Universal Partners Announces Finalization of Cash Dividend and Issuance of New Shares

Universal Partners New Share and Dividend
  • Universal Partners declares a cash dividend of 10 GBP pence per share, with shareholders on the JSE receiving the dividend in ZAR at an exchange rate of GBP 1.00 : ZAR 24.0495.
  • Additional new shares totaling 108,036 are issued to settle part of the carry fee owed to Argo Investments Managers, bringing Universal Partners’ total shares in issue to 72,894,199.
  • The Information Note regarding the new share issuance will be available for inspection at Universal Partners’ registered office and on their website, while tax implications should be consulted by Mauritian shareholders.

Mauritius-based investment company Universal Partners Limited (SEM: UPL.N0000, JSE: UPL) has recently made an important announcement regarding the finalization of a cash dividend and the issuance of additional new shares. The company, listed on the Official Market of the Stock Exchange of Mauritius (SEM) with a secondary listing on the Johannesburg Stock Exchange (JSE), shared the details of these developments on 23 May 2023.

Universal Partners declared a cash dividend of 10 GBP pence per share, as previously announced on 16 May 2023. Shareholders holding shares traded on the JSE will receive their dividend in South African Rand (ZAR), converted from Pound Sterling (GBP) at an exchange rate of GBP 1.00 to ZAR 24.0495. This conversion results in a dividend payout of 240.495 ZAR cents per share. Conversely, shareholders with shares traded on the SEM will receive their cash dividend in Pounds Sterling.

It is worth noting that the dividend tax and associated information provided is specifically applicable to JSE shareholders. Shareholders exempt from paying dividends tax will receive a gross local dividend amount of 240.495 ZAR cents per share, while those subject to the 20% dividend tax rate will receive a net local dividend amount of 192.396 ZAR cents per share.

The cash dividend will be disbursed from Mauritius, and no withholding tax is applicable in the country. However, shareholders holding Universal Partners shares on the Mauritian register are advised to consult their professional advisors to understand the potential tax implications related to the dividend.

The salient dates and times for the cash dividend, as originally announced on 16 May 2023, remain unchanged.

In addition to the cash dividend, Universal Partners has received approval from the Listing Executive Committee of the SEM to issue and list 108,036 additional ordinary shares on the Official Market of the SEM. These new shares will be issued as consideration for the partial settlement of the carry fee owed to Argo Investments Managers, relating to the disposal of the company’s investment in YASA Limited. This issuance represents the second payment tranche.

Following the allocation of the new shares to Argo, Universal Partners’ total number of shares in issue will amount to 72,894,199. The newly issued shares are expected to commence trading on the SEM’s Official Market on Thursday, 25 May 2023.

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