Business Context and Reporting Period
Company: Macro Bank Inc. (Banco Macro S.A.)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: May 14, 2024
Context: This filing reports a relevant event regarding the Board of Directors' resolution to distribute an authorized cash dividend. The dividend was previously authorized by the Superintendency of Financial and Exchange Entities of the Central Bank of the Republic of Argentina on May 6, 2024.
Key Financial Metrics
Dividend Authorization: AR $294,130,168,000 (Total)
Dividend Payment Structure: 3 equal and consecutive monthly installments in constant currency (adjusted by INDEC CPI).
First Installment Amount: AR $98,043,389,226.67 (Preliminary)
First Installment Per Share: AR $253.0199617596
Capital Stock: AR $639,413,408
Dividend Yield on Capital: 25,301.9962%
Tax Withholding: 7% (Income Tax Law) + 17.5% (PAÍS Tax for non-residents choosing BOPREALs).
Revenue/Profit/Cash Flow: The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics.
Material Changes and Payment Schedule
The Board resolved to split the total dividend into three installments to be paid in constant currency. The preliminary schedule is as follows:
- Installment 1: Available May 22, 2024 (Amount: AR $98,043,389,226.67)
- Installment 2: Available June 26, 2024 (Amount: AR $98,043,389,226.67)
- Installment 3: Available July 22, 2024 (Amount: AR $98,043,389,226.67)
Note: Final amounts for each installment will be adjusted based on the Consumer Price Index (CPI) published by INDEC at the time of each payment.
Outlook, Risks, and Unusual Items
BOPREAL Option for Non-Residents: Non-resident shareholders may elect to apply dividend funds to the acquisition of "Bonds for the Reconstruction of a Free Argentina" (BOPREALs), Series 3. This option is subject to an additional 17.5% tax withholding (PAÍS Tax).
Execution Risk: If the Central Bank of the Republic of Argentina (BCRA) does not call for a BOPREAL bid within 30 calendar days of the notice, the funds will be returned to the shareholder in Argentine pesos without interest. The bank disclaims responsibility if a shareholder is unable to obtain BOPREALs for any reason.
Payment Logistics: Dividends are available at Caja de Valores S.A. in Buenos Aires. ADR holders receive payments through The Bank of New York Mellon.
Investor Verification Checklist
- Verify the final constant currency amount for each installment based on the INDEC CPI at the time of payment.
- Confirm tax withholding status (7% standard vs. 24.5% total for non-residents opting for BOPREALs).
- Check for the issuance of the Central Bank's BOPREAL bid within 30 days if electing the bond option.
- Review the specific record dates for subsequent installments (June and July) as they are not yet finalized in this text.
- Confirm ADR depositary procedures with The Bank of New York Mellon for receipt of funds.