Capital & Counties Properties Plc 2018 Final Dividend Exchange Rate & Scrip Prices (6260V)
April 09 2019 - 5:00AM
UK Regulatory
TIDMCAPC
RNS Number : 6260V
Capital & Counties Properties Plc
09 April 2019
CAPITAL & COUNTIES PROPERTIES PLC (the "Company" or
"Capco")
2018 FINAL 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 2018 final dividend of 1.0 pence per
ordinary share.
Exchange Rate for Final Dividend:
The Company confirms that the ZAR exchange rate for the 2018
final dividend of 1.0 pence per ordinary share to be paid on
Thursday 16 May 2019 to all shareholders registered on Tuesday 23
April 2019 will be 18.39590 ZAR to 1 GBP, which is the rate
determined on 8 April 2019.
On this basis, shareholders who hold their shares via the South
African register will receive a cash dividend of 18.39590 ZAR cents
per ordinary share.
Scrip Calculation Price:
The Scrip Calculation prices, which are based on the UK and SA
prices of Capco shares for the period 2 April 2019 to 8 April 2019
less the amount of the dividend, are as follows:
UK (principal register): 244.02 pence (GBP)
South Africa: 4,519.80410 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 is 850,820,151 ordinary shares of
25p each.
UK (principal register): 1 new ordinary share for every 244.02 ordinary shares held
South Africa: 1 new ordinary share for every 245.69627 ordinary
shares held (4,519.80410 /18.39590 = 245.69627)
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
1,000/245.69627 = 4.07007 shares which would be rounded down to 4
shares, and the residual payment would be 0.07007 x 4,519.80410 ZAR
cents = 316.70267 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 2018 final 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 14.71672 ZAR
cents per ordinary share. The funds are sourced from the UK.
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 by the requisite date.
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 in the revised dividend timetable published in
the announcement dated 18 March 2019 remain unchanged.
Enquiries
Ruth Pavey
Company Secretary
Capital & Counties Properties PLC
+ 44 (0) 20 3214 9170
9 April 2019
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END
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