KERRY PPT<0683> - Announcement
The Stock Exchange of Hong Kong Limited takes no responsibility for
the contents of this announcement, makes no representation as to its
accuracy or completeness and expressly disclaims any liability
whatsoever for any loss howsoever arising from or in reliance upon
the whole or any part of the contents of this announcement.
KERRY PROPERTIES LIMITED
(Incorporated in Bermuda with limited liability)
FINAL DIVIDEND OF HK$0.20 PER SHARE
FOR THE YEAR ENDED 31 DECEMBER 1998 -
MARKET VALUE OF FINAL SCRIP DIVIDEND SHARES
This announcement is to advise shareholders of Kerry Properties
Limited (the "Company") who are entitled to receive a final dividend
of HK$0.20 per share for the year ended 31 December 1998 the
following regarding a final scrip dividend scheme proposed by the
Directors of the Company on 8 March 1999 (the "1998 Final Scrip
Dividend Scheme"):-
a. how the final scrip dividend entitlements are derived;
b. further details with respect to the election for final scrip
dividend shares; and
c. the dispatch of dividend warrants and/or share certificates.
The 1998 Final Scrip Dividend Scheme will be implemented according
to the following expected timetable:-
1. Record Date Monday, 3 May 1999
2. Five Trading Days fixed for
calculating the
Average Closing Price Tuesday, 4 May 1999
to Monday, 10 May 1999
3. Date of Dispatch of Circulars
together with Forms of
Election to Shareholders On or about Thursday,
13 May 1999
4. Last Day for returning
Forms of Election Monday, 31 May 1999
5. Date of Dispatch of Share
Certificates and/or Dividend
Warrants to Shareholders On or about Thursday, 10
June 1999
The market value of a new share to be allotted pursuant to the 1998
Final Scrip Dividend Scheme has been set at HK$9.36.
INTRODUCTION
On 8 March 1999, the Directors of the Company recommended a final
dividend of HK$0.20 per share for the year ended 31 December 1998
with a scrip alternative (the "1998 Final Dividend") payable on
Thursday, 10 June 1999 to shareholders whose names were recorded on
the register of members of the Company on Monday, 3 May 1999 (the
"Record Date"). Such shareholders may elect to receive such dividend
wholly or partly by allotment of new ordinary shares of par value of
HK$1.00 each of the Company credited as fully paid in lieu of cash
(the "Final Scrip Dividend Shares"). At the annual general meeting
of the Company held on 3 May 1999, the 1998 Final Dividend was
approved.
AVERAGE CLOSING PRICE
The market value of the Final Scrip Dividend Shares has been set at
HK$9.36 per share, which is equivalent to the average closing prices
of ordinary shares of the Company quoted on The Stock Exchange of
Hong Kong Limited (the "Stock Exchange") for the five consecutive
trading days immediately preceding and including Monday, 10 May
1999.
May 1999 CALCULATION OF THE NUMBER OF FINAL SCRIP DIVIDEND SHARES
The number of Final Scrip Dividend Shares that electing shareholders
will receive will be calculated as follows:-
Number of Final Scrip Number of existing HK$0.20
Dividend Shares = shares held on the x
to be received Record Date for which HK$9.36
final scrip dividend
election is made
The number of Final Scrip Dividend Shares to be received will be
rounded down to the nearest whole number. Fractions of shares will
be disregarded and will not be allotted to electing shareholders.
DISPATCH OF CIRCULARS AND FORMS OF ELECTION
A circular giving details of the 1998 Final Scrip Dividend Scheme
together with the relevant form of election for the Final Scrip
Dividend Shares will be sent to shareholders of the Company on or
about Thursday, 13 May 1999.
DEADLINE FOR RETURNING FORMS OF ELECTION
Shareholders who wish to elect to receive the 1998 Final Dividend
wholly in Final Scrip Dividend Shares, or partly in Final Scrip
Dividend Shares and partly in cash, must lodge the forms of election
with the Company's share registrars in Hong Kong, Abacus Share
Registrars Limited of 10th Floor, Caroline Centre, 28 Yun Ping Road,
Causeway Bay, Hong Kong not later than 4:00 p.m. on Monday, 31 May
1999.
GENERAL
Application has been made to the Stock Exchange for the grant of
listing of, and permission to deal in, the Final Scrip Dividend
Shares.
It is expected that the relevant dividend warrants and/or share
certificates for the Final Scrip Dividend Shares will be dispatched
at the risk of those entitled thereto on or about Thursday, 10 June
1999.
Dealings in the Final Scrip Dividend Shares are expected to commence
on Thursday, 10 June 1999.
By Order of the Board
Chow Yin Ping, Anita
Company Secretary
Hong Kong, 10 May 1999
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