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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Leyshon Energy | LSE:LEN | London | Ordinary Share | VGG5476A1049 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMLEN
RNS Number : 2398D
Leyshon Energy Limited
27 January 2015
27 January 2015
LEYSHON ENERGY LIMITED
PROPOSED CASH DISTRIBUTION OF APPROXIMATELY US$15.4 MILLION
Further to the Company's announcement of 13 January 2015, the Company has received some queries regarding the tax treatment of the proposed cash distribution in the hands of UK resident shareholders. Your Board has therefore decided to provide a brief summary of the expected tax position of UK resident shareholders upon receipt of the cash distribution.
Please note that the following summary is only intended as a general guide, is not definitive and is applicable to UK resident shareholders only. If shareholders are in any doubt about their tax position with regards to the cash distribution, they should consult their own professional advisers.
The cash distribution will be made pursuant to section 57 of the BVI Business Companies Act 2004 and article 21.1 of the memorandum and articles of association of the Company which permits the Board to declare a resolution in respect of a dividend payment. Accordingly, we expect that the cash distribution shall be considered by UK HMRC to constitute dividend income in the hands of recipient shareholders.
Individual Shareholders who are UK resident may be entitled to a tax credit of one ninth of the amount of the cash distribution received from the Company and will be taxed on the aggregate of the cash distribution and the tax credit (the "Gross Dividend"). The Gross Dividend will be treated as the top slice of a shareholder's income and taxed as such.
For basic rate income taxpayers the Gross Dividend will be taxed at a rate of 10%. For higher rate income tax payers that rate will be 32.5% and for additional rate income taxpayers it will be 37.5%. The credit may then be available for set-off against that tax liability, with the consequence that the total liability for the taxpayer will be the following percentage as a proportion of the dividend:
-- 0% for basic rate income taxpayers; -- 25% for higher rate income taxpayers; and -- 30.56% for additional income rate taxpayers.
UK resident corporate shareholders and pension funds will not normally be liable to UK taxation on any dividend income and are not entitled to payment in cash of the related tax credit.
Under current UK and BVI legislation, no tax is withheld from dividend payments by the Company. Therefore, the Company will not assume any obligation to withhold tax at source from the payment of the cash distribution to shareholders.
As mentioned earlier, if shareholders are in any doubt about their tax position with regards to the cash distribution, and in particular if they are non-UK resident for tax purposes, then it is recommended that they consult their own professional advisers.
Shareholders are reminded that it is expected that the cash distribution will be finally determined by the Directors shortly after the forthcoming General Meeting (assuming the resolutions are passed) and paid, as soon as practicable, to Shareholders on the Company's register of members as at the date of cancellation of the admission of the Company's shares to trading on AIM, for which the preferred cancellation date is 10 February 2015.
Leyshon Energy Limited
Peter Niu, Company Secretary
Tel: + 86 10 8444 2882
admin@leyshonenergy.com
Cantor Fitzgerald Europe
David Porter/Sarah Wharry (Nominated Adviser)
Richard Redmayne (Corporate broking)
Tel: +44 207 894 7000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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