Scrip

Scrip Dividend Scheme

Capital & Regional offers a scrip dividend scheme which enables ordinary shareholders to elect to receive new ordinary shares instead of a cash dividend. The introduction of the scheme was approved by shareholders at the 2016 Annual General Meeting.  Available on the following links are a flyer, summarising the key features of the scheme, the full scheme rules and a copy of the election mandate, as posted to relevant LSE shareholders. 

Scrip flyer

Scrip mandate form - LSE certificated shareholders

Scrip scheme rules

 

2016 Final Dividend

ZAR exchange rate

As announced on 13 April 2017 the exchange rate for the 2016 Final dividend will be 17.02 ZAR to 1 GBP. Accordingly, shareholders who do not elect to participate in the Scrip Dividend Scheme will be paid a cash dividend per share as follows: 

  Shareholders on the
UK share register
Shareholders on the
SA share register
Non-PID (gross) 1.77 pence 30.12540 ZAR cents
*Less 20% South African dividends tax (JSE shareholders) - 6.02508 ZAR cents
Non-PID (net) 1.77 pence 24.10032 ZAR cents

* Non-PID taxed as a normal dividend in SA.

 

Scrip pricing

The Scrip Calculation Price for LSE (London Stock Exchange) shareholders is 56.48 pence, being the average of the middle market quotations on the LSE for the five dealing days ending 12 April 2017, less 1.77p, being the gross dividend per share. The Scrip Calculation Price for JSE (Johannesburg Stock Exchange) shareholders is 9.61290 ZAR, being the Scrip Calculation Price for LSE shareholders, converted to Rand at the exchange rate of 17.02 ZAR to 1 GBP.

The number of New Ordinary Shares to be allocated to shareholders electing to participate in the Scrip Dividend Scheme will be calculated by dividing the net value of the Dividend otherwise receivable by a Shareholder by the Scrip Calculation Price and rounding down to the nearest whole number. 

By way of illustration, a shareholder who holds 1,000 shares and who elects to receive New Ordinary Shares pursuant to the Scrip Dividend Scheme, will receive a number of New Ordinary Shares calculated as follows:

  LSE
Shareholders
JSE 
Shareholders
Amount of Non-PID dividend entitled to receive £17.70 301.25 ZAR
Scrip Calculation Price £0.5648 9.61290 ZAR
Calculated number of new shares to which shareholder is entitled (assuming no cash residual balance brought forward) 31.33853 31.33853
Actual number of new shares received 31 31
Cash Balance (multiply fractional entitlement by Scrip Calculation Price) £0.19 3.25 ZAR
Less 20% SA Dividends Tax on the Cash balance (JSE Shareholders) n/a 0.65 ZAR
Cash balance net of SA dividends tax (JSE Shareholders) n/a 2.60 ZAR

Notes

For LSE shareholders any residual Cash Balance, i.e. the total value of the dividend receivable less the value of the shares allocated, will be rolled forward and factored into the Scrip calculation for the next relevant Dividend.  For JSE shareholders, any residual Cash Balance will be paid in cash.