ACCELERATE PROPERTY FUND LIMITED - Announcement of dividend reinvestment price and confirmation of finalisation information

Announcement of dividend reinvestment price and confirmation of finalisation information

ACCELERATE PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
Registration number 2005/015057/06
Share code: APF
ISIN: ZAE000185815
(“Accelerate” or “the Company”)
(Approved as a REIT by the JSE)


ANNOUNCEMENT OF DIVIDEND REINVESTMENT PRICE AND CONFIRMATION OF
FINALISATION INFORMATION


Introduction

Further to the announcement of the declaration of the cash distribution (“Cash Distribution”) and
dividend reinvestment alternative (“Share Reinvestment Alternative”) included in the Company’s
results for the six months ended 30 September 2015 (“Results Announcement”) released on the Stock
Exchange New Service (“SENS”) of the JSE Limited and in the press on Wednesday, 18 November
2015, the price applicable to the shareholders of Accelerate (“Shareholders”) electing the Share
Reinvestment Alternative and recorded in the register on Friday, 11 December 2015 (“Record Date”),
is R6.40 (“Reinvestment Price”).

Reinvestment Price

The Reinvestment Price of R6.40 is based on a 2.8% discount to the 5-day volume weighted average
price (“VWAP”) (ex-dividend) of R6.58, as at close of business on Thursday, 26 November 2015.

The Reinvestment Price represents a discount of 4.5% to the 30-day VWAP (ex-dividend) of R6.70, as
at close of business on Thursday, 26 November 2015.

Dividend withholding tax (“Dividend Tax”) implications

Dividend Tax implications for South African resident Shareholders

Dividends received from a Real Estate Investment Trust (“REIT”) are exempt from Dividend Tax in the
hands of South African resident Shareholders provided that the Shareholders have provided the
requisite declaration as to residence as detailed in paragraph 5 of the circular to Shareholders dated
and posted on Tuesday, 24 November 2015 (“Circular”). South African resident Shareholders, who
have submitted the requisite documentation and are exempt from Dividend Tax, will accordingly receive
a dividend of 26.61692 cents per share.

Dividend Tax implications for non-resident Shareholders

Dividends received from a REIT by a non-resident Shareholder will be subject to Dividend Tax at 15%,
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 non-resident Shareholder. A reduced
dividend withholding rate in terms of the applicable DTA may only be relied upon if the non-resident
Shareholder has provided the requisite documentation as detailed in paragraph 5 of the Circular. Non-
resident Shareholders who have submitted the requisite documentation, and assuming that a Dividend
Tax rate of 15% is applicable, will accordingly receive a net dividend of 22.62438 cents per share.
The impact of Dividend Tax on Shareholders has been illustrated by way of the example below:

                                                South African resident                   Non-resident

Dividend per share (cents)                                   26.61692                       26.61692
Dividend Tax per dividend (cents)                                   -                       -3.99254
Total net dividend per share (cents)                         26.61692                       22.62438
Reinvestment Price (R)                                          R6.40                          R6.40
New shares issued per 100 shares                              4.15889                       3.535059

Due to the fact that the Cash Distribution or Share Reinvestment Alternative may have tax implications
for resident and non-resident Shareholders, Shareholders are encouraged to consult their professional
advisors should they be in any doubt as to the appropriate action to take.

Other information:

  -   A dividend withholding tax of 15% will be applicable on the dividend portion to all Shareholders
      who are not exempt.

  -   The issued share capital at the finalisation date is 773,768,983 ordinary shares of no par value.

Trading of Accelerate Property Fund shares

As published in the Results Announcement, Shareholders electing the Share Reinvestment Alternative
are requested to note that the new shares will be listed on LDT + 3 and that these new shares can only
be traded on LDT + 3, being Wednesday, 9 December 2015, due to the fact that settlement of the
shares will be three days after the Record Date, which differs from the conventional one day after
Record Date settlement process.

Shareholders are reminded that the last day to elect to receive the Share Reinvestment Alternative is
12:00 (South African time) on Friday, 11 December 2015.

The salient dates, timetable and all other information relating to the Cash Distribution and Share
Reinvestment Alternative disclosed in the SENS announcement released on Thursday, 19 November
2015, remain unchanged.



Fourways
27 November 2015

Investment Bank and Transaction Sponsor
Investec Bank Limited

Date: 27/11/2015 11:38:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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