Finalisation announcement for FY15 dividend

RNS Number : 8990T

Capital & Regional plc

01 April 2016

 

1 April 2016

Capital & Regional plc ("Capital & Regional" or "the Company")

Finalisation announcement in respect of the

final dividend for the year ended 30 December 2015

Shareholders are referred to the Company's results for the year ended 30 December 2015, released on 4 March 2016, wherein they were advised that the Board of directors of the Company had proposed a final dividend of 1.62 pence per share in respect of the year ended 30 December 2015.

Shareholders are now advised that the dividend will be paid as follows:

-     1.42 pence (88%) will comprise a property income distribution ("PID"). The PID will be subject to a deduction of a 20% UK withholding tax unless exemptions apply.

-     0.20 pence (12%) will comprise a non-PID. The non-PID will be treated as an ordinary UK company dividend, with no withholding tax deducted.

Shareholders on the South African ("SA") share register are advised that the South African Rand exchange rate for the dividend will be 21.105 ZAR to 1 GBP, resulting in a gross local dividend amount of 34.1901 ZAR cents per share.

Accordingly, shareholders will be paid a dividend per share as follows:

	Shareholders on the UK share register	Shareholders on the SA share register
Non-PID element	0.20 pence	4.221 ZAR cents
Plus/or
PID element (gross)	1.42 pence	29.9691 ZAR cents
*Less 20% withholding tax	0.284 pence	5. 99382 ZAR cents
PID element (net)	1.136 pence	23. 97528 ZAR cents

* Certain categories of UK shareholders may apply for exemption, in which case the PID element will be paid gross.

The key dates in relation to the payment of the dividend, as announced on 4 March 2016, remain unchanged, save that share certificates on the SA share register may not be dematerialised or rematerialised between 11 April 2016 and 15 April 2016, both dates inclusive. Transfers between the UK and SA share registers may not take place between 1 April 2016 and 15 April 2016, both dates inclusive.

Subject to approval at the Company's AGM on 10 May 2016 the dividend will be paid on 13 May 2016.

NOTES FOR SHAREHOLDERS ON THE SA SHARE REGISTER

On application by shareholders on the SA share register, 5 per cent of the 20 per cent UK withholding tax deducted is claimable from the UK's HM Revenue & Customs ("HMRC"), resulting in an effective UK withholding tax rate of 15 per cent. The Company will account to HMRC in Pounds Sterling for the total UK withholding tax deducted. Settlement of any claims for refund will be calculated and settled in Pounds Sterling by HMRC.

The information given above, as applicable, will assist with applications for refunds.

SOUTH AFRICAN TAXATION SUMMARY

The dividend should constitute a foreign dividend for South African tax purposes and so will be exempt from South African income tax, but subject to deduction of South African dividends tax of 15 per cent unless an exemption or rebate applies. For PIDs, the liability to dividends tax will be offset by the net UK withholding tax of 15 per cent, resulting in no dividends tax being deducted. However 15 per cent dividends tax will be deducted from all non-PIDs paid to shareholders on the SA share register who are not exempt from dividends tax in South Africa, and paid to the South African Revenue Service on such shareholder's behalf.  Accordingly, shareholders on the SA share register who are not exempt will receive a non-PID of 3.58785 ZAR cents per share (net).  

The above information and the guidelines on the taxation of dividends are provided as a general guide based on the Company's understanding of the law and practice currently in force. Any shareholder who is in any doubt as to their tax position should seek independent professional advice.

ENDS

For further information:

Capital & Regional:	Tel:  [phone]
Hugh Scott-Barrett, Chief Executive
Charles Staveley, Group Finance Director
FTI Consulting	Tel: [phone]
Richard Sunderland Claire Turvey [e-mail]

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. £1 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 six Mall shopping centres in Blackburn, Camberley, Luton, Maidstone, Walthamstow and Wood Green. It also has a 20% joint venture interest in the Kingfisher Centre in Redditch and a 50% joint venture in the Buttermarket Centre, Ipswich.  Capital & Regional manages these assets, which comprise over 900 retail 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.

 

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