Change in SA Dividend Withholding Tax Rate
28 February 2017
CHANGE IN SOUTH AFRICAN DIVIDEND WITHHOLDING TAX RATE
The Board of Schroder European Real Estate Investment Company plc (the "Company") notes the announcement by the South African Minister of Finance on 22 February 2017, advising that the South African dividend withholding tax rate has been increased from 15 per cent to 20 per cent, effective for South African dividends declared with a payment date on or after 22 February 2017.
On 9 February 2017, the Company announced its first interim dividend for the period to 30 September 2017 of 1.0 euro cents per share. While the dividend declaration timetable will remain unchanged, South African shareholders are hereby advised that the net dividend amount announced on 21 February 2017 has now been adjusted to take account of the increased withholding tax rate, as set out below.
|
Declared dividend
|
Exchange rate
|
Dividend in South African cents per share
|
|
1.0 euro cents per share
|
13.85250
|
13.85250
|
Dividend tax will be withheld from the amount of the gross dividend of 13.85250 South African cents per share paid to shareholders on the South African register at the rate of 20 per cent unless a shareholder qualifies for exemption.
After the dividend tax has been withheld, the net dividend will be 11.08200 South African cents per share.
For the avoidance of doubt, dividend tax, and therefore the information provided in this announcement, is only of direct application to shareholders on the South African register.
Enquiries:
Duncan Owen/Tony Smedley
Schroder Real Estate Investment Management Limited Tel: 020 7658 6000
Ria Vavakis
Schroder Investment Management Limited Tel: 020 7658 2371
Dido Laurimore
FTI Consulting Tel: 020 3727 1000
Shareholders on the South African branch register should direct any questions regarding the application of the dividend tax to the Company's Transfer Secretary:
Computershare Investor Services (Pty) Limited
Rosebank Towers, 15 Biermann Avenue
Rosebank, 2196, South Africa
Postal Address - PO Box 61051
Marshalltown 2107
Telephone +27 11 373 0033
Facsimile +27 11 688 5218
Email enquiries: web.queries@computershare.co.za
This information is provided by RNS
Latest directors dealings
- 8 hours ago Johnson Matthey
- 9 hours ago Galliford Try
- 9 hours ago Galliford Try
- 9 hours ago Centrica
- 10 hours ago Smith & Nephew