Coronation Fund Managers said yesterday it would pay a 153 cents a share special dividend due to the reversal of a provision it made for a tax matter that went in favour of the group at the Constitutional Court.
The Constitutional Court had in June delivered its judgment on the tax litigation relating to the Coronation’s international operations, ruling in favour of Coronation Investment Management SA and setting aside the orders of the Supreme Court of Appeal.
The impact of the tax matter as at March 31, 2024, amounted to R794 million, which had been provided for in Coronation's accounts. Given the resolution of the tax matter, the provision would be reversed with an estimated impact of 205 cents per share on earnings.
The board had approved and declared a non-recurring gross special cash dividend of 153 cents per ordinary share.
BUSINESS REPORT