REG - Shaftesbury Capital - 2024 Final Dividend - Exchange Rate

Shaftesbury CapitalAnnouncement

10/04/2025 09:30

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RNS Number : 3585E  Shaftesbury Capital PLC  10 April 2025

SHAFTESBURY CAPITAL PLC (the "Company" or "Shaftesbury Capital")

 

2024 FINAL CASH DIVIDEND - EXCHANGE RATE

 

This announcement sets out additional information relating to the 2024 final
cash dividend of 1.8 pence per ordinary share (to be paid wholly as a property
income distribution ("PID")), which is to be paid on Friday, 30 May 2025 to
all shareholders registered on Friday, 25 April 2025. The proposed final cash
dividend is subject to approval by shareholders at the Company's 2025 Annual
General Meeting, to be held on Thursday, 22 May 2025.

 

Exchange rate for 2024 final cash dividend:

 

The Company confirms that the ZAR exchange rate for the 2024 final cash
dividend will be 25.25590 ZAR to 1 GBP, which is the rate determined on
Wednesday, 9 April 2025.

 

On this basis, shareholders who hold their shares via the South African
register will receive a cash dividend of 45.46062 ZAR cents per ordinary share
(36.36850 ZAR cents net of UK withholding tax).

 

PID, NON-PID AND WITHHOLDING TAXES

 

The proposed 2024 final cash dividend (being 1.8 pence) will be subject to
deduction of a 20 per cent UK withholding tax unless exemptions apply. There
will be no Non-PID element of the proposed 2024 final cash dividend. SA
Dividends Tax will also apply, where applicable. Details of the withholding
taxes are set out below:

                                                                            UK (p)  SA (ZAR cents)
 Total (gross)                                                              1.8     45.46062

 PID (gross)                                                                1.8     45.46062
 UK withholding tax (20%)                                                   0.36    9.09212
 PID (net of UK withholding tax)                                            1.44    36.36850
 Less effective 5% SA dividends tax for SA shareholders, where applicable*  -       2.27303

 Net PID payable                                                            1.44    34.09547

*Where the 20% SA Dividends Tax rate applies, this will be 9.09212 ZAR cents
per ordinary share on the proposed 2024 final cash dividend, and after UK
withholding tax and SA Dividends Tax have been withheld, the total net
proposed 2024 final cash dividend will be 27.27638 ZAR cents per ordinary
share (total net proposed 2024 final cash dividend where 5% SA Dividends Tax
applies is 34.09547 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

 

The proposed 2024 final cash dividend will be paid wholly as a PID. 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 'Investor Information' section of the Company's website
(www.shaftesburycapital.com), or on request from our UK registrar, MUFG
Corporate Markets. Validly completed forms must be received by MUFG Corporate
Markets no later than the dividend Record Date, as advised; otherwise the
dividend will be paid after deduction of tax.

 

There will be no Non-PID element of the final cash dividend.

 

South African shareholders

 

The proposed 2024 final cash dividend declared by the Company is a foreign
payment and the funds are sourced from the UK.

 

PID: The proposed 2024 final cash dividend will be paid wholly as a PID and a
20 per cent UK withholding tax is applicable to a PID. As such, South African
shareholders may apply to HMRC after payment of the proposed 2024 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 proposed 2024 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 proposed 2024 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: There will be no Non-PID element of the proposed 2024 final cash
dividend.

 

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 and ordinary dividends (Non-PIDs) can be found
at:
https://www.shaftesburycapital.com/en/investors/investor-information/reit.html

 

The salient dates in the dividend timetable included in the preliminary
results announcement published on Thursday, 27 February 2025 remain
unchanged.

 

 

Enquiries:

Ruth Pavey

Company Secretary

Shaftesbury Capital PLC

 

Tel: + 44 (0) 20 3214 9150

 

10 April 2025

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