Gemfields Group Limited recently announced the finalization of its dividend for the year ending December 31, 2023. This move has garnered attention from investors and stakeholders alike, shedding light on the company’s financial health and strategic decisions.
Dividend Finalization Details
Gemfields declared a final dividend of USD 10 million, translating to a gross dividend of USDc 0.85712 per ordinary share. This dividend will be paid from income reserves and converted to South African Rand (ZAR) and Great British Pounds (GBP) based on specific exchange rates.
Exchange Rates and Dividend Conversion
The dividend conversion rates as of May 24, 2024, are as follows:
- For JSE shareholders: USD/ZAR 18.3711, resulting in a dividend of ZARc 15.74624 per share.
- For AIM shareholders: USD/GBP 0.7847, leading to a dividend of GBP pence 0.67258 per share.
Important Dates for Shareholders
Shareholders need to be aware of key dates related to the dividend payment process:
- Last date for share removal between UK (AIM) and SA (JSE) registers: June 4, 2024.
- Last day to trade Gemfields shares in SA for dividend eligibility: June 4, 2024.
- Record date for dividend participation: June 7, 2024.
- Payment date: June 24, 2024.
Tax Implications for South African Shareholders
South African resident shareholders should take note of tax considerations:
- Dividend Tax of 20% applies, unless exemptions are applicable.
- Exempt shareholders receive ZARc 15.74624 per share.
- Non-exempt shareholders receive a net dividend after tax deduction.
Conclusion
Gemfields Group Limited’s dividend finalization reflects its commitment to shareholders and financial transparency. Understanding the dividend conversion process, tax implications, and key dates is crucial for investors navigating the intricacies of dividend payments. As Gemfields continues its journey as a responsible miner and marketer, staying informed and seeking professional advice remain paramount for shareholders.