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CLOVER INDUSTRIES LIMITED - Cash fraction applicable to the scrip distribution

Release Date: 20/04/2017 10:00
Code(s): CLR     PDF:  
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Cash fraction applicable to the scrip distribution

Clover Industries Limited
(Incorporated in the Republic of South Africa)
Registration number: 2003/030429/06
Tax number: 9657/002/71/4
JSE Ordinary Share code: CLR
NSX Ordinary Share code: CLN
ISIN No: ZAE000152377
(“Clover” or “the Company”)

CASH FRACTION APPLICABLE TO THE SCRIP DISTRIBUTION

Shareholders are referred to the Company’s unaudited interim financial results for the six months ended 31
December 2016, released on the Stock Exchange News Service (“SENS”) on 1 March 2017 and published in
the press on 2 March 2017, in which the Company declared a final Scrip Distribution with the alternative to
elect to receive a Cash Dividend of 24.21000 cents per ordinary Clover share.

The ratio applicable to the Scrip Distribution entitlement was announced on SENS on 7 April 2017, being
1.2682 Scrip Distribution share for every 100 ordinary Clover shares held on the Record Date, being Friday,
21 April 2017.

If the application of this ratio gives rise to a fraction of an ordinary Clover share, such fraction will be rounded
down to the nearest whole number, resulting in allocations of whole ordinary Clover shares and a cash
payment for the fraction (“Rounding Provision”).

In accordance with the requirements of the Johannesburg Stock Exchange Limited ("JSE"), the cash
payment has been determined with reference to the volume weighted average price ("VWAP") of an ordinary
Clover share traded on the JSE on Wednesday, 19 April 2017 (being the first business day after the last day
to trade), discounted by 10%.

Shareholders are accordingly advised that the basis applicable in determining the cash payment for the
fractional entitlement is 1546.2 cents (1718 cents, discounted by 10%) or 1236.96 cents, net of applicable
dividend withholding tax.

Example of fractional entitlement:
This example assumes that a Shareholder holds 100 ordinary shares at the close of business on the Record
Date and does not elect to receive the Cash Dividend in respect of all or part of their shareholding.

New ordinary share entitlement = (100 x 24.21000 ) / 1909 cents
= 1.2682 new ordinary shares. The Rounding Provision described above is then applied and the shareholder
will receive:
1 Scrip Distribution share in respect of the 100 ordinary shares held and a cash payment for the fractional
entitlement of 0.2682 x 1546.2 = 414.69084 cents.

This fractional entitlement payment will be subject to 20% dividend withholding tax, resulting in a net cash
payment of 331.75267 cents.

Johannesburg
20 April 2017

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

NSX Sponsor
IJG SECURITIES

Attorneys
Werksmans

Date: 20/04/2017 10:00:00 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.

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