Shaftesbury Capital Plc (formerly: Capital & Counties Properties Plc)

Notice of Dividend Amount • May 13, 2016

National Storage Mechanism | Additional information

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RNS Number : 2120Y

Capital & Counties Properties Plc

13 May 2016

CAPITAL & COUNTIES PROPERTIES PLC (the "Company")

2015 FINAL DIVIDEND - EXCHANGE RATE AND SCRIP CALCULATION PRICES

Capital & Counties Properties PLC confirms that SARB approval for the offering of a scrip dividend alternative has been obtained and accordingly shareholders are able to elect to receive new ordinary shares in the Company, credited as fully paid, in lieu of cash in respect of the 2015 final dividend of 1.0 pence per ordinary share.

Exchange Rate for Final Dividend

The Company confirms that the South African Rand exchange rate for the 2015 final dividend of 1.0 pence per ordinary share to be paid on 21 June 2016, to all shareholders registered on 27 May 2016, will be 21.70580 ZAR to 1 GBP. 

On this basis, shareholders who hold their shares via the South African register will receive a cash dividend of 21.70580 ZA cents per ordinary share. 

Scrip Calculation Price

The Scrip Calculation prices are as follows:

UK (principal register):               335.60 pence (Sterling)

South Africa:                                   7,374.49420 cents (South African Rand)

The same share prices will be used for calculating residual payments under the Scrip Dividend Scheme.

Scrip Ratio:

UK (principal register):               1 new ordinary share for every 335.60  ordinary shares held

South Africa:                                1 new ordinary share for every 339.74763 ordinary shares held (7,374.49420/21.70580 =339.74763)

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 500 shares on the South African branch register and elects to receive the scrip dividend alternative would be entitled to 500/339.74763 =  1.47168 shares which would be rounded down to 1 share, and the residual payment would be 0.47168 x 7,374.49420 cents = 3,478.40142 ZA 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 2015 final cash dividend which was approved by shareholders on 6 May 2016 will constitute a foreign dividend for South African shareholders, and will be subject to South African dividends tax. Dividends tax will be withheld at the rate of 15 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 18.44993 ZA cents per ordinary share.

The number of shares in issue as at the declaration date was 842,335,067 ordinary shares of 25p each.

It is Capco's understanding that a receipt of shares by South African shareholders will not constitute a foreign dividend or a foreign return of capital in terms of the current legislation which is in force. Under the current legislation, the scrip dividend will constitute a receipt of a capital nature and will not be subject to income tax.  The new shares which are acquired in terms of the Scrip Dividend Alternative will be treated as having been acquired for nil consideration.

Any residual cash payments made in terms of the Scrip Dividend Alternative will be subject to the same tax treatment as the cash dividend, as noted above.

This information is included only as a general guide to taxation for South African tax resident Shareholders holding their shares on the JSE, and is based on Capco's understanding of the law and the practice currently in force.  Any Shareholder who is in any doubt as to their tax position should seek independent professional advice.

The salient dates published in the announcement dated 24 February 2016 remain unchanged.

Enquiries

Leigh McCaveny 

Acting Company Secretary

Capital & Counties Properties PLC

+ 44 (0) 20 3214 9174 

13 May 2016

This information is provided by RNS

The company news service from the London Stock Exchange

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