TIDMCAL
RNS Number : 6025N
Capital & Regional plc
21 May 2020
21 May 2020
CAPITAL & REGIONAL PLC ("Capital & Regional" or "the
Company")
UK company number 01399411
LSE share code: CAL
ISIN: GB00BL6XZ716
LEI: 21380097W74N9OYF5Z25
DIVID FINALISATION ANNOUNCEMENT
Further to the announcements made by the Company on 5 March 2020
and 24 March 2020, respectively, a final dividend of 11 pence per
share (the " Dividend ") has been declared and was approved, along
with the Scrip Dividend Rules, by the shareholders of the Company
at the Annual General Meeting held on Wednesday, 20 May 2020. The
dividend will be paid 100% as a property income distribution
("PID"). The PID will be subject to a deduction of a 20% UK
withholding tax unless exemptions apply.
The Dividend is payable on Wednesday, 24 June 2020 to
shareholders registered on the UK principal register (" UK
Shareholders ") and the South African branch register (" SA
Shareholders "). The Record Date for both UK Shareholders and SA
Shareholders is at the close of business on Friday, 5 June
2020.
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:
SA shareholders are advised that the exchange rate for the
dividend will be 22.0003 ZAR to 1.00 GBP (the "Exchange Rate"),
resulting in a gross local dividend amount of 242.00330 ZAR cents
per share. Accordingly, 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:
UK Shareholders SA Shareholders
PID (GBP pence) (ZAR cents)
Gross amount of PID 11p 242.00330 cents
---------------- ----------------
Less 20% UK withholding tax * 2.2p 48.40066 cents
---------------- ----------------
Net PID dividend payable** 8.8p 193.60264 cents
---------------- ----------------
Less effective 5% SA dividends tax
for SA Shareholders*** n/a 12.10017 cents
---------------- ----------------
Net PID dividend payable*** n/a 181.50248 cents
---------------- ----------------
* Certain categories of UK shareholders may apply for exemption,
in which case the PID element will be paid gross of UK withholding
tax.
** Net position after deducting UK withholding tax for both UK
and SA Shareholders, but before SA shareholders have claimed back
5% from HMRC under the double tax agreement between the United
Kingdom and South Africa in respect of the UK withholding tax.
*** SA dividends tax applies at the rate of 20% for SA
Shareholders, but SA Shareholders receive a rebate of the UK
withholding taxes suffered (which is effectively 15%, after taking
into account the 5% refund).
(ii) Shareholders who elect to take shares:
The Scrip Calculation Price for UK shareholders is 91.006 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 20 May 2020, less the gross amount of
Dividend per share. The Scrip Calculation Price for SA shareholders
is 20.02159 ZAR, being the Scrip Calculation Price for UK
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 UK 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 SA shareholders, any entitlement which results in a
fractional share will be rounded down to the nearest whole number,
with a cash payment to be made to the relevant SA shareholder in
respect of the fraction ("cash payment"). Such fractions of shares
will be sold in the market on behalf of the SA shareholders
entitled to the fractions of shares and the cash payment in respect
of the fractions will be paid to those SA shareholders. The cash
payment is calculated by multiplying the fractional entitlement by
the scrip dividend reference price. SA shareholders are only
entitled to the proceeds for their fractional entitlements, which
are sold on their behalf, equal to the amount of the cash
payment.
The cash payment will be made on the payment date, being
Wednesday 24 June 2020.
By way of illustration, a shareholder who holds 1,000 shares,
and who elects to receive New Ordinary Shares pursuant to the Scrip
Dividend Scheme (in respect of the PID element), will receive a
number of New Ordinary Shares calculated as follows:
UK Shareholders SA Shareholders
PID (GBP GBP) (ZAR)
PID dividend net of UK withholding tax
entitled to receive* 8.8p x 1000 1 936.02000
(As per (i) above x 1,000) : = GBP88 ZAR
---------------- ----------------
Scrip Calculation Price GBP0.91006 20.02159 ZAR
---------------- ----------------
Calculated number of new shares to which
shareholder is entitled 96.69692 96.69662
---------------- ----------------
Actual number of new shares received 96 96
---------------- ----------------
Gross cash residual (multiply fractional
entitlement by Scrip Calculation Price) GBP0.63 13.94744 ZAR
---------------- ----------------
* A scrip dividend is not subject to SA dividends tax, therefore
no SA dividends tax is deducted for SA Shareholders in this
instance, only UK withholding tax. SA shareholders may claim back
5% from HMRC under the double tax agreement between the United
Kingdom and South Africa in respect of the UK withholding tax
TIMETABLE
The key dates in relation to the payment of the Dividend
are:
2020
------------------------------------------------------- ------------------
Last day to trade (SA shareholders) Tuesday, 2 June
Shares trade ex-dividend on the JSE Wednesday, 3 June
Shares trade ex-dividend on the LSE Thursday, 4 June
Record date Friday, 5 June
Closing date to elect to receive the scrip alternative Friday, 5 June
(JSE and LSE shareholders)
Announcement of the total amount of new shares Wednesday, 17
to be issued June
Dispatch of share certificates, payment of cash Wednesday, 24
dividend and residual cash balances (if applicable), June
CREST/CSDP/broker accounts credited/updated and
new shares listed
------------------------------------------------------- ------------------
Notes:
1. JSE shareholders will receive a cash dividend in South
African Rand, based on the conversion rate.
2. Share certificates (in respect of shares held on the South
African register) may not be demateriliased or rematerialised
between Wednesday, 3 June 2020 and Friday, 5 June 2020, both days
inclusive.
3. Transfers of shares between sub-registers in the United
Kingdom and South Africa may not take place between Thursday, 21
May 2020 and Friday, 5 June 2020, both days inclusive.
4. Shareholders should note that new shares should not be traded
until they are issued or reflected in their respective
accounts.
TAX IMPLICATIONS FOR SA SHAREHOLDERS
Cash PID
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.
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). SA resident shareholders can, however, claim a rebate
against the SA dividends tax for any UK withholding tax suffered.
Accordingly, 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 consisting
of PID element
A 20% 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 for South African dividends tax purposes, South African
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.
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
Lawrence Hutchings
Stuart Wetherly
FTI Consulting 020 3727 1000
Richard Sunderland
Claire Turvey
Methuselah Tanyanyiwa
capreg@fticonsulting.com
About Capital & Regional plc:
Capital & Regional is a UK focused specialist property REIT
with a strong track record of delivering significant value
enhancing retail and leisure asset management opportunities across
its portfolio of in-town, dominant community shopping centres.
Capital & Regional owns seven shopping centres in Blackburn,
Hemel Hempstead, Ilford, Luton, Maidstone, Walthamstow and Wood
Green. Capital & Regional manages these assets through its
in-house expert property and asset management platform.
For further information see www.capreg.com .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DIVKKDBDOBKKDPB
(END) Dow Jones Newswires
May 21, 2020 03:30 ET (07:30 GMT)
Capital & Regional (LSE:CAL)
Historical Stock Chart
From Apr 2024 to May 2024
Capital & Regional (LSE:CAL)
Historical Stock Chart
From May 2023 to May 2024