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Unaudited condensed consolidated interim results for the six months ended 31 August 2022 and dividend declaration
EXEMPLAR REITAIL LIMITED
(Incorporated in the Republic of South Africa)
("Exemplar" or "the Company")
Registration number: 2018/022591/06
JSE share code: EXP
ISIN: ZAE000257549
LEI: 3789000558287E37F130
Approved as a REIT by the JSE
UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2022 AND DECLARATION OF DIVIDEND
NATURE OF BUSINESS
Exemplar is a listed Real Estate Investment Trust ("REIT") whose core focus is the provision and management
of retail services to previously under-serviced regions across five provinces of South Africa. There are currently
23 retail assets in the portfolio with a combined GLA of 380 512m(2). We are the only South African fund focused
exclusively on rural and township retail. We target sustainable rental levels, operational cost management and
viable development models in the pursuit of sustainable dividend growth.
KEY FINANCIAL INFORMATION
Unaudited Unaudited Audited
for the for the for the
six months six months 12 months
ended ended ended
31 August 31 August Change 28 February
2022 2021 % 2022
Revenue (R'000) 498 098 447 473 11.31 884 607
Operating profit (R'000) 414 138 285 510 45.05 588 331
Operating profit before operating lease equalisation (R'000) 382 271 283 772 34.73 597 091
Basic earnings per share (cents) 99.89 59.69 67.35 275.14
Headline earnings per share (cents) 99.89 58.75 70.03 126.16
Diluted earnings per share (cents) 98.17 59.69 64.47 275.14
Diluted headline earnings per share (cents) 98.17 58.75 67.10 126.16
Net asset value per share (Rand) 12.60 10.87 15.92 12.29
Interim dividend per share (cents) 68.71483 45.34446 51.54 45.34446
Final dividend per share (cents) n/a n/a n/a 72.25371
DECLARATION OF DIVIDEND FOR THE SIX MONTHS ENDED 31 AUGUST 2022
The board of directors of Exemplar ("the Board") has approved an interim dividend of 68.71483 cents per share
for the six months ended 31 August 2022, which will be paid to shareholders in accordance with the timetable
set out below:
Last date to trade cum dividend Tuesday, 22 November 2022
Shares trade ex-dividend Wednesday, 23 November 2022
Record date Friday, 25 November 2022
Payment date Monday, 28 November 2022
Share certificates may not be dematerialised or rematerialised between Wednesday, 23 November 2022 and
Friday, 25 November 2022, both days inclusive. The dividend will be transferred to dematerialised shareholders'
CSDP/broker accounts on Monday, 28 November 2022. Certificated shareholders' dividend payments will be
paid to certificated shareholders' bank accounts on or about Monday, 28 November 2022.
In accordance with Exemplar's status as a REIT, shareholders are advised that the dividend meets the
requirements of a "qualifying distribution" for the purposes of section 25BB of the Income Tax Act, No. 58 of
1962 ("Income Tax Act"). The dividend on the shares will be deemed to be a dividend, for South African tax
purposes, in terms of section 25BB of the Income Tax Act.
The dividend received by or accrued to South African tax residents must be included in the gross income of
such shareholders and will not be exempt from income tax (in terms of the exclusion to the general dividend
exemption, contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax Act) because it is a dividend
distributed by a REIT. This dividend is, however, exempt from dividend withholding tax in the hands of South
African tax resident shareholders, provided that such shareholders provide 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) a declaration that the dividend is exempt from dividends tax; and
b) 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 ceases 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 dividend, if such documents have not
already been submitted.
Dividends received by non-resident shareholders will not be taxable as income and instead will be treated as an
ordinary dividend which is exempt from income tax in terms of the general dividend exemption in section 10(1)
(k)(i) of the Income Tax Act. Any distribution received by a non-resident from a REIT will be subject to dividend
withholding tax at 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
dividend withholding tax will be withheld at a rate of 20%, the net dividend amount due to non-resident
shareholders is 54.97186 cents per share. A reduced dividend withholding rate in terms of the applicable DTA
may only be relied on if the non-resident shareholder 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) a declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and
b) 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 ceases to be the beneficial owner, both
in the form prescribed by the Commissioner for the South African Revenue Service.
Non-resident shareholders are advised to contact their CSDP, broker or the Company, as the case may be,
to arrange for the above-mentioned documents to be submitted prior to payment of the dividend if such
documents have not already been submitted, if applicable.
Shares in issue at the date of declaration of the dividend: 332 290 686
Exemplar income tax reference number: 9727063175
SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the Board. It is a summary of the full announcement
released on SENS on 4 November 2022 and does not contain all the details of the full announcement.
Any investment decisions by investors and/or shareholders should be based on consideration of the full
announcement published on SENS and the issuer's website as a whole.
The full announcement can be accessed using the following JSE link:
https://senspdf.jse.co.za/documents/2022/jse/isse/expe/HR2023.pdf as well as via Exemplar's website
https://exemplarreit.co.za/Exemplar-Unaudited-Results-for-6-months-ended-31-Aug-2022.pdf.
The full announcement is available for inspection at the registered office of the Company, and the office
of the sponsor, Java Capital at no charge during normal business hours from Friday, 4 November 2022 to
Monday, 14 November 2022. This short-form announcement has not been audited or reviewed by Exemplar's
external auditors.
By order of the Board
4 November 2022
Approved as a REIT by the JSE
Executive directors
Jason McCormick (CEO)
DA Church (CFO)
John McCormick (Executive Director)
Non-executive directors
FM Berkeley (Chairman)
PJ Katzenellenbogen (Lead independent director)
GVC Azzopardi
N Mandindi
EP Maponya
Company Secretary
A Booysen BA (Hons), LLB, LLM
Registered Office
Sokatumi Estate
Cnr Lyttelton Road and Leyden Avenue
Clubview, Centurion, 0157
PO Box 12169, Clubview, 0014
Transfer Secretaries
Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Avenue
Rosebank, Johannesburg, 2196
PO Box 61051, Marshalltown, 2107
Auditor
BDO South Africa Incorporated
Sponsor
Java Capital
Date: 04-11-2022 09:15:00
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