REG - Shaftesbury Capital - 2024 Interim Dividend - Exchange Rate

Shaftesbury CapitalAnnouncement

13/08/2024 09:30

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RNS Number : 1309A  Shaftesbury Capital PLC  13 August 2024

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

 

2024 INTERIM CASH DIVIDEND - EXCHANGE RATE

 

This announcement sets out additional information relating to the 2024 interim
cash dividend of 1.7 pence per ordinary share (of which 1.0 pence will be paid
as a property income distribution ("PID") and 0.7 pence will be paid as an
ordinary dividend ("non-PID")), which is to be paid on Tuesday, 1 October 2024
to all shareholders registered on Friday, 23 August 2024.

 

Exchange rate for 2024 interim cash dividend:

 

The Company confirms that the ZAR exchange rate for the 2024 interim cash
dividend will be 23.28310 ZAR to 1 GBP, which is the rate determined on
Monday, 12 August 2024.

 

On this basis, shareholders who hold their shares via the South African
register will receive a cash dividend of 39.58127 ZAR cents per ordinary share
(34.92465 ZAR cents net of UK withholding tax).

 

PID, NON-PID AND WITHHOLDING TAXES

 

The PID element of the 2024 interim cash dividend (being 1.0 pence) will be
subject to deduction of a 20 per cent UK withholding tax unless exemptions
apply. The non-PID element (being 0.7 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)                                                              1.7     39.58127

 PID (gross)                                                                1.0     23.28310
 UK withholding tax (20%)                                                   0.20    4.65662
 PID (net of UK withholding tax)                                            0.80    18.62648
 Less effective 5% SA dividends tax for SA shareholders, where applicable*  -       1.16416
 Net PID payable                                                            0.80    17.46232

 Non-PID                                                                    0.7     16.29817
 Less SA withholding tax (20%)                                              -       3.25963
 Net Non-PID payable                                                        0.7     13.03854

* Where the 20% SA dividends tax rate applies, this will be 4.65662 ZAR cents
per ordinary share on the PID element of the 2024 interim cash dividend, and
after UK withholding tax and SA dividends tax have been withheld, the total
net 2024 interim cash dividend will be 27.00840 ZAR cents per ordinary share
(total net 2024 interim cash dividend where 5% SA dividends tax applies is
30.50086 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 'Investor Information' 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 2024 interim cash dividend declared by the Company is a foreign payment
and the funds are sourced from the UK.

 

PIDs: A 20 per cent UK withholding tax is applicable to a PID. South African
shareholders may apply to HMRC after payment of the PID element of the 2024
interim 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 2024 interim 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 2024
interim 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 2024 interim 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 2024 interim 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 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 interim results
announcement published on Wednesday, 31 July 2024 remain unchanged.

 

Shaftesbury Capital has a primary listing on the LSE and secondary listings on
the Main Board of the Johannesburg Stock Exchange and the A2X.

 

Enquiries:

Ruth Pavey

Company Secretary

Shaftesbury Capital PLC

 

Tel: + 44 (0) 20 3214 9150

 

13 August 2024

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