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2012 INTERIM DIVIDEND - 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”)
2012 INTERIM DIVIDEND - EXCHANGE RATE AND SCRIP CALCULATION PRICES
Capital & Counties Properties PLC confirms that SARB approval for the offering of a scrip dividend
alternative has been obtained and accordingly shareholders are able to elect to receive new ordinary
shares in the Company, credited as fully paid, in lieu of cash in respect of the 2012 interim dividend of
0.5 pence per ordinary share.
Exchange Rate for Final Dividend
The Company confirms that the South African Rand exchange rate for the 2012 interim dividend of 0.5
pence per ordinary share to be paid on 18 September 2012, to all shareholders registered on 24 August
2012, will be 12.7439 ZAR to 1 GBP.
On this basis, shareholders who hold their shares via the South African register will receive a cash
dividend of 6.37195 ZA cents per ordinary share.
Scrip Calculation Price
The Scrip Calculation prices are as follows:
UK (principal register): 217.02 pence (Sterling)
South Africa: 2777.72 cents (South African Rand)
The same share prices will be used for calculating residual payments under the Scrip Dividend Scheme.
Scrip Ratio:
UK (principal register): 1 new ordinary share for every 434.04 ordinary shares held
South Africa: 1 new ordinary share for every 435.92935 ordinary shares held
As no fraction of a share can be issued, the number of shares to be issued will be rounded down to the
nearest whole number and any residual cash balance will be paid immediately to the relevant
shareholder (unless a UK shareholder has made an “evergreen election”).
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 500/435.92935 =
1.14697 shares which would be rounded down to 1 share, and the residual payment would be 0.14697 x
2777.72 ZA cents = 408.24151 ZA cents, payable in cash.
Further details of the scrip dividend alternative are contained in the Scrip Dividend Scheme Booklet, a
Supplemental Notice and the related mandate forms, which are available on Capco’s website at
www.capitalandcounties.com and from Capco’s share Registrars.
Important Information for South African Shareholders:
In South Africa, the 2012 interim cash dividend which was announced on 31 July 2012 will constitute a
foreign dividend and will therefore be subject to Dividends Tax. Dividends Tax will be withheld at the
rate of 15 per cent. unless a shareholder qualifies for an exemption or a reduced rate of Dividends Tax
and the prescribed requirements for effecting the exemption or reduction, as set out in the scrip
dividend scheme booklet, are in place. After Dividends Tax has been withheld, the net Final Dividend
will be 5.41616 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 684,470,211 ordinary shares of 25p each.
It is Capco’s understanding that a receipt of shares in terms of the scrip dividend alternative will also
constitute a foreign dividend in terms of current legislation which is in force. Under the current
legislation, the scrip dividend will not be subject to Dividends Tax but 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
also be treated as having been acquired for nil consideration.
It is also Capco’s understanding that the residual payments will be subject to South African Dividends
Tax, which will be withheld from the residual payment to South African shareholders at a rate of 15 per
cent. unless a shareholder qualifies for an exemption or reduced rate of Dividends Tax and the
prescribed requirements for effecting the exemption or reduction, as set out in the scrip dividend
scheme booklet, are in place.
This information is included only as a general guide to taxation for Shareholders resident in South Africa
based on Capco’s understanding of the law and the practice currently in force. Any Shareholder who is
in any doubt as to their tax position should seek independent professional advice.
The salient dates published in the announcement dated 31 July 2012 remain unchanged.
Enquiries
Ruth Pavey
Company Secretary
Capital & Counties Properties PLC
+ 44 (0) 20 7297 6283
10 August 2012
Sponsor:
Merrill Lynch South Africa (Pty) Ltd
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