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Cash fraction applicable to the Scrip Dividend Alternative
Brimstone Investment Corporation Limited
(Incorporated in the Republic of South Africa)
Registration number 1995/010442/06
ISIN Number: ZAE000015277 Share Code: BRT
ISIN Number: ZAE000015285 Share Code: BRN
(“Brimstone” or the “Company”)
Cash fraction applicable to the Scrip Dividend Alternative
Shareholders are referred to Brimstone’s reviewed preliminary condensed consolidated results for the year ended
31 December 2017 released on SENS on Tuesday, 6 March 2018, declaring a cash dividend of 42 cents (the “Cash
Dividend”) incorporating an election to receive the Cash Dividend or a scrip dividend as an alternative (the “Scrip
Dividend Alternative”), with the default election being the Scrip Dividend Alternative.
The ratio applicable to the Scrip Dividend Alternative was announced on SENS on Tuesday, 10 April 2018, being
4.01415 Brimstone ordinary shares and 3.71896 Brimstone “N” ordinary shares respectively for every 100 ordinary
shares and/or 100 “N” ordinary shares held on Friday, 20 April 2018 (“Record Date”).
If the application of this ratio gives rise to a fraction of a new Brimstone ordinary share and/or Brimstone “N”
ordinary share, such fraction will be rounded down to the nearest whole number and the cash balance will be paid
to the shareholder (“Rounding Provision”).
In accordance with the JSE Limited (“JSE”) Listings Requirements, the cash balance must be determined with
reference to the volume weighted average price (“VWAP”) of Brimstone ordinary shares and “N” ordinary shares
traded on Wednesday, 18 April 2018 (being the day on which Brimstone ordinary shares and “N” ordinary shares
began trading ex Cash Dividend and Scrip Dividend Alternative), discounted by 10%. It should be noted that
Brimstone “N” ordinary shares did not trade on Wednesday, 18 April 2018 and therefore the VWAP of Tuesday, 17
April 2018 was used for purposes of determining the cash balance.
Shareholders are accordingly advised that the basis applicable in determining the cash balance for the fractional
entitlement is:
- for Brimstone ordinary shares, R11.61 (being the VWAP of R12.90 discounted by 10%); and
- for Brimstone “N” ordinary shares, R10.62639 (being the VWAP of R11.80710 discounted by 10%).
Example of fractional entitlement
This example assumes that a shareholder holds 100 Brimstone ordinary shares and/or 100 Brimstone “N” 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 New “N” ordinary share entitlement
100 x 4.01415% = 4.01415 new Brimstone ordinary 100 x 3.71896% = 3.71896 new Brimstone “N” ordinary
shares shares
In terms of the Rounding Provision described above, a shareholder will receive:
- 4 ordinary shares in respect of the 100 Brimstone ordinary shares held and a cash balance for the fractional
entitlement of 0.01415 x R11.61, which equals R0.16428; and
- 3 “N” ordinary shares in respect of the 100 Brimstone “N” ordinary shares held and a cash balance for the
fractional entitlement of 0.71896 x R10.62639, which equals R7.63995.
The fractional entitlement payments will be subject to 20% dividend withholding tax, if applicable, resulting in a net
cash payment of R0.13142 per new Brimstone ordinary share and R6.11196 per new Brimstone “N” ordinary share
respectively.
19 April 2018
Investment Bank, Corporate Advisor and Sponsor
Nedbank Corporate and Investment Banking
Date: 19/04/2018 04:42:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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