CORONATION FUND MANAGERS LIMITED - Market update and declaration of special cash dividend

Market update and declaration of special cash dividend

CORONATION FUND MANAGERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1973/009318/06
Share code: CML
ISIN: ZAE000047353
LEI: 3789001BC9A29E6FF77
("Coronation" or "the Company")


MARKET UPDATE AND DECLARATION OF SPECIAL CASH DIVIDEND


1.   INTRODUCTION

     Shareholders are referred to the SENS announcement released on 21 June 2024, in
     terms of which shareholders were advised that the Constitutional Court had delivered its
     judgment on the tax litigation relating to the Coronation Group's international 
     operations (the "Tax Matter"), ruling in favour of Coronation Investment Management SA 
     (Pty) Ltd and setting aside the orders of the Supreme Court of Appeal.

     Shareholders were further advised that the full impact of the Tax Matter as at 31 March
     2024 amounted to R794 million and had been provided for in Coronation's financial
     accounts. Given the resolution of the Tax Matter, the tax provision will be reversed with
     an estimated impact of 205 cents per share on earnings.

     As the financial year has not yet concluded, a reasonable degree of certainty has not yet
     been obtained regarding the expected earnings for the year ended 30 September 2024
     which is expected to be positive. Once a reasonable degree of certainty is obtained
     regarding earnings per share, headline earnings per share, diluted headline earnings per
     share and fund management earnings per share, a trading statement will be published,
     if so required.

     The financial information on which this announcement is based has not been reviewed
     and reported, nor audited, by Coronation's external auditors.


2.   DECLARATION OF SPECIAL CASH DIVIDEND

     The Board of directors of Coronation ("Board") have considered the impact of the
     reversal of the tax provision and accordingly, the Board is therefore pleased to announce
     that it has approved and declared a non-recurring gross special cash dividend of 153
     cents per ordinary share ("Special Dividend"), subject to the required South African
     Reserve Bank approval being obtained for the declaration of the Special Dividend
     ("Condition"). The Special Dividend will be paid from income reserves following the net
     reversal of the of the tax provision.

     The Special Dividend net of South African dividend withholding tax of 20%, is 122.4 cents
     per share for those shareholders who are not exempt from dividend tax.

     The number of ordinary shares in issue at the declaration date is 349 592 298 and the
     income tax number of the Company is 9 675 107 719.

     The salient dates of this Special Dividend declaration are as set out below, on the basis
     that the Condition has been fulfilled by Monday, 2 September 2024:

     Declaration date:                              Monday, 19 August 2024
     Finalisation date anticipated to be on:        Monday, 2 September 2024
     Last day to trade cum dividend:                Tuesday, 10 September 2024
     Trading ex-dividend commences:                 Wednesday, 11 September 2024
     Record date:                                   Friday, 13 September 2024
     Payment date:                                  Monday, 16 September 2024

     To the extent that the Condition is not fulfilled by Monday, 2 September 2024, a further
     announcement will be released by the Company to inform shareholders thereof and to
     provide an updated timetable in respect of the payment of the Special Dividend.

     Share certificates may not be dematerialised or rematerialised between Wednesday,
     11 September 2024 and Friday, 13 September 2024, both days inclusive.


Cape Town
19 August 2024

Sponsor
Valeo Capital (Pty) Ltd

Date: 19-08-2024 04:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.