In an official statement released yesterday, Zeder Investments Limited, a leading investment company in South Africa, declared a special dividend for its shareholders. The dividend, amounting to 20.0 cents per share, is considered a non-recurring gross special dividend from income reserves.
Background and Dividend Details
Zeder’s dividend policy stipulates that dividends are contingent upon the company having sufficient reserves to support its operations and investees’ growth plans. The special dividend, subject to approval from the South African Reserve Bank, will be distributed from income reserves.
According to the declaration, shareholders will receive a net dividend of 16.0 cents per share after the deduction of South African dividend tax at a rate of 20%. This applies to shareholders who are not exempt from dividend tax or subject to a reduced rate based on applicable agreements for the avoidance of double taxation between South Africa and their country of residence.
The total number of no par value Zeder ordinary shares in issue on the declaration date stands at 1,540,160,354. The company’s income tax number is 9406891151.
Salient Dates and Process
The distribution of the special dividend will follow a specific timeline, as outlined by Zeder Investments Limited:
| Date | Event |
|---|---|
| February 6, 2024 | Declaration date |
| February 20, 2024 | Finalisation date (subject to SARB approval) |
| March 5, 2024 | Last day to trade cum dividend |
| March 6, 2024 | Trading ex-dividend commences |
| March 8, 2024 | Record date |
| March 11, 2024 | Date of payment |
However, the fulfillment of the South African Reserve Bank approval is crucial. Should this condition not be met by February 20, 2024, Zeder Investments Limited will issue a subsequent announcement, providing an updated timetable for the special dividend distribution.
During the period between March 6, 2024, and March 8, 2024, both days inclusive, share certificates may neither be dematerialised nor rematerialized.
Conclusion
Zeder Investments Limited’s announcement of a special dividend underscores its commitment to delivering value to its shareholders. The company’s prudent approach to dividends, considering its operational needs and growth plans, reflects its dedication to sustainable financial management.
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