TIDMCAL
RNS Number : 4427C
Capital & Regional plc
13 April 2017
13 April 2017
Capital & Regional plc
("Capital & Regional" or the "Company" or "Group")
DIVIDEND FINALISATION ANNOUNCEMENT
As previously announced on 9 March 2017 the Company has declared
a final dividend of 1.77 pence per share (the "Dividend").
Shareholders are now advised that the dividend is proposed to be
paid as a 100% non-PID. As such it will therefore be treated as an
ordinary UK company dividend, with no withholding tax deducted.
Shareholders on the South African ("SA") share register are
advised that the South African Rand exchange rate for the dividend
will be 17.02 ZAR to 1.00 GBP (the "Exchange Rate"), resulting in a
gross local dividend amount of 30.12540 ZAR cents per share.
Subject to approval at the Company's AGM on 9 May 2017 the
dividend will be paid on 16 May 2017.
The Directors are offering a scrip alternative ("scrip
alternative") to the Dividend, further details of which are
contained in the Scrip Dividend Rules available from
http://capreg.com/investor-info/scrip/ and from the Company's
Registrars. A cash dividend will be paid to shareholders unless
they elect to receive the scrip alternative. Capitalised terms used
in this announcement will be the same meaning as defined in the
Scrip Dividend Rules.
(i) Shareholders receiving the dividend in cash:
Shareholders who do not elect to receive New Ordinary Shares
pursuant to the Scrip Dividend Scheme will be paid a cash dividend
per share as follows:
Shareholders on
the Shareholders on the
UK share register SA share register
---------------------------------- ------------------- --------------------
Non-PID (gross) 1.77 pence 30.12540 ZAR cents
---------------------------------- ------------------- --------------------
*Less 20% South African
dividends tax (JSE shareholders) - 6.02508 ZAR cents
---------------------------------- ------------------- --------------------
Non-PID (net) 1.77 pence 24.10032 ZAR cents
---------------------------------- ------------------- --------------------
* Non-PID - taxed as a normal dividend in SA
(ii) Shareholders who elect to take shares:
The Scrip Calculation Price for shareholders who hold their
shares on the Company's UK share register ("LSE shareholders") is
56.48 pence, being the average of the middle market quotations of
an Ordinary Share derived from the Daily Official List of the LSE
for the last five dealing days ending on 12 April 2017, less the
gross amount of Dividend per share. The Scrip Calculation Price for
Johannesburg Stock Exchange ("JSE") shareholders is 9.61290 ZAR,
being the Scrip Calculation Price for LSE shareholders, converted
to Rand at the Exchange Rate.
The number of New Ordinary Shares to be allocated to
shareholders electing to participate in the Scrip Dividend Scheme
will be calculated by dividing the net value of the Dividend
otherwise receivable by a Shareholder by the Scrip Calculation
Price and rounding down to the nearest whole number. As no fraction
of a new share will be issued, for LSE shareholders any residual
Cash Balance, i.e. the total value of the dividend receivable less
the value of the shares allocated, will be rolled forward and
factored into the Scrip calculation for the next relevant Dividend.
For JSE shareholders, any residual Cash Balance will be paid in
cash in the same way as the Dividend would have been paid had those
shareholders not elected to receive the scrip alternative.
By way of illustration, a shareholder who holds 1,000 shares
(for JSE shareholders the dividend payment is subject to 20%
dividends tax) and who elects to receive New Ordinary Shares
pursuant to the Scrip Dividend Scheme, will receive a number of New
Ordinary Shares calculated as follows:
LSE Shareholders JSE Shareholders
-------------------------------------- ----------------- -----------------
Amount of non-PID dividend entitled
to receive
(per 1.77 pence or 24.10032 ZAR
cents x 1,000): GBP17.70 241.00 ZAR
-------------------------------------- ----------------- -----------------
Scrip Calculation Price 56.48 pence 9.61290 ZAR
-------------------------------------- ----------------- -----------------
Calculated number of new shares
to which shareholder is entitled
(assuming no cash residual balance
brought forward) 31.33853 25.07082
-------------------------------------- ----------------- -----------------
Actual number of new shares received 31 25
-------------------------------------- ----------------- -----------------
Cash Balance (multiply fractional
entitlement by Scrip Calculation
Price) 19 pence 0.68 ZAR
-------------------------------------- ----------------- -----------------
* For JSE shareholders the amounts calculated have been
determined with reference to the net (after taking dividends tax
into account) non-PID dividend to which a shareholder is
entitled.
