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ILLOVO SUGAR LIMITED - CAPITAL DISTRIBUTION BY WAY OF A REDUCTION OF CONTRIBUTED TAX CAPITAL IN RESPECT OF THE SIX MONTHS ENDED 30 SEPTEMBE

Release Date: 15/11/2012 07:07
Code(s): ILV     PDF:  
Wrap Text
CAPITAL DISTRIBUTION BY WAY OF A REDUCTION OF CONTRIBUTED TAX CAPITAL IN RESPECT OF THE SIX MONTHS ENDED 30 SEPTEMBE

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 DISTRIBUTION BY WAY OF A REDUCTION OF CONTRIBUTED TAX
CAPITAL IN RESPECT OF THE SIX MONTHS ENDED 30 SEPTEMBER 2012


Notice is hereby given that an interim capital distribution by way
of a reduction of Contributed Tax Capital of 34.0 cents per share
has been declared, in lieu of a dividend, on the ordinary shares
of the company in respect of the six months ended 30 September
2012, to Illovo shareholders recorded in the register on Friday,
4 January 2013 (“the Distribution”). The directors have determined
that the capital distribution shall 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.

In accordance with the settlement procedures of Strate, the
Company has determined the following salient dates for the payment
of the Distribution:


Last day to trade cum               Thursday 27 December 2012
the capital distribution:

Shares commence trading ex          Friday 28 December 2012
the capital distribution

Record date                         Friday 4 January 2013

Payment of final capital            Monday 7 January 2013
Distribution

Share certificates may not be dematerialised/rematerialised
between Friday, 28 December 2012 and Friday, 4 January 2013, 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


15 November 2012
Mount Edgecombe

Sponsor:
J.P. Morgan Equities

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