Business Context and Reporting Period
This Form 6-K filing by Macro Bank Inc. (Banco Macro S.A.) is dated June 1, 2023. The report serves as a translation of a submission to the Argentine Securities Commission (CNV) regarding the payment of a dividend in kind to shareholders.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the mechanics of a specific dividend distribution.
- Dividend Type: In-kind payment via Argentina's Dual Currency Public Bond (Bono de la Nación Argentina en Moneda Dual) due April 30, 2024.
- Dividend Instalment: Instalment No. 2 of a 6-month distribution plan.
- Total Bonds Distributed: 57,780,007.29 nominal values.
- Exchange Ratio: 0.090364084 of the bond per share of nominal value AR$ 1.
- Capital Stock Representation: The distribution represents 1,955.98% of the capital stock (AR$ 639,413,408).
- Tax Withholding: Subject to a 7% tax withholding under Argentine Income Tax Law.
Material Changes
The filing does not report material changes in financial performance or operational status compared to prior periods. It details the execution of a dividend plan authorized by shareholder meetings in 2021 and 2022 and approved by the Central Bank of the Republic of Argentina in May 2023.
Guidance, Outlook, and Risks
Management Commentary: The Board of Directors authorized the distribution on May 17, 2023. The dividend is available for collection starting June 9, 2023, with a record date of June 6, 2023.
Procedures: Shareholders holding shares in the Stock Ledger at Caja de Valores S.A. must contact the company for collection procedures. ADR holders will receive the dividend through The Bank of New York Mellon.
Risks/Contingencies: The filing notes that fractions of bonds under 1 will be liquidated in Pesos at the closing price on the Record Date. The total amount is subject to the aforementioned 7% tax withholding.
Investor Verification Checklist
- Verify the Record Date (June 6, 2023) and Availability Date (June 9, 2023) for dividend collection.
- Confirm the specific collection procedures for shares held at Caja de Valores S.A. versus ADR holders.
- Review the terms of the "Bono de la Nación Argentina en Moneda Dual" due April 30, 2024, to understand the asset value received.
- Account for the 7% tax withholding on the total dividend amount.
- Check the closing price of the bond on the Record Date to calculate the peso value of fractional shares.