Microsoft Word - SEG Exploration Incentive Scheme 070615
7 June 2016
Market Announcements Platform ASX Limited
Exchange Centre, 20 Bridge Street
Sydney NSW 2000
EXPLORATION DEVELOPMENT INCENTIVE SCHEME RECORD DATE AND DISTRIBUTION
ASX Code: SEG
Segue Resources Limited (Segue or the Company) is pleased to advise that it will be participating in the Federal Government's Exploration Development Incentive (EDI) Scheme for the 2015 tax year. The EDI legislation is effective from 1 July 2014 and will run for three years, based on annual application. The process is administered by the Australian Taxation Office (ATO).
The EDI enables eligible exploration companies to create exploration credits (EDI Credits) by giving up a portion of its tax losses and distributing these EDI Credits to its shareholders. Australian tax resident shareholders that are issued with an EDI Credit will be entitled to a refundable tax offset (for shareholders who are individuals or superannuation funds) or franking credits (for shareholders who are companies). The Company's carry forward tax losses will be reduced by the amount of EDI Credits created.
Segue has claimed EDI expenditure of $1,377,910 for the 2015 income tax year. Segue shareholders will receive a pro‐rata distribution of $413,373 of EDI Credits, which equates to 0.0143¢ per share.
Shareholder entitlements to the 2015 EDI Credits will be determined as at 5pm (AWST) on Friday, 10 June 2016 (Record Date) and will be relative to the number of shares held on the Record Date as a proportion of the Company's total shares on issue on the Record Date. EDI Credits will be rounded down to the nearest dollar and the minimum EDI Credit to be issued will be $1 (Eligible Shareholders). Eligible Shareholders as at the Record Date will be issued with the EDI Credits in the approved form prior to 30 June 2016. The 2015 EDI Credits can be claimed in the 2015/16 tax year.
Further information on the EDI Scheme is available at: https://www.ato.gov.au/Business/Exploration‐Development‐Incentive/
Segue Resources Limited Mr Steven Michael Managing Director
E: [email protected]
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