TIDMNEPI
RNS Number : 4560I
New Europe Property Investments PLC
31 August 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 DIVID OR A RETURN OF CAPITAL
CASH DIVID OR RETURN OF CAPITAL
As announced on 10 August 2016, shareholders are advised that
the board of directors ("the board") of the company has declared an
interim distribution of 18.68 Euro cents per share in respect of
the six months ended 30 June 2016, 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 18.68 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
Tuesday, 13 September 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 by way of a reduction of
capital.
As at the date of this announcement, the company has 318 843 185
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, 31 August 2016 and is
available on the company's website at www.nepinvest.com.
SALIENT DATES AND TIMES
For shareholders on the SA share register
2016
----------------------------------------------- --------------
Announcement on SENS to NEPI shareholders Wednesday,
in respect of an election to receive either 31 August
a cash dividend or a return of capital
and issue of dividend election circular
Announcement on SENS of reference price, Tuesday, 13
Rand exchange rate and return of capital September
ratio by 11:00 on
Last day to trade in order to be eligible Tuesday, 20
for the cash dividend or alternatively September
the return of capital on
Shares commence trading ex the cash dividend Wednesday,
or return of capital on 21 September
Record date for shareholders recorded on Friday, 23
the SA share register September
Closing date for receipt of completed election Friday, 23
forms by no later than 12:00 on September
Announcement on SENS of the amount of new Friday, 30
NEPI shares issued on September
Dispatch of share certificates, payment Monday, 3
of cash dividend, CSDP/broker accounts October
credited/updated and new NEPI shares listed
on the JSE on
----------------------------------------------- --------------
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. Uncertificated 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 Monday, 3
October 2016.
3. Transfers of shares between sub-registers in the United
Kingdom, South Africa and Romania may not take place between
Tuesday, 13 September 2016 and Friday, 23 September 2016 both days
inclusive.
4. Share certificates may not be dematerialised or
rematerialised between Wednesday, 21 September 2016 and Friday, 23
September 2016 both days inclusive.
5. 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 Tuesday, 13 September
2016.
For shareholders on the UK share register
2016
--------------------------------------------------- --------------
Announcement on RNS to NEPI shareholders Wednesday,
in respect of an election to receive either 31 August
a cash dividend or a return of capital
and issue of dividend election circular
Announcement on RNS of reference price, Tuesday, 13
Rand exchange rate and return of capital September
ratio on
Last day to trade in order to be eligible Wednesday,
for the cash dividend or alternatively 21 September
the return of capital on
Shares commence trading ex the cash dividend Thursday,
or return of capital on 22 September
Record date for shareholders recorded on Friday, 23
the UK share register September
Closing date for receipt of completed election Friday, 23
forms by no later than 12:00 on September
Announcement on RNS of the amount of new Friday, 30
NEPI shares issued on September
Dispatch of share certificates, payment Monday, 3
of cash dividend, CREST accounts credited/updated October
and new NEPI shares listed on AIM on
--------------------------------------------------- --------------
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. Uncertificated shareholders should note that new NEPI shares
should not be traded until the new NEPI shares are issued and
reflect in their accounts with their CREST provider or broker.
3. Transfers of shares between sub-registers in the United
Kingdom, South Africa and Romania may not take place between
Tuesday, 13 September 2016 and Friday, 23 September 2016 both days
inclusive.
4. Share certificates may not be dematerialised or
rematerialised between Wednesday, 21 September 2016 and Friday, 23
September 2016 both days inclusive.
For shareholders registered in Romania
2016
------------------------------------------------ --------------
Announcement on BVB to NEPI shareholders Wednesday,
in respect of an election to receive either 31 August
a cash dividend or a return of capital
and issue of dividend election circular
Announcement on BVB of reference price, Tuesday, 13
Rand exchange rate and return of capital September
ratio on
Last day to trade in order to be eligible Wednesday,
for the cash dividend or alternatively 21 September
the return of capital on
Shares commence trading ex the cash dividend Thursday,
or return of capital on 22 September
Romanian record date Friday, 23
September
Last date when the shareholders registered Friday, 23
in Romania who/which elect to receive the September
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
Announcement on BVB of the amount of new Friday, 30
NEPI shares issued on September
Payment of cash dividend and/or broker Monday, 3
share accounts updated and new NEPI shares October
listed on BVB on
------------------------------------------------ --------------
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. Uncertificated shareholders should note that new NEPI shares
should not be traded until the new NEPI shares are issued and
reflect in their accounts with their CSDP or broker.
3. Transfer of shares between the sub-registers in the United
Kingdom, South Africa and Romania may not take place between
Tuesday, 13 September 2016 and Friday, 23 September 2016 both days
inclusive.
4. Share certificates may not be dematerialised or
rematerialised between Wednesday, 21 September 2016 and Friday, 23
September 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 withholding 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.
The information provided above is only of direct application to
shareholders on the South African share register. The gross local
dividend amount for shareholders exempt from paying South African
dividends tax will be announced on Tuesday, 13 September 2016,
being the date on which the exchange rate in respect of the interim
dividend is announced. The net local dividend amount for
shareholders liable to pay the 15% South African dividends tax will
also be announced on Tuesday, 13 September 2016.
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
The receipt of the cash dividend or election to receive the
return of capital may have tax implications for shareholders who
are resident in the United Kingdom, Romania or other countries and
such shareholders are advised to obtain appropriate advice from
their professional advisors in this regard.
For further information please contact:
New Europe Property Investments
plc
Mirela Covasa +40 21 232 13 98
---------------------------------- -----------------
AIM Nominated Advisor and Broker
Smith & Williamson Corporate
Finance Limited
Azhic Basirov / Katy Birkin +44 20 7131 4000
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JSE sponsor
Java Capital +27 11 722 3050
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BVB advisor
SSIF Intercapital Invest SA
Razvan Pasol +40 21 222 8731
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31 August 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSDEFLSFMSELA
(END) Dow Jones Newswires
August 31, 2016 02:02 ET (06:02 GMT)
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