprised of 400,000,000 ordinary shares with a
par value of Shs 5. The issued shares as at 31 December 2011 are 394,897,562 (2010 - 358,997,784) and are fully paid.
Issued and fully paid ordinary shares, which have a par value of Shs 5, carry one vote per share and carry a right to
dividend.
During the year, the company capitalized the sum of Sh 179,498,890 from the credit of the revenue reserves and share
premium account and appropriated the amount to ordinary shareholders by way of a 1 for 10 bonus issue. The bonus
issue was approved by way of ordinary resolution at the Annual General Meeting held on 25 May 2011. The holders of
ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share
at General Meetings of the Bank.
86 • NIC Bank Limited • Annual Report & Financial Statements 2011