Wrap Text
Dividend update
CAPITAL & REGIONAL PLC
(Incorporated in the United Kingdom)
(UK company number 01399411)
LSE share code: CAL JSE share code: CRP
LEI: 21380097W74N9OYF5Z25
ISIN: GB00BL6XZ716
(“Capital & Regional” or “the Company” or “the Group”)
DIVIDEND UPDATE
Within its Year End Results announcement on 5 March 2020 the Company proposed a final dividend for the
year ending 30 December 2019 of 11 pence per share (the “Dividend”).
The Company is maintaining the Dividend but, in light of the evolving impact of the COVID-19 pandemic, is
proposing to initiate a scrip dividend alternative, subject to shareholder approval at the Company’s Annual
General Meeting scheduled for 20 May 2020.
The Company’s Directors and its three largest shareholders, Growthpoint Properties Limited, Mstead Limited
and PDI Investment Holdings Limited, who together represent approximately 60.6% of the Company’s Issued
Share Capital, have all confirmed that they will take up the scrip option for the entirety of their holdings. In
addition, a further three of the Company’s largest shareholders have also indicated that they will take up the
scrip option, which would increase the total take-up to at least 65%.
The Board believe this approach to be the most beneficial course of action to take in the current circumstances,
noting that it:
- Results in the majority of the proposed £11.4 million total dividend payment being preserved in cash
within the business;
- Demonstrates the support of the Company’s largest shareholders;
- Maintains compliance with the Company’s REIT requirements; and
- Provides other shareholders with flexibility to take cash or the scrip alternative.
While we are continuously monitoring the ongoing situation and taking action in line with the latest
government advice, at this time it is too early to accurately quantify the impact of COVID-19 on the
Company's operations. We would note that in light of the updated government guidance of last night, a number
of our customers will likely remain open in order to provide essential goods and services such as food and
pharmaceutical supplies to the communities they serve.
Implementing the scrip dividend alternative, which is subject to standard regulatory approvals, necessitates
changes to the dividend timetable from the dates previously announced. The revised timeline is summarised
below although remains subject to possible change if government restrictions preclude the ability to proceed
with the Annual General Meeting as scheduled.
2020
Annual General Meeting Wednesday, 20 May
Confirmation of ZAR equivalent dividend and PID percentage Thursday, 21 May
Last day to trade (SA shareholders) Tuesday, 2 June
Shares trade ex-dividend on the JSE Wednesday, 3 June
Shares trade ex-dividend on the LSE Thursday, 4 June
Record date on the LSE and the JSE Friday, 5 June
Dispatch of share certificates, payment of cash dividend and cash entitlement, Thursday, 24 June
CSDP/broker accounts credited
Notes:
1. JSE shareholders electing to receive a cash dividend will have this paid in South African Rand, based
on the conversion rate to be calculated prior to Thursday, 21 May 2020.
2. The deadline for submission of valid election forms will be Friday, 5 June 2020.
3. Share certificates (in respect of shares held on the South African register) may not be demateriliased or
rematerialised between Wednesday, 3 June 2020 and Friday, 5 June 2020, both days inclusive.
4. Transfers of shares between sub-registers in the United Kingdom and South Africa may not take place
between Thursday, 21 May 2020 and Friday 5 June 2020, both days inclusive.
5. South African shareholders are advised that the final dividend will be regarded as a foreign dividend.
Further details relating to Withholding Tax for shareholders on the South African register will be
provided within the announcement detailing the currency conversion rate on Thursday, 21 May 2020.
24 March 2020
JSE sponsor
Java Capital
For further information:
Capital & Regional plc 020 7932 8000
Lawrence Hutchings
Stuart Wetherly
About Capital & Regional plc
Capital & Regional is a UK focused specialist property REIT with a strong track record of delivering
significant value enhancing retail and leisure asset management opportunities across its portfolio of in-town,
dominant community shopping centres.
Capital & Regional owns seven shopping centres in Blackburn, Hemel Hempstead, Ilford, Luton, Maidstone,
Walthamstow and Wood Green. Capital & Regional manages these assets through its in-house expert property
and asset management platform.
For further information see www.capreg.com.
Date: 24-03-2020 12:26:00
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