Wrap Text
Dividend finalisation announcement
CAPITAL & REGIONAL PLC
(Incorporated in the United Kingdom)
(UK company number 01399411)
LSE share code: CAL JSE share code: CRP
ISIN: GB0001741544
("Capital & Regional" or "the Company")
DIVIDEND FINALISATION ANNOUNCEMENT
Further to the announcement made by the Company on 14 March 2019 a final dividend of 0.60 pence per share
(the "Dividend") has been declared, to be paid 100% as a property income distribution ("PID"). The PID will be
subject to a deduction of a 20% UK withholding tax unless exemptions apply.
The Dividend is payable on Thursday, 23 May 2019 to shareholders registered on the UK principal register ("UK
Shareholders"), and the South African branch register ("SA Shareholders"). The Dividend will be paid out of the
United Kingdom. The Record Date for both UK Shareholders and SA Shareholders is at the close of business on Friday,
5 April 2019. No scrip alternative will be offered for this dividend payment.
(i) Shareholders receiving the dividend in cash:
SA shareholders are advised that the exchange rate for the dividend, based on the 25 March 2019 spot rate, will be
18.9295 ZAR to 1.00 GBP (the "Exchange Rate"), resulting in a gross local dividend amount of 11.35770 ZAR cents
per share. Accordingly, shareholders will be paid a cash dividend per share as follows:
UK Shareholders SA Shareholders
PID (GBP pence) (ZAR cents)
Gross amount of PID 0.60 11.35770
Less 20% UK withholding tax * (0.12) 2.27154
Net PID dividend payable** 0.48 9.08616
Less effective 5% SA dividends tax for SA Shareholders*** n/a 0.56789
Net PID dividend payable*** n/a 8.51828
* Certain categories of UK shareholders may apply for exemption, in which case the PID element will be paid gross of
UK withholding tax.
** Net position after deducting UK withholding tax for both UK and SA Shareholders, but before SA shareholders have
claimed back 5% from HMRC under the double tax agreement between the United Kingdom and South Africa in respect of the
UK withholding tax.
*** SA dividends tax applies at the rate of 20% for SA Shareholders, but SA Shareholders receive a rebate of the UK
withholding taxes suffered (which is effectively 15%, after taking into account the 5% refund).
TIMETABLE
The key dates in relation to the payment of the Dividend are:
2019
Last day to trade (SA shareholders) Tuesday, 2 April
Shares trade ex-dividend on the JSE Wednesday, 3 April
Shares trade ex-dividend on the LSE Thursday, 4 April
Record date Friday, 5 April
Payment of cash dividend, CREST/CSDP/broker accounts credited Thursday, 23 May
Notes:
1. SA shareholders will receive a cash dividend in South African Rand, based on the conversion rate.
2. Share certificates (in respect of shares held on the South African register) may not be demateriliased or
rematerialised between Wednesday, 3 April 2019 and Friday, 5 April 2019, both days inclusive.
3. Transfers of shares between sub-registers in the United Kingdom and South Africa may not take place between
Tuesday, 26 March 2019 and Friday, 5 April 2019, both days inclusive.
TAX IMPLICATIONS FOR SA SHAREHOLDERS
Cash PID
A 20% UK withholding tax will be deducted from cash PIDs. The Company will account to Her Majesty's Revenue &
Customs ("HMRC") in sterling for the total UK withholding tax deducted. Under the double tax agreement between
the UK and South Africa ("the DTA"), the maximum tax payable in the UK is 15%. South African resident shareholders
are therefore entitled to claim a 5% rebate from HMRC in terms of the DTA.
SA dividends tax, at a rate of 20%, will apply to cash PIDs to the extent that the Company shares are held on the SA
share register, unless the beneficial owner of the dividend is exempt from dividends tax (e.g. if it is a South African
resident company). SA resident shareholders can, however, claim a rebate against the SA dividends tax for any UK
withholding tax suffered. Accordingly, 15% of the UK withholding tax may be claimed as a rebate against the 20% SA
dividends tax.
In summary, therefore, 20% will be withheld in the UK, a further 5% will be withheld in SA (where appropriate), but
South African resident shareholders will be entitled to claim back 5% from HMRC which will bring the overall total to
20%.
UK taxation
The receipt of the cash dividend may have tax implications for shareholders who are resident in the United Kingdom or
other countries and such shareholders are advised to obtain appropriate advice from their professional advisors in this
regard.
26 March 2019
JSE sponsor
Java Capital
Notes to editors:
About Capital & Regional plc
Capital & Regional is a UK focused specialist property REIT with a strong track record of delivering value enhancing
retail and leisure asset management opportunities across a c. GBP 0.9 billion portfolio of in-town dominant community
shopping centres. Capital & Regional is listed on the main market of the London Stock Exchange and has a secondary
listing on the Johannesburg Stock Exchange.
Capital & Regional owns seven shopping centres in Blackburn, Hemel Hempstead, Ilford, Luton, Maidstone,
Walthamstow and Wood Green. Capital & Regional manages these assets, which comprise over 900 lettable units and
attract c. 1.7 million shopping visits each week, through its in-house expert property and asset management platform.
For further information see www.capreg.com.
Date: 26/03/2019 11:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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