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 Interim Dividend

ZAR exchange rate

As announced on 26 September 2016 the exchange rate for the 2016 Interim dividend will be 17.73 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
PID element (gross) 1.62 pence 28.72260 ZAR cents
*Less 20% withholding tax 0.324 pence 5.74452 ZAR cents
PID element (net) 1.296 pence 22.97808 ZAR cents

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

 

Scrip pricing

The Scrip Calculation Price for LSE (London Stock Exchange) shareholders is 61.58 pence, being the average of the middle market quotations on the LSE for the five dealing days ending 23 September 2016, less 1.62p, being the gross dividend per share. The Scrip Calculation Price for JSE (Johannesburg Stock Exchange) shareholders is 1,091.81340 ZAR cents, being the Scrip Calculation Price for LSE shareholders, converted to Rand at the exchange rate of 17.73 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. For shareholders for whom UK withholding tax does not need to be taken into account their new share entitlement will be calculated with reference to the Gross dividend.

By way of illustration, a shareholder who holds 1,000 shares and whose dividend payment is subject to 20% withholding tax, 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
Net amount of PID dividend entitled to receive £12.96 229.78080 ZAR
Scrip Calculation Price £0.6158 10.91813 ZAR
Calculated number of new shares to which shareholder is entitled 21.04579 21.04579
Actual number of new shares received 21 21
Cash Balance* (multiply fractional entitlement of 0.04579 shares by Scrip Calculation Price) £0.03 0.49994 ZAR

* 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.