New Europe Property Investments PLC Cash Dividend or a Return of Capital (6732J)

TIDMNEPI

RNS Number : 6732J

New Europe Property Investments PLC

13 September 2016

NEW EUROPE PROPERTY INVESTMENTS PLC

(Incorporated and registered in the Isle of Man with registered number 001211V)

(Registered as an external company with limited liability under the laws of South Africa, registration number 2009/000025/10)

   AIM share code: NEPI    JSE share code: NEP    BVB share code: NEP 
   ISIN:   IM00B23XCH02 

("NEPI" or "the company")

ELECTION TO RECEIVE EITHER A CASH DIVIDEND OR A RETURN OF CAPITAL: FINALISATION ANNOUNCEMENT

NEPI shareholders are referred to the circular to NEPI shareholders and notice to NEPI shareholders in respect of an election to receive either a cash dividend or a return of capital announced on 31 August 2016, and are advised as follows:

- Shareholders on the South African register will receive their cash dividend in South African Rand converted from Euro at an exchange rate of EUR1.00 : ZAR16.0952. Accordingly, the cash dividend of 18.68 Euro cents per share will be equal to 3.0066 ZAR per share.

- The reference price is ZAR150.98946 ("reference price"), being a 5% discount to the five-day volume weighted average traded price (less distribution) of NEPI shares on the JSE as at Monday, 12 September 2016. For NEPI shares on the UK and Romanian registers, the reference price is EUR9.38102 (being the reference price of ZAR150.98946 converted to Euro at the Rand exchange rate of EUR1.00 : ZAR16.0952).

- Shareholders electing to receive the return of capital will receive 1.99 new NEPI shares for every 100 NEPI shares held by such shareholders on the record date of Friday, 23 September 2016, representing the ratio that the cash dividend bears to the reference price.

If no shareholders were to elect to receive the return of capital, the value of the dividends would amount to EUR EUR59 559 907. Should all shareholders elect to receive the return of capital, the maximum total number of new NEPI shares to be issued by NEPI pursuant to the return of capital will be 6 344 979.

The share capital of the company as at the date of this announcement is as follows:

 
                          '000 EUR 
----------------------  ---------- 
 Share capital 
 Authorised 
 600 000 000 ordinary 
  shares of EUR0.01 
  each                       6 000 
----------------------  ---------- 
 Issued share capital 
 318 843 185 ordinary 
  shares of EUR0.01 
  each                       3 188 
 Share premium           1 369 786 
----------------------  ---------- 
 Total                   1 372 974 
----------------------  ---------- 
 

Should all eligible NEPI shareholders elect to receive the return of capital, the share capital of NEPI after issue of the new NEPI shares will be as follows:

 
                             '000 EUR 
-------------------------  ---------- 
 Share capital 
 Authorised 
 600 000 000 ordinary 
  shares of EUR0.01 each        6 000 
-------------------------  ---------- 
 Issued share capital 
 325 188 164 ordinary 
  shares of EUR0.01 each        3 252 
 Share premium              1 369 722 
-------------------------  ---------- 
 Total                      1 372 974 
-------------------------  ---------- 
 

The allocation of new NEPI shares will be such that shareholders who elect to receive the return of capital will not be allocated a fraction of a new NEPI share and as such any entitlement to receive a fraction of a new NEPI share which:

- is less than one-half of a new NEPI share, will be rounded down to the nearest who number; and

- is equal to or greater than one-half of a new NEPI share but less than a whole new NEPI share, will be rounded up to the nearest whole number.

Dividend tax (and therefore the information provided in this paragraph) is only of direct application to shareholders on the South African share register. The gross local dividend amount is 3.0066 ZAR per share for shareholders exempt from paying South African dividends tax. The net local divided amount is 2.5556 ZAR per share for shareholders liable to pay the dividends tax rate of 15%. There is no withholding tax payable in the Isle of Man.

For further information please contact:

 
 New Europe Property Investments 
  plc 
 Mirela Covasa                       [phone] 
----------------------------------  ----------------- 
 
 AIM Nominated Advisor and Broker 
 Smith & Williamson Corporate 
  Finance Limited 
 Azhic Basirov / Katy Birkin         [phone] 
----------------------------------  ----------------- 
 
 JSE sponsor 
 Java Capital                        [phone] 
----------------------------------  ----------------- 
 
 BVB advisor 
 SSIF Intercapital Invest SA 
 Razvan Pasol                        [phone] 
----------------------------------  ----------------- 
 

13 September 2016

This information is provided by RNS

The company news service from the London Stock Exchange

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September 13, 2016 05:00 ET (09:00 GMT)