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JSE
GEN
GEN - General - Corporate actions tax requirements - Proposed amendments to JSE
Listings Requirements
Corporate actions tax requirements - proposed amendments to JSE Listings
Requirements
The JSE Limited ("the JSE") has received a request from the Investment
Management Association of South Africa ("IMASA") to amend certain Listings
Requirements to ensure that the source (capital vs. income) of
dividends/distributions is disclosed. This information is critical for IMASA to
ensure that clients/shareholders are properly advised and this information can
only be obtained from the company. It is proposed that we amend the Listings
Requirements as detailed below with regards to announcements and circulars.
Announcements and circulars (where applicable) will state whether the
payment/issue contemplated is paid out of capital or income reserves.
Section 11
Capitalisation issues and scrip dividends
11.16 Issuers seeking a listing for securities issued by way of a
capitalisation of reserves and/or an application of share premium or
capital redemption reserve fund are required to comply with the
actions in the relevant timetable in Schedule 24.
(a) In the case of a scrip dividend a circular should be sent to
shareholders containing the information set out in paragraph 7.C.15
and complying with the requirements of paragraphs 5.44 to 5.49.
(b) In the case of a capitalisation issue an announcement must be
published complying with paragraphs 5.39 to 5.43 which must indicate
whether the issue is distributed from capital or income reserves.
Specific payments (as defined in Section 5)
11.28 The circular must be sent to shareholders within 28 days of
publication of the announcement and must contain the following
information:
(c) Source of payment (i.e. capital or income payment), the
reason for, and method by which the company intends to make
the payment;
General payments (as defined in paragraph 5.85(b))
11.31 In the case of a general payment, an announcement must be published in
accordance with Schedule 24 and in addition it must contain the
following information:
NB: the requirement below will be inserted as new item (b), existing
item (b) as (c) and so on)
(b) Indicate the source of the payment, i.e. whether it is
distributed from capital or income reserves
Schedule 24
24.2 The following timetables, read with 24.1, apply to all corporate
actions:
(d) Cash dividends and interest payments
Definition: Cash dividends and interest payments are payments made by
an issuer to its shareholders normally out of the issuer`s current or
accumulated earnings in proportion to their holdings. A special
dividend is a cash payment that is distinct from the typical recurring
dividend cycle. An issuer needs to state whether a special dividend
should be treated as capital or income payment.
The proposed requirements are available on the JSE website www.jse.co.za and all
interested parties are invited to submit their comments in writing before 29
August 2008 to Craig.
craigr@jse.co.za
FAX: 011 520 8596
TEL: 011 520 7234
8 August 2008
Date: 19/08/2008 10:08:01 Produced by the JSE SENS Department.
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