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2025 interim cash dividend - exchange rate
SHAFTESBURY CAPITAL PLC
(Incorporated and registered in the United Kingdom
with Registration Number 07145051 and
registered in South Africa as an external company
with Registration Number 2010/003387/10)
JSE code: SHC ISIN: GB00B62G9D36
LEI: 549300TTXXZ1SHUI0D54
("Shaftesbury Capital" or "the company")
2025 INTERIM CASH DIVIDEND - EXCHANGE RATE
This announcement sets out additional information relating to the 2025 interim cash dividend of 1.9 pence
per ordinary share (of which 1.5 pence will be paid as a property income distribution ("PID") and 0.4 pence
will be paid as an ordinary dividend ("Non-PID")), which is to be paid on Wednesday, 1 October 2025 to all
shareholders registered on Friday, 22 August 2025.
Exchange rate for 2025 interim cash dividend:
The Company confirms that the ZAR exchange rate for the 2025 interim cash dividend will be 23.87450 ZAR
to 1 GBP, which is the rate determined on Monday, 11 August 2025.
On this basis, shareholders who hold their shares via the South African register will receive a cash dividend
of 45.36155 ZAR cents per ordinary share (38.19920 ZAR cents net of UK withholding tax).
PID, NON-PID AND WITHHOLDING TAXES
The PID element of the 2025 interim cash dividend (being 1.5 pence) will be subject to deduction of a 20 per
cent UK withholding tax unless exemptions apply. The Non-PID element (being 0.4 pence) will be treated as
an ordinary UK company dividend. South African Dividends Tax will also apply, where applicable. Details of
the split (per ordinary share), and withholding taxes are set out below:
UK (p) SA (ZAR cents)
Total (gross) 1.9 45.36155
PID (gross) 1.5 35.81175
UK withholding tax (20%) 0.3 7.16235
PID (net of UK withholding tax) 1.2 28.64940
Less effective 5% South African Dividends Tax for South African - 1.79059
shareholders, where applicable*
Net PID payable 1.2 26.85881
Non-PID 0.4 9.54980
Less South African withholding tax (20%) - 1.90996
Net Non-PID payable 0.4 7.63984
* Where the 20% South African Dividends Tax rate applies, this will be 7.16235 ZAR cents per ordinary share
on the PID element of the 2025 interim cash dividend, and after UK withholding tax and South African
Dividends Tax have been withheld, the total net 2025 interim cash dividend will be 29.12689 ZAR cents per
ordinary share (total net 2025 interim cash dividend where 5% South African Dividends Tax applies is
34.49865 ZAR cents per ordinary share).
Information for shareholders:
The information below is included only as a general guide to taxation for shareholders based on Shaftesbury
Capital'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
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 from the 'Investor Information' section of the Company's website
(https://www.shaftesburycapital.com/en/investors/investor-information.html), or on request from the
Company's UK registrar, MUFG Corporate Markets. Validly completed forms must be received by MUFG
Corporate Markets no later than the dividend record date, as advised; otherwise the dividend will be paid
after deduction of tax.
South African shareholders
The 2025 interim cash dividend declared by the Company is a foreign payment and the funds are sourced
from the UK.
PID: A 20 per cent UK withholding tax is applicable to a PID. As such, South African shareholders may apply
to HMRC after payment of the PID element of the 2025 interim cash 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 2025 interim cash dividend will be exempt from income tax but will constitute a dividend
for Dividends Tax purposes, as it will be declared in respect of a share listed on the exchange operated by the
Johannesburg Stock Exchange. South African Dividends Tax will therefore be withheld from the PID element of
the 2025 interim cash 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 South African Dividends Tax liability to 5 per cent, (being the difference between
the South African dividends tax rate and the effective UK withholding tax rate of 15 per cent) if the prescribed
requirements for effecting the reduction are in place by the requisite date.
Non-PID: The Non-PID element of the 2025 interim cash dividend will be exempt from income tax but will
constitute a dividend for South African Dividends Tax purposes, as it will be declared in respect of a share
listed on the exchange operated by the Johannesburg Stock Exchange. South African Dividends Tax will
therefore be withheld from the Non-PID element of the 2025 interim cash 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 and ordinary dividends (Non-PIDs) can be found at
https://www.shaftesburycapital.com/en/investors/investor-information/reit.html
The salient dates in the dividend timetable included in the interim results announcement published on
Tuesday, 29 July 2025 remain unchanged.
Shaftesbury Capital shares are listed on the London Stock Exchange (primary) and the Johannesburg Stock
Exchange (secondary) and the A2X (secondary).
Enquiries:
Ruth Pavey
Company Secretary
Shaftesbury Capital PLC
Tel: + 44 (0) 20 3214 9150
12 August 2025
Sponsor
Java Capital
Date: 12-08-2025 10:30:00
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