Overdrawn directors loan

I have a client who had an overdrawn director's loan of £7,500 at 31/03/11. He's saying that he doesn't have to pay the s455 charge because he wants to declare a dividend of £7,500 now. I know he's been taking out extra funds which would increase the director's loan account still further. I am of the opinion that he would need to declare a dividend to clear the director's loan now and not just the £7,500 at 31/03/11. Am I right?