TIDMCAL
RNS Number : 8242R
Capital & Regional plc
26 September 2017
26 September 2017
CAPITAL & REGIONAL PLC ("Capital & Regional" or "the
Company")
UK company number 01399411
LSE share code: CAL
ISIN: GB0001741544
LEI: 21380097W74N9OYF5Z25
Dividend Finalisation Announcement
As previously announced on 10 August 2017 the Company has
declared an Interim dividend of 1.73 pence per share (the
"Dividend"), to be paid 100% as a property income distribution
("PID").
Shareholders on the South African ("SA") share register are
advised that the South African Rand exchange rate for the dividend
will be 17.962 ZAR to 1.00 GBP (the "Exchange Rate"), resulting in
a gross local dividend amount of 31.07426 ZAR cents per share.
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 Shareholders
on the on the
UK share register SA share register
---------------------- ------------------- -------------------
31.07426 ZAR
PID element (gross) 1.73 pence cents
---------------------- ------------------- -------------------
*Less 20% withholding
tax 0.346 pence 6.21485 ZAR cents
---------------------- ------------------- -------------------
24.85941 ZAR
PID element (net) 1.384 pence cents
---------------------- ------------------- -------------------
* Certain categories of UK shareholders may apply for exemption,
in which case the PID element will be paid gross.
(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
55.07 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 25 September 2017, less
the gross amount of the Dividend per share. The Scrip Calculation
Price for JSE shareholders is 9.89167 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 and
whose dividend payment is subject to 20% withholding 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
------------------------------------ ----------------- -----------------
Net amount of PID dividend
entitled to receive 248.59410
(per (i) above x 1,000): GBP13.84 ZAR
------------------------------------ ----------------- -----------------
Scrip Calculation Price GBP0.55070 9.89167 ZAR
------------------------------------ ----------------- -----------------
Calculated number of new shares
to which shareholder is entitled
(assuming no cash residual
balance brought forward) 25.13165 25.13166
------------------------------------ ----------------- -----------------
Actual number of new shares
received 25 25
------------------------------------ ----------------- -----------------
Cash Balance* (multiply fractional
entitlement by Scrip Calculation
Price) GBP0.07 1.30 ZAR
------------------------------------ ----------------- -----------------
* For JSE shareholders to be paid a Cash Balance, the Cash
Balance has been determined with reference to the net (after taking
UK withholding tax into account) 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) Tuesday, 3 October
Shares trade ex-dividend on the JSE Wednesday, 4 October
Shares trade ex-dividend on the LSE Thursday, 5 October
Record date Friday, 6 October
Closing date to elect to receive the scrip Friday, 6 October
alternative (JSE and LSE shareholders)
Announcement of the total amount of new Monday, 16 October
shares to be issued
Dispatch of share certificates, payment Thursday, 26 October
of cash 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 Wednesday, 4 October 2017 and Friday, 6 October 2017, both
days inclusive.
-- Transfers of shares between sub-registers in the United
Kingdom and South Africa may not take place between Tuesday, 26
September 2017 and Friday, 6 October 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 PID
SA dividends tax, at a rate of 20%, will apply to cash PIDs to
the extent that the Company shares are held on the SA share
register, unless the beneficial owner of the dividend is exempt
from dividends tax (e.g. if it is a South African resident
company).
A 20% UK withholding tax will be deducted from cash PIDs. The
Company will account to Her Majesty's Revenue & Customs
("HMRC") in sterling for the total UK withholding tax deducted.
Under the double tax agreement between the UK and South Africa
("the DTA"), the maximum tax payable in the UK is 15%. South
African resident shareholders are therefore entitled to claim a 5%
rebate from HMRC in terms of the DTA. Accordingly, only 15% of the
UK withholding tax may be claimed as a rebate against the 20% SA
dividends tax.
In summary, therefore, 20% will be withheld in the UK, a further
5% will be withheld in SA (where appropriate), but South African
resident shareholders will be entitled to claim back 5% from HMRC
which will bring the overall total to 20%.
New shares issued pursuant to the scrip alternative
A 20 per cent UK withholding tax will have been deducted in
calculating the number of new shares issued to shareholders in
terms of the Scrip Dividend Scheme. On application by a JSE
shareholder, a 5% rebate is claimable from HMRC, resulting in an
effective UK withholding tax rate of 15%. 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 shares where such new
shares are provided in lieu of the dividend. Cash balances paid are
expected to be taxed as a cash PID, as set out above.
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.
S
For further information:
Capital & Regional: Tel: 020 7932 8000
Lawrence Hutchings, Chief
Executive
Charles Staveley, Group
Finance Director
Notes to editors:
About Capital & Regional plc
Capital & Regional is a UK focused retail property REIT
specialising in shopping centres that dominate their catchment,
serving the non-discretionary and value orientated needs of the
local communities. It has a strong track record of delivering value
enhancing retail and leisure asset management opportunities across
a c. GBP1 billion portfolio of in-town 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
through its in-house expert property and asset management
platform.
For further information see capreg.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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