Austrailian government:
Highlights
- Kingston successful under Federal Government’s Exploration Development Incentive Scheme (EDI);
- Kingston to distribute $196,337 of EDI tax credits to shareholders;
- To be eligible Australian registered shareholders must be on the Company’s share register by 30 May 2016 (Record Date)
- 7.7% (estimated) return for eligible shareholders.
Kingston Resources Limited (ASX: KSN) (‘the Company’) has been successful in its application for participation in the Federal Government’s Exploration Development Incentive Scheme (EDI). The Company will distribute $196,337 of tax credits to shareholders under the EDI.
The Record Date for shareholder eligibility under the EDI is Monday 30 May 2016. For shareholders to be eligible to receive a pro-rata distribution of tax credits from the Company they must hold ordinary shares in the Company as at 5pm (EST) on 30 May 2016. EDI tax offsets are only available to Australian resident shareholders.
Eligible shareholders will be notified by the Company of their EDI tax credit entitlement in the approved ATO form as soon as possible after 30 May 2016 and will be able to apply the tax offsets in the 2015-16 tax year.
Kingston’s Chairman Jonathan Davies stated, “The EDI scheme is an exciting opportunity for the Company to reward its shareholders. Based on Kingston’s closing price of 1.6c per share on 14 April 2016 this EDI tax credit distribution represents a theoretical return of 7.7% (estimated1 ) for eligible shareholders.”.
Fat cats as in the big holders of the company hold the majority of the shares
shares on issue from my understanding at the moment are 642,875,143
which i believe is small so i think i wouldn't want to miss the train once it starts moving
