Business Context and Reporting Period
This Form 6-K filing by Macro Bank Inc. (Banco Macro S.A.) is dated June 13, 2024. The report serves as a translation of a submission to the Argentine Securities Commission (CNV) regarding the payment of the second installment of a cash dividend approved by the General and Special Shareholders' Meeting on April 12, 2024, and authorized by the Board of Directors on June 13, 2024.
Key Financial Metrics
- Dividend Payment: The company is paying the second of three equal monthly installments of a total cash dividend of AR $168,541,001,211.86.
- Per Share Amount: AR $263.5869049712 per share, representing 26,358.6905% of the capital stock of AR $639,413,408.
- Payment Date: Funds available as of June 26, 2024.
- Record Date: June 25, 2024.
- Tax Withholding: A 7% withholding applies under Section 97 of the Income Tax Law. Non-resident shareholders opting for BOPREAL bonds are also subject to a 17.5% withholding under the PAÍS tax.
The filing does not provide data on revenue, profit, cash flow, margins, debt, or liquidity metrics for the reporting period.
Material Changes
The filing does not disclose material changes in financial performance or operational metrics compared to prior periods. The primary event is the execution of the dividend distribution plan authorized in April 2024.
Guidance, Outlook, and Special Provisions
- Dividend Distribution: Payments are made in three equal consecutive monthly installments in constant currency, as authorized by Central Bank of the Republic of Argentina (BCRA) Communiques "A" 7984 and "A" 7997.
- BOPREAL Option: Non-resident shareholders may elect to apply their dividend proceeds (net of 7% and 17.5% withholdings) 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 company will return the relevant Argentine pesos to the shareholder free of interest.
- ADR Holders: American Depositary Receipt holders will receive dividends through The Bank of New York Mellon.
Investor Verification Checklist
- Verify the total dividend amount of AR $168.5 billion and the per-share value of AR $263.59.
- Confirm the record date of June 25, 2024, and payment availability on June 26, 2024.
- Review the specific tax implications (7% standard withholding and potential 17.5% PAÍS tax) for non-resident shareholders.
- Check the deadline and documentation requirements for non-residents wishing to convert dividends into BOPREAL bonds.
- Confirm the status of the BCRA BOPREAL bid to ensure the bond subscription option remains viable within the 30-day window.