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

 

2017 Interim Dividend

ZAR exchange rate

As announced on 26 September 2017 the exchange rate for the 2017 Interim dividend will be 17.962 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) 1.73 pence 31.07426 ZAR cents
*Less 20% withholding tax 0.346 pence 6.21485 ZAR cents
RID element (net) 1.384 pence 24.85941 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 shareholders who hold their shares on the Company’s UK share register (“LSE shareholders”) is 55.07 pence, being the average of the middle market quotations of an Ordinary Share derived from the Daily Official List of the LSE for the last five dealing days ending on 25 September 2017, less the gross amount of the Dividend per share. The Scrip Calculation Price for JSE shareholders is 9.89167 ZAR, being the Scrip Calculation Price for LSE shareholders, converted to Rand at the Exchange Rate.

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. As no fraction of a new share will be issued, 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 in the same way as the Dividend would have been paid had those shareholders not elected to receive the scrip alternative.

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
(per (i) above x 1,000):

£13.84 248.59410 ZAR
Scrip Calculation Price £0.55070 9.89167 ZAR
Calculated number of new shares to which shareholder is entitled (assuming no cash residual balance brought forward) 25.13165 25.13166
Actual number of new shares received 25 25
Cash Balance (multiply fractional entitlement by Scrip Calculation Price) £0.07 1.30 ZAR

* For JSE shareholders to be paid a Cash Balance, the Cash Balance has been determined with reference to the net (after taking UK withholding tax into account) PID dividend to which a shareholder is entitled.

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.