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Interim results and dividend declaration
Marshall Monteagle PLC
(Incorporated in Jersey)
(Registration number: 102785)
(External registration number: 2010/024031/10)
JSE Code: MMP ISIN: JE00B5N88T08
(“the Company” or “the Group”)
Summarised results for the interim period ended 31 March 2020 and dividend declaration
Introduction
The Company holds portfolios of leading investments in the U.S.A., U.K., Europe and the Far East as well as
commercial properties in the U.S.A. and South Africa. The Group’s import and distribution businesses
operate internationally, and in South Africa it has interests in food processing and logistics.
Highlights
• Group revenue decreased by 36% to US$66,833,000 compared with the same period last year. In
constant currency terms revenue decreased by 32.5% to US$70,254,000.
• Loss for the period is US$2,979,000, compared to the restated profit after tax of US$4,058,000 for the
same period last year. In constant currency terms loss is US$2,847,000.
• Headline loss is US$14.3 cents per share compared to restated earnings of US$6.9 cents per share in
the same period last year.
• Basic loss per share is US$8.4 cents compared to restated earnings of US$6.9 cents per share in the
same period last year.
• An interim dividend of US$1.9 cents per share will be paid on 24 July 2020 (2019 – US$1.9 cents).
• Net assets per share are US$2.15 (2019 – US$2.28). Net assets per share have decreased slightly
from the 30 September 2019 figure of US$2.37 per share.
Dividend declaration
Shareholders on the South African register will receive their interim dividend in South African Rand converted
from US dollars at the closing rate of exchange on Thursday, 25 June 2020. In order to comply with the
requirements of Strate, the relevant details are as follows:
Shareholders are hereby advised that the exchange rate to be used will be USD 1 = ZAR 17.2068. This has
been calculated as the average of the bid/ask spread at 16.00 (United Kingdom time) being the close of
business on Thursday, 25 June 2020.
In respect of the normal gross cash dividend of US$1.9 cents (32.69292 South African cents), and in terms of
the new South African Tax Act, the following dividend tax ruling only applies to those shareholders who are
registered on the South African register at close of business on Friday, 17 July 2020. All other shareholders
are exempt. The gross dividend is for the six-month period ended 31 March 2020 and will be paid on Friday,
24 July 2020.
• The dividend has been declared from income reserves, which funds are sourced from the Jersey holding
company’s main bank account in Switzerland and is therefore deemed a foreign dividend.
• The dividend withholding tax rate is 20% resulting in a net dividend of US$1.52 cents (26.15432 South
African cents) per share to those shareholders who are not exempt from the dividend withholding tax.
The issued number of shares at the declaration date is 35,857,512. The Company’s Jersey tax number is
CH4513.
Salient dates for dividend
Last day to trade Tuesday, 14 July 2020
Shares trade ex-dividend Wednesday, 15 July 2020
Record date (date shareholders recorded in books) Friday, 17 July 2020
Pay date Friday, 24 July 2020
No dematerialisation or rematerialisation of share certificates, nor transfer of shares between the registers in
Jersey and South Africa will take place between Wednesday, 15 July 2020 and Friday, 17 July 2020, both
dates inclusive.
Full Announcement
This short-form announcement is the responsibility of the Directors of the Company and is a summary of the
information in the full announcement which is available for viewing on the following website:
JSE website: https://senspdf.jse.co.za/documents/2020/jse/isse/mmp/mmp20206.pdf
Any investment decision should be based on consideration of the full announcement, copies of which are
available for inspection, at no charge from:
Registered Office Company Secretary
2nd Floor, 66-72 Esplanade City Group P.L.C
Gaspé House 1 Ely Place
St Helier London
Jersey EC1N 6RY
JE1 1 GH
Or:
South Africa
11 Sunbury Park
La Lucia Ridge Office Estate
La Lucia
4051
By order of the board:
CITY GROUP P.L.C.
Company Secretary
29 June 2020
London
Sponsor
Sasfin Capital (a member of the Sasfin group)
Date: 29-06-2020 09:06:00
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