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 17, 2023
Context: This filing announces the Board of Directors' approval to pay a dividend in kind to shareholders, following authorization from the Central Bank of the Republic of Argentina and a resolution by the Shareholders' Meeting held on April 25, 2023.
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 Instrument: Bono de la Nación Argentina en Moneda Dual (Argentina's Dual Currency Public Bond) due April 30, 2024 (Bond Code TDA24).
- Total Nominal Value Approved: 346,680,043.74.
- Dividend Ratio: 0.09 nominal value of the bond per share of nominal value AR$ 1.
- Capital Stock Reference: AR$ 639,413,408.
- Dividend Yield Representation: 1,955.98% of the capital stock.
- Tax Withholding: Subject to a 7% tax withholding under section 97 of the Argentine Income Tax Law.
Material Changes and Distribution Schedule
The dividend is to be distributed in 6 equal, monthly, and consecutive installments. The first installment was made available on May 31, 2023.
| Installment | Availability Date | Nominal Value (Bonds) |
|---|---|---|
| 1 | May 31, 2023 | 57,780,007.29 |
| 2 | June 9, 2023 | 57,780,007.29 |
| 3 | July 3, 2023 | 57,780,007.29 |
| 4 | August 1, 2023 | 57,780,007.29 |
| 5 | September 1, 2023 | 57,780,007.29 |
| 6 | October 2, 2023 | 57,780,007.29 |
Fractions under 1 bond shall be liquidated in Pesos at the closing price on the Record Date (May 24, 2023 for the first installment).
Guidance, Outlook, and Risks
Management Commentary: The Board has established a schedule for the payment of the dividend in kind. Holders of American Depositary Receipts (ADRs) will receive the dividend through The Bank of New York Mellon as the depositary agent.
Risks and Contingencies: The filing notes that the total amount of dividends is subject to a 7% tax withholding. Shareholders holding shares within the Stock Ledger kept by Caja de Valores S.A. must contact the bank for specific procedures regarding the availability of the bonds.
Investor Verification Checklist
- Verify the market value of the "Bono de la Nación Argentina en Moneda Dual" (TDA24) on the availability dates to determine the actual cash equivalent of the dividend.
- Confirm the Record Date (May 24, 2023) to ensure eligibility for the first installment.
- Check the specific tax implications of the 7% withholding for non-resident shareholders or ADR holders.
- Review the procedure for liquidating fractional bond amounts in Pesos.
- Monitor the Central Bank of Argentina's regulations regarding the distribution of earnings in installments.