|
REM
REM
REM - Remgro Limited - Capital gains tax and dividends tax implications for
South African taxation purposes in respect of the in specie special dividend
distribution by remgro of 26 687 288 shares in Impala Platinum Holdings Limited
to its shareholders
Remgro Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1968/006415/06)
(Tax reference number: 9500/124/71/5)
(ISIN: ZAE000026480)
(Share code: REM)
("Remgro" or "the Company")
CAPITAL GAINS TAX ("CGT") AND dividends tax IMPLICATIONS for SOUTH AFRICAN
taxation purposes in respect of the IN SPECIE special dividend Distribution BY
remgro of 26 687 288 SHARES IN IMPALA PLATINUM HOLDINGS LIMITED ("IMPLATS") TO
ITS SHAREHOLDERS
1. Introduction
Remgro shareholders are referred to the announcement dated 31 May 2012
("announcement") regarding the in specie special dividend distribution by Remgro
of 26 687 288 ordinary shares in Implats ("Implats shares") to its ordinary and
"B" ordinary shareholders ("Remgro shareholders").
The Remgro distribution will be completed today in terms of section 46 of the
Companies Act, No 71 of 2008, as amended, and the provisions of the articles of
association of the Company ("the distribution") to Remgro shareholders recorded
as such in the shareholders register of Remgro at the close of trade on 22 June
2012 ("record date") such that each Remgro shareholder will receive 5.16582
Implats shares for every 100 Remgro shares held on the record date.
The purpose of this announcement is to notify Remgro shareholders on the South
African tax implications in respect of the distribution and specifically the CGT
and Dividends Tax implications.
2. The capital gains base cost resulting from the distribution
The in specie distribution is classified as a dividend for South African
taxation purposes. If the Remgro shareholder`s personal circumstances are such
that the Implats shares are and will be held on capital account, the base cost
of such Implats shares for capital gains tax purposes will be its closing price
on Thursday, 21 June 2012, which was R146.31 per share.
The CGT base cost of the Remgro shares held by Remgro shareholders remains
unchanged.
3. Dividends tax and the utilisation of STC credits
No dividends tax is payable on the distribution as Remgro has approximately R8.8
billion of STC credits available to apply against the dividend. For dividends
tax and STC credit purposes the value of the distribution is equal to the
closing price of the Implats shares as at Friday, 22 June 2012, of R140.50 per
Implats share.
The securities transfer taxation ("STT") that Remgro will pay on behalf of
shareholders as a result of the distribution amounts to R9.8 million or R0.02
per Remgro share and is treated as a dividend for South African tax purposes.
The total amount by which Remgro`s STC credits are reduced is therefore the
closing price of the Implats shares as well as the STT as described above. This
amounts to R3 759.1 million and is equivalent to R7.28 per Remgro share or
R140.87 per Implats share.
Eligible shareholders will be able to apply their STC credit against future
dividend payments until
31 March 2015.
Should Remgro shareholders have any queries regarding the taxation consequences
of the Remgro distribution and the calculation of the cost for taxation
purposes, it is advisable to consult their tax advisor in this regard. This
announcement specifically does not address the position of Remgro shareholders
who do not hold their shares on capital account and or the situation where the
dividends are not subject to dividends tax but subject to normal income tax.
25 June 2012
Stellenbosch
Merchant bank and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Attorneys
Cliffe Dekker Hofmeyr Inc
Date: 25/06/2012 08:00:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
