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NEW EUROPE PROPERTY INVESTMENTS PLC. - ISLE OF MAN - NEP

Finalisation announcement in respect of the distribution

Release Date: 3/20/2017 11:25:04 AM

IRIS Code: CC6E8

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)

JSE share code: NEP    BVB share code: NEP

ISIN:   IM00B23XCH02

(“NEPI” or “the company”)

 

 

ELECTION TO RECEIVE EITHER A CASH DIVIDEND OR A RETURN OF CAPITAL:

FINALISATION ANNOUNCEMENT

 

 

NEPI shareholders are referred to the circular to NEPI shareholders and notice to NEPI shareholders in respect of an election to receive either a cash dividend or a return of capital issued on 13 March 2017, and are advised as follows:

 

-                 Shareholders on the South African register will receive their cash dividend in South African Rand converted from Euro at an exchange rate of EUR1.00 : ZAR13.64660. Accordingly, the cash dividend of 21.82 Euro cents per share will be equal to ZAR2.97769 per share.

-                 The reference price is ZAR134.79008 (“reference price”), being a 7% discount to the five-day volume weighted average traded price (less distribution) of NEPI shares on the JSE as at Friday, 17 March 2017. For NEPI shares on the UK and Romanian registers, the reference price is EUR9.87719 (being the reference price of ZAR134.79008 converted to Euro at the Rand exchange rate of EUR1.00 : ZAR13.64660).

-                 Shareholders electing to receive the return of capital will receive 2.20913 new NEPI shares for every 100 NEPI shares held by such shareholders on the record date of Friday, 31 March 2017, representing the ratio that the cash dividend bears to the reference price.

 

If no shareholders were to elect to receive the return of capital, the value of the dividends would amount to EUR 71 642 810.25. Should all shareholders elect to receive the return of capital, the maximum total number of new NEPI shares to be issued by NEPI pursuant to the return of capital will be 7 253 359.

 

The share capital of the company as at the date of this announcement is as follows:

 

‘000 EUR

Share capital

 

Authorised

 

600 000 000 ordinary shares of €0.01 each

6 000

Issued share capital

 

328 335 519 ordinary shares of €0.01 each

3 283

Share premium

1 440 889

Total

1 444 172

 

Should all eligible NEPI shareholders elect to receive the return of capital, the share capital of NEPI after issue of the new NEPI shares will be as follows:

 

 

‘000 EUR

Share capital

 

Authorised

 

600 000 000 ordinary shares of €0.01 each

6 000

Issued share capital

 

335 588 878 ordinary shares of €0.01 each

3 356

Share premium

1 440 816

Total

1 444 172

 


 

The allocation of new NEPI shares will be such that shareholders who elect to receive the return of capital will not be allocated a fraction of a new NEPI share and as such any entitlement to receive a fraction of a new NEPI share which:

 

-           is less than one-half of a new NEPI share, will be rounded down to the nearest whole number; and

-           is equal to or greater than one-half of a new NEPI share but less than a whole new NEPI share, will be rounded up to the nearest whole number.

 

Dividend tax (and therefore the information provided in this paragraph) is only of direct application to shareholders on the South African share register. The gross local dividend amount is ZAR2.97769 per share for shareholders exempt from paying South African dividends tax. The net local divided amount is ZAR2.38215 per share for shareholders liable to pay the dividends tax rate of 20%. There is no withholding tax payable in the Isle of Man.

 

For further information please contact:

 

New Europe Property Investments plc

 

Mirela Covasa

+40 21 232 13 98

 

 

JSE sponsor

 

Java Capital

+27 11 722 3050

 

 

BVB advisor

 

SSIF Intercapital Invest SA

 

Razvan Pasol

+40 21 222 8731

 

20 March 2017



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