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2016 Interim Dividend - Finalisation Announcement Confirming Exchange Rate and Scrip Calculation Price
CAPITAL & REGIONAL PLC
(Incorporated in the United Kingdom)
(UK company number 01399411)
LSE share code: CAL JSE share code: CRP
ISIN: GB0001741544
(“Capital & Regional” or “the Company”)
2016 INTERIM DIVIDEND – FINALISATION ANNOUNCEMENT CONFIRMING EXCHANGE RATE AND SCRIP CALCULATION PRICE
On 18 August 2016, the Directors proposed an interim dividend for the six months ended 30 June 2016 of 1.62 pence per share
(the “Dividend”) to be paid 100% as a property income distribution (“PID”). The Dividend will be subject to the deduction of
20% UK withholding tax, unless exemptions apply.
As confirmed in the announcement released on 13 September 2016 (the “Declaration Announcement”), the Directors are
offering a scrip alternative to the Dividend, further details of which are contained in the Scrip Dividend Rules available from
http://capreg.com/investor-info/scrip/ and from the Company’s Registrars. Capitalised terms used in this announcement will be the
same meaning as defined in the Scrip Dividend Rules.
The salient dates for payment of the Dividend published in the Declaration Announcement remain unchanged with the dividend
being paid on 27 October 2016. Transfers of shares between the UK and South African share registers may not take place
between 26 September 2016 and 30 September 2016, both dates inclusive. The tax implications of the Dividend for shareholders
who hold their shares on the Company’s South Africa register (“JSE shareholders”) are set out in the Declaration
Announcement.
(i) Shareholders receiving the dividend in cash:
JSE shareholders are advised that the exchange rate for the dividend will be 17.73 ZAR to 1 GBP (the “Exchange Rate”),
resulting in a gross local dividend amount of 28.72260 ZAR cents per share. Accordingly, shareholders who do not elect to
receive New Ordinary Shares pursuant to the Scrip Dividend Scheme will be paid a cash dividend per share as follows:
Shareholders on the Shareholders on the
UK share register SA share register
PID element (gross) 1.62 pence 28.72260 ZAR cents
*Less 20% withholding tax 0.324 pence 5.74452 ZAR cents
PID element (net) 1.296 pence 22.97808 ZAR cents
* Certain categories of UK shareholders may apply for exemption, in which case the PID element will be paid gross.
(ii) Shareholders who elect to take shares:
The Scrip Calculation Price for shareholders who hold their shares on the Company’s UK share register (“LSE shareholders”) is
61.58 pence, being the average of the middle market quotations of an Ordinary Share derived from the Daily Official List of the
LSE for the last five dealing days ending on 23 September 2016, less the gross amount of Dividend per share. The Scrip
Calculation Price for JSE shareholders is 1,091.81340 ZAR cents, being the Scrip Calculation Price for LSE shareholders,
converted to Rand at the Exchange Rate.
The number of New Ordinary Shares to be allocated to shareholders electing to participate in the Scrip Dividend Scheme will be
calculated by dividing the net value of the Dividend otherwise receivable by a Shareholder by the Scrip Calculation Price and
rounding down to the nearest whole number. Accordingly, shareholders will receive 2.10458 New Ordinary Shares for every
100 shares held. For LSE shareholders any residual Cash Balance, i.e. the total value of the dividend receivable less the value of
the shares allocated, will be rolled forward and factored into the Scrip calculation for the next relevant Dividend. For JSE
shareholders, any residual Cash Balance will be paid in cash.
By way of illustration, a shareholder who holds 1,000 shares and whose dividend payment is subject to 20% withholding tax, and
who elects to receive New Ordinary Shares pursuant to the Scrip Dividend Scheme, will receive a number of New Ordinary
Shares calculated as follows:
LSE Shareholders JSE Shareholders
Net amount of PID dividend entitled to receive
(per (i) above x 1,000): £12.96 229.78080 ZAR
Scrip Calculation Price £0.6158 10.91813 ZAR
Calculated number of new shares to which shareholder is entitled 21.04579 21.04579
Actual number of new shares received 21 21
Cash Balance* (multiply fractional entitlement of 0.04579 shares
by Scrip Calculation Price) £0.03 0.49994 ZAR
* For JSE shareholders to be paid a Cash Balance, the Cash Balance has been determined with reference to the net (after taking
withholding tax into account) PID dividend to which a shareholder is entitled.
26 September 2016
JSE sponsor
Java Capital
Notes to editors:
About Capital & Regional plc
Capital & Regional is a UK focused specialist property REIT with a strong track record of delivering value enhancing
retail and leisure asset management opportunities across a c. GBP 1 billion portfolio of in-town dominant community
shopping centres. Capital & Regional is listed on the main market of the London Stock Exchange and has a
secondary listing on the Johannesburg Stock Exchange.
Capital & Regional owns seven shopping centres in Blackburn, Camberley, Hemel Hempstead, Luton, Maidstone,
Walthamstow and Wood Green. It also has a 20% joint venture interest in the Kingfisher Centre in Redditch and a
50% joint venture in the Buttermarket Centre, Ipswich. Capital & Regional manages these assets, which comprise
over 950 retail units and attract over 1.7 million shopping visits each week, through its in-house expert property and
asset management platform.
For further information see www.capreg.com.
Date: 26/09/2016 11:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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