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CSO
CSO
CSO - Capital Shopping Centres Group Plc - Scrip dividend alternative
CAPITAL SHOPPING CENTRES GROUP PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: CSO
CAPITAL SHOPPING CENTRES GROUP PLC
SCRIP DIVIDEND ALTERNATIVE
Shareholders should note that a scrip dividend alternative is not being
offered in respect of the 2011 final dividend given prevailing stock market
conditions and in particular the level of the share price relative to net
asset value per share. A scrip dividend alternative may, at the Directors`
discretion, be offered in respect of any future dividend. Further details
about the Scrip Dividend Scheme can be found at www.capital-shopping-
centres.co.uk/investors/shareholder_info/dividends.
EXCHANGE RATE FOR 2011 FINAL DIVIDEND PAYABLE TO SHAREHOLDERS ON THE SOUTH
AFRICAN REGISTER
Capital Shopping Centres Group PLC ("CSC") confirms that the South African
Rand exchange rate for the 2011 final dividend of 10 pence per ordinary
share to be paid on 3 July 2012, to shareholders registered on 1 June 2012,
will be 13.2123 ZAR to 1 GBP. CSC is a Real Estate Investment Trust and will
pay the final dividend partly as a Property Income Distribution ("PID") with
a gross value of 2.5 pence per share, which will be subject to deduction of
a 20% UK withholding tax, and partly as a non-PID with a value of 7.5 pence
per share, which will be subject to deduction of a 15% South African
Dividends Tax in the hands of SA shareholders (unless exemptions apply).
Accordingly shareholders who hold their shares via the South African
register will receive a dividend per ordinary share as follows:
Gross amount of 132.1230 ZA cents
dividend
Payable as:
PID element 33.0308 ZA cents (GBP 2.5 pence)*
Less 20% UK 6.6062 ZA cents (GBP 0.5 pence)*
withholding tax
Net PID dividend 26.4246 ZA cents (GBP 2.0 pence)*
payable
Non-PID element 99.0923 ZA cents
Less 15% SA Dividends 14.8638 ZA cents
Tax
Net non-PID dividend 84.2285 ZA cents
payable
Total net dividend 110.6531 ZA cents
payable
* GBP amounts stated for HMRC refund application purposes only.
South African shareholders may apply, after payment of the dividend, to the
UK tax authority for a refund of the difference between the 20% UK
withholding tax and the UK/South African double taxation treaty rate of 15%.
CSC will account to UK HM Revenue & Customs in sterling for the tax
withheld. Settlement of any claims for refund will also be calculated and
settled in sterling.
The information given above will assist with applications for refunds for
the UK withholding tax. For information on PIDs and refund claims, including
claim forms and guidance on how to complete them, visit
www.capital-shopping-centres.co.uk/investors/shareholder_info/reit
The 2011 final dividend, which was declared and approved for payment on 25
April 2012, will be treated in South Africa as a foreign dividend and will
therefore be subject to Dividends Tax, which will be withheld from the non-
PID element of the Final Dividend paid to South African shareholders at the
rate of 15% unless a shareholder qualifies for an exemption from Dividends
Tax. No Dividends Tax will be deducted from the PID element as the net UK
withholding tax of 15% will be offset.
No secondary tax on companies (STC) credits will be available to be utilised
against Dividend Tax withheld on the payment of the Final Dividend. The
number of shares in issue as at the declaration date was 860,347,169
ordinary shares of 50p each.
18 May 2012
Sponsor:
Merrill Lynch SA (Pty) Limited
Date: 18/05/2012 11:00:03 Produced by the JSE SENS Department.
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