| Mon 28 May 2012, 7:07 | | ILV - Illovo Sugar Limited - Capital reduction distribution by way of a |
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ILV
ILV
ILV - Illovo Sugar Limited - Capital reduction distribution by way of a
reduction of contributed tax capital in respect of the year ended 31 March 2012
ILLOVO SUGAR LIMITED
(Incorporated in the Republic of South Africa)
Company registration number 1906/000622/06
Share Code: ILV
ISIN: ZAE000083846
("Illovo" or "the Company")
CAPITAL REDUCTION DISTRIBUTION BY WAY OF A REDUCTION OF CONTRIBUTED TAX CAPITAL
IN RESPECT OF THE YEAR ENDED 31 MARCH 2012
As announced in the results announcement on SENS today, the board of directors
has approved a capital reduction distribution by way of a reduction of
Contributed Tax Capital(in lieu of a final dividend)of 43.0 cents per share, for
the year ended 31 March 2012, to Illovo shareholders recorded in the register on
Friday, 6 July 2012 ("the Distribution").
In compliance with the requirements of Strate, the electronic settlement and
custody system used by the JSE Limited, the Company has determined the following
salient dates for the payment of the Distribution:
Last day to trade cum the capital Friday,29 June 2012
distribution
Shares commence trading ex the capital Monday,2 July 2012
distribution
Record date Friday,6 July 2012
Payment of final capital distribution Monday,9 July 2012
Illovo shareholders will not be permitted to dematerialise/rematerialise their
shares between Monday, 2 July 2012 and Friday, 6 July 2012, both days inclusive.
Relative to this Distribution, the directors have confirmed that the Company
will satisfy the solvency and liquidity test immediately after completing the
Distribution.
For income tax purposes, shareholders are advised that the Distribution will be
paid out of qualifying contributed tax capital as contemplated in the definition
of "contributed tax capital" in section 1 of the Income Tax Act, 1962, and as it
will be regarded as a return of capital, consideration should be given to the
potential capital gains tax consequences. Illovo shareholders are, therefore,
advised to consult their tax advisors with regard to how they may be impacted by
the Distribution.
On behalf of the Board
J A Kunst
Company Secretary
Mount Edgecombe
28 May 2012
Sponsor:
J.P. Morgan Equities
Date: 28/05/2012 07:07:01 Produced by the JSE SENS Department.
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