|
|
Capevin - cash payment
Capevin shareholders are referred to the joint SENS finalisation announcement released on Monday, 14 May 2018, confirming, inter alia, that the Capevin Scheme is now unconditional and can be implemented.
In implementing the Capevin Scheme, DGHL will issue DGHL Ordinary Shares to Capevin Shareholders in the entitlement ratio of 0.066667 DGHL Ordinary Shares for every 1 Capevin Share held by a Capevin Shareholder on the Capevin Record Date, being Friday, 1 June 2018 (see Note 1 below).
In respect of any fractional entitlements that may arise as a result of the above issue and allotment, all allocations of DGHL Ordinary Shares will be rounded down to the nearest whole number. This will result in allocations of whole DGHL Ordinary Shares only, with a cash payment for the fractional entitlements to be paid out to Capevin Shareholders.
In accordance with the Listings Requirements of the JSE Ltd. (“JSE”), the cash value of the fractional entitlements has been calculated as the volume weighted average price of Distell Group Ltd. ordinary shares (“Distell Ordinary Shares”) traded on the JSE on Wednesday, 30 May 2018, less a discount of 10% (see Note 2 below).
Shareholders are advised that the volume weighted average price of Distell Ordinary Sharestraded on the JSE on Wednesday, 30 May 2018, was 12426 cents per share. This amount, discounted by 10%, is 11184 cents per share, which amount will be used to determine the cash payment for the fractional entitlements.
Capevin Shareholders are informed that, as far as the tax implications of the cash payment of the fractional entitlements are concerned, the receipt of the cash payment by Capevin Shareholders will be subject to capital gains tax for Capevin Shareholders holding Capevin Shares on capital accountor to income tax for Capevin Shareholders holding Capevin Shares as trading stock, e.g. share dealers unless a specific exclusion applies, e.g. in the case of non-resident Capevin Shareholders or certain collective investment schemes.
Capevin Shareholders are further informed that in calculating the base cost (for capital gains tax purposes) or the cost (for income tax purposes) of the fractions of shares that Capevin Shareholders are entitled to, when determining the gain that is subject to capital gains tax or income tax, the base cost or cost of Capevin Shares disposed of should be allocated to the total number of DGHL Ordinary Shares a Capevin Shareholder is entitled to in terms of the Capevin Scheme, multiplied by the fractional entitlement. By way of example, if 100 Capevin Shares are held by a Capevin Shareholder at a base cost or cost of R800, the 6.67 DGHL Ordinary Shares that the Capevin Shareholder is entitled to, will be allocated a base cost of R119.94 (R800/6.67) per DGHL Ordinary Share and therefore the base cost or cost of the fractional entitlement (of 0.67 of a DGHL Ordinary Share) to be disposed of will be R80.36 (R119.94 x 0.67).
|
|
Click here for original article
|
| |
| |
| Click here for full news archive for this company |
|
| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
| |
|
|
