SHAFTESBURY CAPITAL PLC (the "Company" or "Shaftesbury
Capital")
2023 FINAL CASH DIVIDEND - EXCHANGE RATE
This announcement sets out
additional information relating to the 2023 final cash dividend of
1.65 pence per ordinary share (of which
0.65 pence will be paid as a property income distribution
("PID") and 1.0 pence will
be paid as an ordinary dividend ("non-PID")),
which is to be paid on Friday
31 May 2024 to all shareholders registered on Friday 26
April 2024. The proposed final cash
dividend is subject to approval by shareholders at the Company's
Annual General Meeting, to be held on Thursday 23 May
2024.
Exchange Rate for 2023 final cash
dividend:
The Company confirms that the ZAR
exchange rate for the 2023 final cash
dividend will be 23.62660 ZAR to 1 GBP,
which is the rate determined on Monday 15 April 2024.
On this basis, shareholders who hold
their shares via the South African register will receive a cash
dividend of 38.98389 ZAR cents per ordinary share (35.91243 ZAR
cents net of UK withholding tax).
PID, NON-PID AND WITHHOLDING TAXES
The PID element of the proposed 2023
final cash dividend (being 0.65 pence) will be subject to deduction
of a 20 per cent UK withholding tax unless exemptions apply. The
non-PID element (being 1.0 pence) will be treated as an ordinary UK
company dividend. SA dividends tax will also apply, where
applicable. Details of the split (per ordinary share), and
withholding taxes are set out below:
|
|
UK (p)
|
SA (ZAR
cents)
|
|
Total (gross)
|
1.65
|
38.98389
|
|
|
|
|
|
PID (gross)
|
0.65
|
15.35729
|
|
UK withholding tax (20%)
|
0.13
|
3.07146
|
|
PID (net of UK withholding
tax)
|
0.52
|
12.28583
|
|
Less effective 5% SA dividends tax
for SA shareholders, where applicable*
|
-
|
0.76786
|
|
Net PID payable
|
0.52
|
11.51797
|
|
|
|
|
|
Non-PID
|
1.00
|
23.62660
|
|
Less SA withholding tax
(20%)
|
-
|
4.72532
|
|
Net Non-PID payable
|
1.00
|
18.90128
|
*Where the 20% SA dividends tax rate
applies, this will be 3.07146 ZAR cents per ordinary share on the
PID element of the proposed 2023 final cash dividend, and
after UK withholding tax and SA Dividends Tax have
been withheld, the total net proposed 2023 final cash dividend will
be 28.11565 ZAR cents per ordinary share
(total net proposed 2023 final cash dividend where 5% SA Dividends
Tax applies is 30.41925 ZAR cents per
ordinary share).
Information for
shareholders:
The information below is included
only as a general guide to taxation for shareholders based on
Shaftesbury Capital's understanding of the law and the practice
currently in force. Any shareholder who is in any doubt as to their
tax position should seek independent professional
advice.
UK
shareholders - PIDs
Certain categories of shareholders
may be eligible for exemption from the 20 per cent UK withholding
tax and may register to receive their dividends on a gross basis.
Further information, including the required forms, is available
from the 'Investors' section of the Company's website
(www.shaftesburycapital.com), or on request from our
UK registrars, Link Group. Validly completed forms must be
received by Link Group no later than the dividend Record Date, as
advised; otherwise the dividend will be paid after deduction of
tax.
South African
shareholders
The proposed 2023 final cash
dividend declared by the Company is a foreign payment and the funds
are sourced from the UK.
PIDs: South African
shareholders may apply to HMRC after payment of the PID element of
the proposed 2023 final cash dividend for a refund of the
difference between the 20 per cent UK withholding tax and the
UK/South African double taxation treaty rate of 15 per
cent.
The PID element of the proposed 2023
final cash dividend will be exempt from income tax but will
constitute a dividend for Dividends Tax purposes, as it will be
declared in respect of a share listed on the exchange operated by
the JSE. SA Dividends Tax will therefore be withheld from the
PID element of the proposed 2023 final cash dividend at a rate of
20 per cent, unless a shareholder qualifies for an exemption and
the prescribed requirements for effecting the exemption are in
place by the requisite date. Certain
shareholders may also qualify for a reduction of SA Dividends Tax
liability to 5 per cent, (being the difference between the SA
dividends tax rate and the effective UK withholding tax rate of 15
per cent) if the prescribed requirements for
effecting the reduction are in place by the requisite
date.
Non-PID: The non-PID element of
the proposed 2023 final cash dividend will
be exempt from income tax but will constitute a dividend for SA
Dividends Tax purposes, as it will be declared in respect of a
share listed on the exchange operated by the JSE. SA Dividends Tax
will therefore be withheld from the non-PID element of the proposed
2023 final cash dividend at a rate of 20 per
cent, unless a shareholder qualifies for an exemption and the
prescribed requirements for effecting the exemption are in place by
the requisite date.
Other overseas
shareholders:
Other non-UK shareholders may be
able to make claims for a refund of UK withholding tax deducted
pursuant to the application of a relevant double taxation
convention. UK withholding tax refunds can only be claimed from
HMRC, the UK tax authority.
Additional information on PIDs can be
found at:
https://www.shaftesburycapital.com/en/investors/investor-information/reit.html
The salient dates in the dividend
timetable published in the announcement published on Thursday
29 February 2024 remain unchanged.
Enquiries
Desna Martin
Group Company Secretary
Shaftesbury Capital PLC
+ 44 (0) 20
3214 9150
16 April 2024
