Capital & Counties Properties Plc 2017 Interim Dividend Exchange Rate & Scrip Prices (1740P)
August 29 2017 - 5:36AM
UK Regulatory
TIDMCAPC
RNS Number : 1740P
Capital & Counties Properties Plc
29 August 2017
CAPITAL & COUNTIES PROPERTIES PLC (the "Company")
2017 INTERIM DIVIDEND - EXCHANGE RATE AND SCRIP CALCULATION
PRICES
Capital & Counties Properties PLC confirms that exchange
control approval for the offering of a scrip dividend alternative
has been obtained from the South African Reserve Bank and
shareholders are accordingly entitled to elect to receive new
ordinary shares in the Company, credited as fully paid in lieu of
cash, in respect of the 2017 interim dividend of 0.5 pence per
ordinary share.
Exchange Rate for Final Dividend
The Company confirms that the ZAR exchange rate for the 2017
interim dividend of 0.5 pence per ordinary share to be paid on 29
September 2017 to all shareholders registered on 8 September 2017
will be 16.912 ZAR to 1 GBP.
On this basis, shareholders who hold their shares via the South
African register will receive a cash dividend of 8.45600 ZAR cents
per ordinary share.
Scrip Calculation Price
The Scrip Calculation prices are as follows:
UK (principal register): 268.24 pence (GBP)
South Africa: 4,512.54400 cents (ZAR)
The same share prices will be used for calculating residual
payments under the Scrip Dividend Scheme.
Scrip Ratio:
The number of shares in issue as at the declaration date was
848,475,570 ordinary shares of 25p each.
UK (principal register): 1 new ordinary share for every 536.48 ordinary shares held
South Africa: 1 new ordinary share for every 533.64995 ordinary
shares held (4,512.54400/8.45600 = 533.64995)
As no fraction of a share can be issued, the number of shares to
be issued will be rounded down to the nearest whole number and any
residual cash balance will be paid immediately to the relevant
shareholder (unless a UK shareholder has made an "evergreen
election").
By way of illustration of the above, a shareholder who holds
1,000 shares on the South African exchange and who elects to
receive the scrip dividend alternative would be entitled to
1,000/533.64995=1.87389 shares which would be rounded down to 1
share, and the residual payment would be 0.87389 x 4,512.54400 ZAR
cents = 3,943.46708 ZAR cents, payable in cash.
Further details of the scrip dividend alternative are contained
in the Scrip Dividend Scheme Booklet, Supplemental Notices and the
related mandate forms, which are available on Capco's website at
www.capitalandcounties.com and from Capco's share Registrars.
Important Information for South African Shareholders:
The 2017 interim cash dividend declared to South African
shareholders will comprise a foreign dividend (declared in respect
of a share listed on the exchange operated by the JSE) and will be
subject to dividends tax. Dividends tax will be withheld at a rate
of 20 per cent. unless a shareholder qualifies for an exemption and
the prescribed requirements for effecting the exemption (as set out
in the Scrip Dividend Scheme Booklet) are in place. After Dividends
Tax has been withheld, the net final dividend will be 6.76480 ZAR
cents per ordinary share.
A receipt of shares in terms of the scrip dividend alternative
should not comprise of a foreign dividend nor a foreign return of
capital. Shares received in terms of the scrip dividend alternative
should constitute a receipt of a capital nature and will not be
subject to income tax. Any new shares which are acquired will be
treated as having been acquired for nil consideration.
The residual cash payments will be subject to dividends tax,
which will be withheld from the residual payment to South African
shareholders at a rate of 20 per cent. unless a shareholder
qualifies for an exemption and the prescribed requirements for
effecting the exemption (as set out in the Scrip Dividend Scheme
Booklet) are in place.
This information is included only as a general guide to taxation
for shareholders resident in South Africa and is based on Capco's
understanding of the law and the practice currently in force. Any
shareholder who is in any doubt regarding their tax position should
seek independent professional advice.
The salient dates published in the announcement dated 21 July
2017 remain unchanged.
Enquiries
Ruth Pavey
Company Secretary
Capital & Counties Properties PLC
+ 44 (0) 20 3214 9814
29 August 2017
This information is provided by RNS
The company news service from the London Stock Exchange
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