The Directors of Capital & Counties Properties PLC have proposed a final dividend of 1.0 pence per ordinary share (ISIN GB00B62G9D36) payable on 8 July 2022.

The following are the salient dates for the payment of the final dividend:

• Wednesday, 23 February 2022 -  Proposed final dividend announced
• Monday, 30 May 2022 - Sterling/Rand exchange rate struck
• Tuesday, 31 May 2022 - Sterling/Rand exchange rate, dividend amount in Rand announced
• Wednesday, 8 June 2022 - Ordinary shares listed ex-dividend on the JSE, Johannesburg
• Thursday, 9 June 2022 - Ordinary shares listed ex-dividend on the London Stock Exchange
• Friday, 10 June 2022 - Record date for final dividend in London and Johannesburg
• Tuesday, 28 June 2022 - Annual General Meeting
• Friday, 8 July 2022 - Dividend payment date for shareholders

The proposed final dividend is subject to approval at the Company’s Annual General Meeting, to be held on 28 June 2022.

South African shareholders should note that, in accordance with the requirements of Strate, the last day to trade cum-dividend will be 7 June 2022 and that no dematerialisation of shares will be possible from 8 June 2022 to 10 June 2022 inclusive. No transfers between the UK and South Africa registers may take place from close of business on 31 May 2022 to 10 June 2022 inclusive.

The dividend will be split equally between a Property Income Distribution (“PID”) and non-PID for tax purposes.  The PID element will be subject to deduction of a 20 per cent UK withholding tax unless exemptions apply. The non-PID element will be treated as an ordinary UK company dividend.

The above dates are proposed and subject to change.

Dividends Paid Directly to your Bank Account

If you wish to have your dividends paid directly to your bank or building society, please complete a dividend payment mandate form which is available from the appropriate registrar, whose contact details are available here.

If you are a UK shareholder, you can utilise the online short portal, Signal Shares, to arrange for your cash dividends to be paid directly to your bank or building society.

Information for shareholders

The information below is included only as a general guide to taxation for shareholders based on Capco's understanding of the law and the practice currently in force. Any shareholder who is in any doubt as to their tax position should seek independent professional advice.

UK shareholders - PIDs

Certain categories of shareholders may be eligible for exemption from the 20 per cent UK withholding tax and may register to receive their dividends on a gross basis.  Further information, including the required forms, is available here, or on request from our UK registrars, Link Group, whose contact details are available here. Validly completed forms must be received by Link Group no later than the dividend Record Date for the particular dividend, as advised; otherwise the dividend will be paid after deduction of tax.

South African shareholders

The final dividend declared by the Company is a foreign payment and the funds are sourced from the UK.

PIDs: South African shareholders may apply to HMRC after payment of the PID element of the dividend for a refund of the difference between the 20 per cent UK withholding tax and the UK/South African double taxation treaty rate of 15 per cent. The PID element of the dividend will be exempt from South African (SA) income tax but will constitute a dividend for SA Dividends Tax purposes, as it will be declared in respect of a share listed on the exchange operated by the JSE.  SA Dividends Tax will therefore be withheld from the PID element of the final dividend at a rate of 20 per cent, unless a shareholder qualifies for an exemption and the prescribed requirements for effecting the exemption are in place by the requisite date. Certain shareholders may also qualify for a reduction of SA Dividends Tax liability to 5 per cent, (being the difference between the SA dividends tax rate of 20 per cent and the effective UK withholding tax rate of 15 per cent in terms of the UK/South African double taxation treaty) if the prescribed requirements for effecting the reduction are in place by the requisite date.

Non-PID: The non-PID element will be exempt from SA income tax but will constitute a dividend for SA Dividends Tax purposes, as it will be declared in respect of a share listed on the exchange operated by the JSE.  SA Dividends Tax will therefore be withheld from the non-PID element of the final dividend at a rate of 20 per cent, unless a shareholder qualifies for an exemption and the prescribed requirements for effecting the exemption are in place by the requisite date.

Other overseas shareholders:

Other non-UK shareholders may be able to make claims for a refund of UK withholding tax deducted pursuant to the application of a relevant double taxation convention. UK withholding tax refunds can only be claimed from HMRC, the UK tax authority.

Additional information on PIDs can be found here and within the rules of the Scrip Dividend Scheme, which can be found on the adjacent Dividend Information tab.