Capital Gains on Calidus Demerger
Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining
21 November 2019
Keras Resources plc
('Keras' or the 'Company')
Capital Gains on Calidus Demerger
For UK taxpayers, the value of ordinary shares in Calidus Resources Limited ('Calidus Shares') received under the Demerger will be treated as a part disposal by Keras shareholders of their investment in Keras. As only part of the investment in Keras has been returned, only part of the cost of that investment can be deducted in the tax computation of the gain or loss accruing on the part disposal.
The mid-market closing price of an ordinary share in Keras ('Keras Share') on 20 November 2019, the first day of trading post the Demerger, was £0.00315.
Shareholders that held Keras Shares on the record date are entitled to receive 1 Calidus Share for every 3.451963 Keras Shares registered in their names. Using the mid-market closing price of a Calidus Share on the same day (A$0.023) and the exchange rate of £1 = A$1.8937, gives a value of £0.003518 in Calidus Shares received in respect of each Keras Share.
It follows that the cost of a shareholder's investment in Keras should be divided for UK Capital Gains Tax purposes as being 52.763% in respect of the Calidus Shares received under the Demerger and 47.237% in respect of the residual holding of Keras Shares.
Please note that the Company is not able to provide tax advice. Keras shareholders should accordingly seek appropriate guidance or advice when completing any tax return which reflects any matters for which the apportionment stated above is relevant.
**ENDS**
For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:
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Russell Lamming |
Keras Resources plc |
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Nominated Adviser & Broker Ewan Leggat / Charlie Bouverat
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SP Angel Corporate Finance LLP |
+44 (0) 20 3470 0470
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Financial PR Isabel de Salis / Cosima Akerman |
St Brides Partners Ltd |
+44 (0) 20 7236 1177 |
Notes
Keras Resources plc is focused on building a strategic portfolio of resource assets, providing investors with exposure to a portfolio of development assets including manganese, cobalt and nickel in Togo, West Africa. It is also in the process of transferring its holding of shares in Calidus Resources Limited to its shareholders by way of a capital reduction. The Company benefits from a skilled management team, which has extensive experience in the resource sector and proven success in advancing assets up the value curve.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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