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Unaudited interim results for the six months ended 28 February 2023
OCTODEC INVESTMENTS LIMITED
Incorporated in the Republic of South Africa Registration number: 1956/002868/06
JSE share code: OCT
ISIN: ZAE000192258 (Approved as a REIT by the JSE)
Unaudited interim results for the six months ended 28 February 2023
Salient features
Rental income (R'million)
974.2
(28 February 2022: 944.4)
^
+3.2%
Like-for-like rental growth
4.1%
(28 February 2022: 1.2%)
^
+2.9%
Distributable income after tax (R'million)
234.5
(28 February 2022: 211.8)
^
+10.7%
Distributable income per share (cents)
88.1
(28 February 2022: 79.6)
^
+10.7%
Dividend per share (cents)
60.0
(28 February 2022: 50.0)
^
+20.0%
This short form announcement is the responsibility of the directors. This short form announcement is only a summary of the information in the full
announcement and does not contain full or complete details.
Copies of the full announcement may be requested at the company's registered office (elizeg@octodec.co.za) or the office of the sponsor
(sponsor@javacapital.co.za), at no charge, during office hours Monday to Friday. Any investment decisions made by shareholders should be based on a
consideration of the full announcement, published on 16 May 2023, which can be downloaded from
https://senspdf.jse.co.za/documents/2023/JSE/isse/OCT/HY2023.pdf
The full announcement is also available on the Octodec Investments Limited website at
https://octodec.co.za/wp-content/uploads/2023/05/Interim-results-HY2023.pdf
Results
% 28 February 28 February
change 2023 2022
Revenue (R'000) 2.3 961 099 939 699
Basic and diluted earnings per share (cents) 50.5 135.3 89.9
Headline and diluted headline earnings per share (cents) (29.1) 85.4 120.4
Distributable earnings per share (cents) 10.7 88.1 79.6
Distribution per share (cents) 20.0 60.0 50.0
Net asset value per share (Rand) 3.9 24.0 23.1
Dividends
The board of Octodec has declared a cash dividend of 60.00000 cents per share for the six months ended 28 February 2023, payable out of the company's
distributable income.
The salient dates relating to the final dividend are as follows: 2023
Last day to trade cum dividend Tuesday, 30 May
Shares trade ex dividend Wednesday, 31 May
Record date Friday, 2 June
Payment date Monday, 5 June
Share certificates may not be dematerialised or rematerialised between Wednesday, 31 May 2023 and Friday, 2 June 2023, both days inclusive.
In accordance with Octodec's status as a REIT, shareholders are advised that the interim dividend of 60.00000 cents per share meets the
requirements of a "qualifying distribution" for the purposes of section 25BB of the Income Tax Act, No. 58 of 1962 (the Income Tax Act) with the result
that:
- dividends received by South African resident Octodec shareholders must be included in the gross income of such shareholders (as a non-exempt dividend
in terms of section 10(1)(k)(i)(aa) of the Income Tax Act), with the effect that the dividends are taxable as income in the hands of the Octodec
shareholder. These dividends are, however, exempt from dividends withholding tax, provided that the South African resident shareholders provided the
following forms to their Central Securities Depository Participant (CSDP) or broker, as the case may be, in respect of uncertificated shares, or the
company, in respect of certificated shares:
- a declaration that the distribution is exempt from dividends tax; and
- a written undertaking to inform the CSDP, broker or the company, as the case may be, should the circumstances affecting the exemption change or
the beneficial owner cease to be the beneficial owner;
both in the form prescribed by the Commissioner for the South African Revenue Service. Shareholders are advised to contact their CSDP, broker or
the company, as the case may be, to arrange for the abovementioned documents to be submitted prior to payment of the distribution, if such documents
have not already been submitted.
- dividends received by non-resident Octodec shareholders will not be taxable as income and instead will be treated as ordinary dividends, but which
are exempt in terms of the usual dividend exemptions per section 10(1)(k) of the Income Tax Act. It should be noted that dividends received by
non-residents are subject to dividends withholding tax at a rate of 20%, unless the rate is reduced in terms of any applicable agreement for the
avoidance of double taxation (DTA) between South Africa and the country of residence of the shareholder. Assuming dividends withholding tax will be
withheld at a rate of 20%, the net distribution amount due to non-resident shareholders is 48.00000 cents per share. A reduced dividend withholding
rate in terms of the applicable DTA may only be relied upon if the non-resident holder has provided the following forms to their CSDP or broker, as
the case may be, in respect of uncertificated shares, or the company, in respect of certificated shares:
- a declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and
- a written undertaking to inform their CSDP, broker or the company, as the case may be, should the circumstances affecting the reduced rate change
or the beneficial owner cease to be the beneficial owner;
both in the form prescribed by the Commissioner for the South African Revenue Service. Non-resident holders are advised to contact their CSDP, broker
or the company, as the case may be, to arrange for the abovementioned documents to be submitted prior to payment of the distribution if such
documents have not already been submitted, if applicable.
Shareholders are further advised that the issued capital of Octodec at the date of declaration of the final dividend is 266 197 535 shares of no par
value, and Octodec's tax reference number is 9925/033/71/5.
Prospects
Given the current weak economic environment and an uncertain political climate, the board will, at this stage, not be providing any guidance on
distributable income and dividends for the second half of FY2023.
Sharon Wapnick Jeffrey Wapnick
Chairman Managing director
16 May 2023
OCTODEC INVESTMENTS LIMITED
"Octodec" or the "company"
Incorporated in the Republic of South Africa
Registration number: 1956/002868/06
JSE share code: OCT, ISIN: ZAE000192258
(Approved as a REIT by the JSE)
Registered address
CPA House, 101 Du Toit Street, Tshwane 0002
Tel: 012 319 8781, e-mail: info@octodec.co.za
Directors: S Wapnick (Chairman)1, JP Wapnick (Managing Director)2, A Vieira (Financial Director)2, RWR Buchholz4, DP Cohen3, NC Mabunda4, EMS Mojapelo4,
MZ Pollack1, PJ Strydom4, LP van Breda4
1 Non-executive director
2 Executive director
3 Lead independent director
4 Independent non-executive director
Group company secretary
Elize Greeff
CPA House, 101 Du Toit Street, Tshwane 0002
Tel: 012 357 1564, e-mail: elizeg@octodec.co.za
Sponsor
Java Capital
Contact person: Jean Williams
6th Floor, 1 Park Lane, Wierda Valley, Sandton 2196
PO Box 522606, Saxonwold 2132
Tel: 011 722 3061, e-mail: sponsor@javacapital.co.za
Transfer secretaries
Computershare Investor Services (Pty) Ltd
Contact person: Leon Naidoo
Rosebank Towers, 15 Biermann Avenue, Rosebank 2196
Private Bag X9000, Saxonwold 2132
Tel: 011 370 5000, e-mail: leon.naidoo@computershare.co.za
Investor relations
Instinctif Partners
Contact person: Bryan Silke
2nd Floor, Oxford Park, 8 Parks Boulevard, Dunkeld, Johannesburg
Tel: 011 447 3030, e-mail: investorrelations@octodec.co.za
Auditors
Ernst & Young Inc.
Contact person: Gail Moshoeshoe
102 Rivonia Road, Sandton
Private Bag X14, Sandton 2146
Tel: 011 502 0601, e-mail: gail.moshoeshoe@za.ey.com
Date of publication
16 May 2023
www.octodec.co.za
Date: 16-05-2023 07:05:00
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