TIMETABLE
The key dates in relation to the payment of the Dividend
are:
2017
------------------------------------------------------- -------------------
Last day to trade (JSE shareholders) Monday, 24 April
Shares trade ex-dividend on the JSE Tuesday, 25 April
Shares trade ex-dividend on the LSE Thursday, 27 April
Record date Friday, 28 April
Closing date to elect to receive the scrip alternative Friday, 28 April
(JSE and LSE shareholders)
Announcement of the total amount of new shares Wednesday, 10 May
to be issued
Dispatch of share certificates, payment of cash Tuesday, 16 May
dividend and residual cash balances (if applicable),
CREST/CSDP/broker accounts credited/updated
and new shares listed
Notes:
-- JSE shareholders will receive a cash dividend in South
African Rand, based on the conversion rate.
-- Share certificates (in respect of shares held on the South
African register) may not be demateriliased or rematerialised
between Tuesday, 25 April 2017 and Friday, 28 April 2017, both days
inclusive.
-- Transfers of shares between sub-registers in the United
Kingdom and South Africa may not take place between Thursday, 13
April and Friday, 28 April 2017, both days inclusive.
-- Shareholders should note that new shares should not be traded
until they are issued or reflected in their respective
accounts.
TAX IMPLICATIONS FOR JSE SHAREHOLDERS
Cash non-PID
SA dividends tax at the rate of 20% will apply to cash non-PIDs
paid by the Company, unless the beneficial owner of the Dividend is
exempt from SA dividends tax (e.g. if the beneficial owner is a
South African company or a non-South African resident). Since no
withholding tax is suffered in the UK on cash non-PIDs, no rebate
can be claimed. The relevant regulated intermediary (being the SA
transfer secretaries or other CSDP, broker or institution, as
applicable) will therefore be required to deduct 20% tax on all
cash non-PID's paid to persons who are not exempt from SA dividends
tax, and pay this to the South African Revenue Service.
New shares issued pursuant to the scrip alternative
As new shares issued pursuant to the scrip alternative should
not constitute dividends or foreign dividends, dividends tax does
not apply to that part of any dividend satisfied by the issue of
New Ordinary shares where such new shares are provided in lieu of
the dividend. Cash balances paid are expected to be taxed as a cash
non-PID, as set out above. However, the legislation in this regard
is complex and shareholders should accordingly seek independent
professional tax advice.
UK taxation
The receipt of the cash dividend or election to receive the
scrip alternative may have tax implications for shareholders who
are resident in the United Kingdom or other countries and such
shareholders are advised to obtain appropriate advice from their
professional advisors in this regard.
ENDS
For further information:
Capital & Regional plc 020 7932 8000
Hugh Scott-Barrett
Charles Staveley
About Capital & Regional plc
Capital & Regional is a UK focused specialist retail REIT
with a strong track record of delivering value enhancing retail and
leisure asset management opportunities across a c. GBP1 billion
portfolio of in-town dominant community shopping centres. Capital
& Regional is listed on the main market of the London Stock
Exchange and has a secondary listing on the Johannesburg Stock
Exchange.
Capital & Regional owns seven shopping centres in Blackburn,
Hemel Hempstead, Ilford, Luton, Maidstone, Walthamstow and Wood
Green. It also has a 20% joint venture interest in the Kingfisher
Centre in Redditch. Capital & Regional manages these assets,
which comprise over 900 lettable units and attract c. 1.7 million
shopping visits each week, through its in-house expert property and
asset management platform.
For further information see www.capreg.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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