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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
New Euro.Pty | LSE:NEPI | London | Ordinary Share | IM00B23XCH02 | ORD EUR0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMNEPI
RNS Number : 5150P
New Europe Property Investments PLC
19 February 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")
NOTICE TO NEPI SHAREHOLDERS IN RESPECT OF AN ELECTION TO RECEIVE EITHER A CASH DIVIDEND OR A RETURN OF CAPITAL
CASH DIVIDEND OR RETURN OF CAPITAL
As announced on 9 February 2016, shareholders are advised that the board of directors ("the board") of the company has declared a final distribution of 17.17 Euro cents per share in respect of the six months ended 31 December 2015, which combined with the distributable earnings for the first half of the financial year, results in a 35.34 Euro cents per share distribution for 2015, and that the board has resolved to offer shareholders the election to receive a return of capital by way of an issue of new NEPI shares ("return of capital") or a cash dividend. The cash dividend will be paid to shareholders unless a shareholder elects to receive a return of capital.
The number of new NEPI shares to which a shareholder is entitled in terms of the return of capital will be determined with reference to the ratio that the cash dividend of 17.17 Euro cents per share bears to the reference price, being up to a 5% discount to the five-day volume weighted average traded price (less the cash dividend) of NEPI shares on the JSE (converted to Euro for those shares held on the UK and Romanian registers), to be announced on or before Friday, 26 February 2016.
The rationale for the return of capital is to afford shareholders the opportunity to increase their shareholding in NEPI and to retain flexibility with regard to the company's cash resources.
The cash dividend will be paid out of the company's distributable profits. The new NEPI shares to be issued pursuant to the return of capital are funded by way of a reduction of part of the company's share premium account (which is a reduction of capital).
As at the date of this announcement, the company has 298 590 564 ordinary shares of EUR0.01 each in issue.
A circular to NEPI shareholders in respect of the election being offered to NEPI shareholders to receive either the cash dividend or the return of capital ("circular"), together with an election form, will be posted to shareholders today, 19 February 2016 and will also be available from today on the company's website at www.nepinvest.com.
SALIENT DATES AND TIMES
For shareholders on the SA share register
2016 --------------------------------------- -------------------- Announcement on SENS of Rand exchange rate on or before, by 11:00 Friday, 26 February Announcement on SENS of reference price and return of capital ratio on or before, by 11:00 Friday, 26 February Last day to trade in order to be eligible for the cash dividend or alternatively the return of capital on Friday, 4 March Shares commence trading ex the cash dividend or return of capital on Monday, 7 March Record date for shareholders recorded on the SA share register Friday, 11 March Closing date for receipt of completed election forms by no later than 12:00 on Friday, 11 March Announcement on SENS of the amount of new NEPI shares issued on Friday, 18 March Dispatch of share certificates, payment of cash dividend, CSDP/broker accounts credited/updated and new NEPI shares listed on the JSE on Tuesday, 22 March --------------------------------------- --------------------
Notes:
1. All dates and times quoted above are local dates and times in South Africa. The above dates and times are subject to change. Any changes will be released on SENS and published in the press in South Africa.
2. Shareholders should note that new NEPI shares should not be traded until the new NEPI shares are issued or reflect in their accounts with their CSDP or broker on Tuesday, 22 March 2016.
3. Share certificates may not be dematerialised or rematerialised nor may transfers of shares between sub-registers in the United Kingdom, South Africa and Romania take place between Monday, 7 March 2016 and Friday, 11 March 2016 both days inclusive.
4. Shareholders on the SA share register will receive a cash dividend in South African Rand, based on the Rand exchange rate. An announcement in this respect will be made on or before Friday, 26 February 2016.
For shareholders on the UK share register
2016 -------------------------------------- -------------------- Announcement on RNS of reference price and return of capital ratio on or before Friday, 26 February Last day to trade in order to be eligible for the cash dividend or alternatively the return of capital on Wednesday, 9 March Shares commence trading ex the cash dividend or return of capital on Thursday, 10 March Record date for shareholders recorded on the UK share register Friday, 11 March Closing date for receipt of completed election forms by no later than 12:00 on Friday, 11 March Announcement on RNS of the amount of new NEPI shares issued on Friday, 18 March Dispatch of share certificates, payment of cash dividend, CREST accounts credited/updated and new NEPI shares listed on AIM on Tuesday, 22 March -------------------------------------- --------------------
Notes:
1. All dates and times quoted above are local dates and times in the United Kingdom. The above dates and times are subject to change. Any changes will be released on RNS.
2. Shareholders should note that new NEPI shares should not be traded until the new NEPI shares are issued or reflect in their accounts with their CREST provider or broker on Tuesday, 22 March 2016.
3. Share certificates may not be uncertificated or recertificated, nor may transfers of shares between sub-registers in the United Kingdom, South Africa and Romania take place between Monday, 7 March 2016 and Friday, 11 March 2016 both days inclusive.
For shareholders registered in Romania
2016 ---------------------------------------- -------------------- Announcement on BVB of reference price and return of capital ratio on or before Friday, 26 February Last day to trade in order to be eligible for the cash dividend or alternatively the return of capital on Wednesday, 9 March Shares commence trading ex the cash dividend or return of capital on Thursday, 10 March Romanian record date Friday, 11 March Last date when the shareholders registered in Romania who/which elect to receive the return of capital should complete the election form and submit it to NEPI, this being the closing date for receipt of completed election forms by no later than 15:30 on Friday, 11 March Announcement on BVB of the amount of new NEPI shares issued on Friday, 18 March Payment of cash dividend and/or broker share accounts updated and new NEPI shares listed on BVB on Tuesday, 22 March ---------------------------------------- --------------------
Notes:
1. All dates and times quoted above are local dates and times in Romania. The above dates and times are subject to change. Any changes will be released on the BVB.
2. Shareholders should note that new NEPI shares should not be traded until the new NEPI shares are issued or reflect in their accounts with their CSDP or broker on Tuesday, 22 March 2016.
3. Share certificates may not be dematerialised or rematerialised, nor may transfer of shares between the sub-registers in the United Kingdom, South Africa and Romania take place between Monday, 7 March 2016 and Friday, 11 March 2016 both days inclusive.
TAX IMPLICATIONS
SA resident shareholders
The receipt of the cash dividend or election to receive the return of capital may have tax implications for shareholders.
For those South African resident shareholders receiving the cash dividend, such amount will be regarded as a foreign dividend and may be subject to South African dividends tax at a rate of 15%, unless an exemption as set out in the South African Income Tax legislation applies.
The receipt of new NEPI shares by South African resident shareholders should not be classified as a dividend or a foreign dividend for South African tax purposes and accordingly South African dividends tax should not be levied on the new NEPI shares. However, the legislation in this regard is complex and its implementation is currently uncertain. Accordingly, shareholders should seek independent professional tax advice.
NEPI shareholders are advised to consult their professional advisors regarding the tax consequences of the cash dividend and the return of capital or should they be in any doubt as to the appropriate action to take.
In terms of the JSE Listings Requirements regarding dividends withholding tax in South Africa, NEPI shareholders are advised that there is no withholding tax payable in the Isle of Man.
Shareholders residing outside South Africa
(MORE TO FOLLOW) Dow Jones Newswires
February 19, 2016 02:01 ET (07:01 GMT)
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