Understanding Lighthouse Properties p.l.c. Dividend Finalisation for 2023

Lighthouse Properties p.l.c. recently announced the finalisation of dividends for the six months ended 31 December 2023. This announcement is crucial for shareholders as it provides insights into dividend options, tax implications, and the overall financial health of the company.

Dividend Declaration Overview

The company declared a cash dividend of 1.35 EUR cents per share, with an alternative scrip distribution option of the same value. Shareholders have the flexibility to choose between receiving cash or new Lighthouse shares.

Scrip Distribution Reference Price

The Scrip Distribution Reference Price is set at 753,01474 ZAR cents per share, offering a 3.00% discount to the closing spot price of Lighthouse shares traded on the JSE. This reference price is determined based on exchange rates and market conditions.

Exchange Rates and Payment Methods

For shareholders on the South African register, the Cash Dividend will be converted from Euro to South African Rands (ZAR) at an exchange rate of 20,51566 ZAR:EUR 1.00. Shareholders exempt from dividends tax will receive 27,69614 ZAR cents per share, while those liable for the tax will get 22,15691 ZAR cents per share.

Scrip Distribution Details

Shareholders opting for the Scrip Distribution will receive 3.67803 new Lighthouse shares for every 100 shares held. The record date for entitlement to the Scrip Distribution is Friday, 12 April 2024.

Total Distribution and New Shares Issued

If all shareholders choose the Cash Dividend, the total distribution will amount to EUR 24,710,532. On the other hand, if all opt for the Scrip Distribution, a maximum of 67,323,021 new Lighthouse shares would be issued.

Fractional Shares and Payment Dates

To ensure fairness, shareholders will not receive fractional new Lighthouse shares. Any fractions will be rounded down to the nearest whole number, and the value of the fraction (minus any applicable dividends tax) will be paid to shareholders. The announcement for payment of fractional shares is scheduled for Thursday, 11 April 2024.

Table: Summary of Dividend Distribution Options

OptionDetails
Cash Dividend1.35 EUR cents per share
Scrip Distribution1.35 EUR cents per share
Scrip Distribution Reference753,01474 ZAR cents per share
Exchange RateZAR 20,51566:EUR 1.00
Cash Dividend (Exempt)27,69614 ZAR cents per share
Cash Dividend (Taxable)22,15691 ZAR cents per share
Scrip Distribution Ratio3.67803 new shares for every 100 shares held

Conclusion

Lighthouse Properties p.l.c. provides shareholders with a balanced dividend distribution approach, allowing them to choose between cash and new shares. The company’s transparency regarding exchange rates, tax implications, and payment methods ensures clarity and fairness for all shareholders. This dividend finalisation announcement reflects Lighthouse’s commitment to shareholder value and financial stability.