| Thu 3 May 2012, 14:00 | | CCO - Capital & Counties Properties PLC - Final dividend for the year ended |
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JSE CCO
CCO
CCO - Capital & Counties Properties PLC - Final dividend for the year ended
31 December 2011, Exchange Rate and Scrip Calculation Prices
Capital & Counties Properties PLC
(Incorporated and registered in the United Kingdom and Wales with
registration
Number 07145041 and registered in South Africa as an external company with
Registration Number 2010/003387/10)
JSE code: CCO
ISIN: GB00B62G9D36
CAPITAL & COUNTIES PROPERTIES PLC (the "Company")
FINAL DIVIDEND FOR THE YEAR ENDED 31 DECEMBER 2011, EXCHANGE RATE AND SCRIP
CALCULATION PRICES
Following the approval of the introduction of a Scrip Dividend Scheme at the
Annual General Meeting of Capital & Counties Properties PLC (the "Company")
held on 20 April 2012, shareholders are able to elect to receive Ordinary
Shares credited as fully paid in lieu of cash dividends in respect of the
2011 final dividend of 1 pence per Ordinary Share.
Exchange Rate for Final Dividend
The Company confirms that the South African Rand exchange rate for the 2011
final dividend of 1.0 pence per ordinary share to be paid on 21 June 2012, to
all shareholders registered on 18 May 2012, will be 12.516 ZAR to 1 GBP.
On this basis, shareholders who hold their shares via the South African
register will receive a cash dividend of 12.516 ZA cents per ordinary share.
Scrip Calculation Price
The indicative timetable included in the notice of Annual General Meeting
stated that the price setting period for the Scrip price calculation would be
25 April 2012 to 2 May 2012 inclusive. However, the Scrip Dividend Scheme
Booklet defines this period as the five dealing days ending on the currency
conversion date. Accordingly the Scrip price calculation period was 26 April
2012 to 2 May 2012 inclusive for shareholders whose Ordinary Shares are
traded on the LSE, and 24 April 2012 to 2 May 2012 inclusive for shareholders
whose Ordinary Shares are traded on the JSE.
The Scrip Calculation prices are as follows:
UK (principal register) 197.54 pence (Sterling)
South Africa 2477.17 ZA cents (South African Rand)
Scrip Ratio:
Each shareholder whose Ordinary Shares are traded on the LSE will be entitled
to one new share for every 198 Ordinary Shares held. Each shareholder whose
Ordinary Shares are traded on the JSE will be entitled to one new share for
every 198 Ordinary Shares held.
By way of illustration of the above, a shareholder who holds 500 shares on
the South African branch register and elects to receive the scrip dividend
alternative would be entitled to 500 x 12.516 ZA cents / 2,477.17 ZA cents =
2.53 (which would be rounded down to 2 shares with the residual amount being
paid in cash).
Further details of the scrip dividend alternative are contained in the Scrip
Dividend Scheme Booklet, and the related mandate forms, which are available
on the Capco`s website at www.capitalandcounties.com and from the Capco`s
share Registrars.
Important Information for South African Shareholders:
Holders of the Company`s shares in South Africa should note that since the
publication of the notice of Annual General Meeting, the South African
Revenue Service has announced that the official rate of the new South African
Dividends Tax will be 15 per cent.
In South Africa, the final cash dividend which was declared and approved for
payment on 20 April 2012 will be a foreign dividend and will therefore be
subject to Dividends Tax. Dividends Tax will therefore be withheld from the
amount of the Final Dividend paid to South African shareholders at the rate
of 15 per cent. unless a shareholder qualifies for an exemption from
Dividends Tax, and the prescribed requirements for effecting the exemption,
as set out in the scrip dividend scheme booklet, are in place. After
Dividends Tax has been withheld, the net Final Dividend will be 10.639 ZA
cents per ordinary share.
No secondary tax on companies (STC) credits will be available to be utilised
against Dividend Tax withheld on the payment of the Final Dividend. The
number of shares in issue as at the declaration date was 683,928,502 ordinary
shares of 25p each.
It is Capco`s understanding that the scrip dividend alternative will also
constitute a foreign dividend but will, however, not be subject to Dividends
Tax as it will constitute the distribution of an asset in specie to a
shareholder. The receipt will instead be subject to income tax at a rate of
15 per cent. The new shares which are acquired under the Scrip Dividend
Alternative will be treated as having been acquired on the date of
distribution and will have a base cost equal to the amount of the foreign
dividend received.
This information is included only as a general guide to taxation for
Shareholders resident in South Africa based on Capital & Counties`
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.
Share certificates may not be dematerialised or rematerialised on the South
African branch register between 14 May 2012 and 18 May 2012, both dates
inclusive, and transfers between the registers may not take place from 2 May
2012 to 20 May 2012 inclusive.
Timetable of Events
Last Date to trade cum dividend Friday 11 May 2012
Ex-dividend date (SA) Monday 14 May 2012
Ex-dividend date (UK) Wednesday 16 May 2012
Record Date Friday 18 May 2012
Election date for scrip alternative (SA) (by Friday 18 May 2012
noon)
Election date for scrip alternative (UK) Wednesday 30 May 2012
Dividend payment date / issue date for new Thursday 21 June 2012
Ordinary Shares under the Scrip Dividend Scheme
Enquiries
Ruth Pavey
Company Secretary
Capital & Counties Properties PLC
+ 44 (0) 20 7297 6283
About Capital & Counties Properties PLC (Capco):
CAPITAL & COUNTIES PROPERTIES PLC is one of the largest companies that
specialises in central London real estate and is a constituent of the FTSE-
250 Index. CAPITAL & COUNTIES PROPERTIES PLC holds 3.3 million square feet of
assets valued at GBP1.6 billion (as at 31 December 2011) in three landmark
London estates: Covent Garden, which has assets valued at GBP808 million,
including the historic Market Building; Earls Court & Olympia Group and 50%
of the Empress State building in Earls Court amounting to aggregate property
assets of GBP574 million; and the Great Capital Partnership, a joint venture
with Great Portland Estates, which holds prime West End properties of which
Capco`s share is GBP241 million. The company is listed on the London Stock
Exchange and the JSE, Johannesburg.
3 May 2012
Sponsor:
Merrill Lynch SA Proprietary Limited
Date: 03/05/2012 14:00:02 Produced by the JSE SENS Department.
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