Business Context and Reporting Period
This Form 6-K filing by Macro Bank Inc. (Banco Macro S.A.) is dated July 12, 2024. The report serves as a translation of a submission to the Argentine Securities Commission (CNV) regarding the payment of the third and final installment of a cash dividend approved by shareholders in April 2024 and authorized by the Central Bank of the Republic of Argentina (BCRA).
Key Financial Metrics
- Dividend Payment: The total cash dividend for the third installment is AR $176,255,233,717.59.
- Per Share Amount: AR $275.6514510211 per share.
- Capital Stock: AR $639,413,408.
- Dividend Yield on Capital: 27,565.1451021166% of the capital stock.
- Tax Withholding: A 7% withholding applies under Section 97 of the Income Tax Law. Non-resident shareholders opting for BOPREAL bonds are subject to an additional 17.5% withholding (PAÍS tax).
The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity metrics beyond the specific dividend distribution details.
Material Changes
This filing represents the execution of a previously approved dividend plan. The material change is the availability of funds for the third installment, which was not available in prior periods. The dividend is expressed in constant currency as permitted by BCRA Communiques "A" 7984 and "A" 7997.
Guidance, Outlook, and Unusual Items
- Payment Schedule: Funds are available as of July 22, 2024, with a record date of July 19, 2024.
- BOPREAL Option: Non-resident shareholders may elect to apply dividend proceeds (net of taxes) to subscribe to "Bonds for the Reconstruction of a Free Argentina" (BOPREALs), Series 3. This requires an irrevocable instruction sent 48 business hours prior to the record date.
- Contingency: If the BCRA does not call for a BOPREAL bid within 30 calendar days of this notice, the funds will be returned to the shareholder in Argentine pesos without interest.
- ADR Holders: American Depositary Receipt holders will receive dividends through The Bank of New York Mellon.
Investor Verification Checklist
- Verify the record date (July 19, 2024) to ensure eligibility for the third installment.
- Confirm the net dividend amount after the mandatory 7% income tax withholding and the potential 17.5% PAÍS tax for non-residents.
- Review the specific documentation requirements for non-residents wishing to convert dividends into BOPREAL bonds.
- Monitor the BCRA for the issuance of the BOPREAL Series 3 bid within the 30-day window to avoid automatic cash return.