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Announcement of dividend re-investment 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 RE-INVESTMENT PRICE AND CONFIRMATION OF
FINALISATION INFORMATION
Introduction
Further to the announcement of the declaration of the cash dividend (“Cash Dividend”) and dividend
re-investment alternative (“Share Re-Investment Alternative”) included in the Company’s results for
the six months ended 30 September 2016 (“Results Announcement”) released on the Stock
Exchange New Service (“SENS”) of the JSE Limited (“JSE”) on Tuesday, 8 November 2016 and in
the press on Wednesday, 9 November 2016, the price applicable to the shareholders of Accelerate
(“Shareholders”) electing the Share Re-Investment Alternative and recorded in the register on Friday,
25 November 2016 (“Record Date”), is R6.40 (“Re-Investment Price”).
Re-Investment Price
Accelerate shareholders (“Shareholders”) are referred to the announcement released by the
Company on SENS as well as the circular posted to Shareholders on Monday, 24 October 2016,
which contained details regarding the acquisition of an offshore property portfolio (“Offshore
Portfolio Acquisition”).
The Re-Investment Price of R6.40 represents an estimated 8.5% discount to Accelerate’s net asset
value per share after the Offshore Portfolio Acquisition and reflects an implied 12-month forward yield
of approximately 9.7%, from the projected issue date, after taking into account the impact of the
Offshore Portfolio Acquisition.
The Re-Investment Price represents a discount of 0.8% to the closing price of R6.45, on Monday, 14
November 2016.
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, 8 November 2016 (“Circular”). South African resident Shareholders, who
have submitted the requisite documentation and are exempt from Dividend Tax, will accordingly
receive a dividend of 28.76627 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 24.45133
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) 28.76627 28.76627
Dividend Tax per dividend (cents) - (4.31494)
Total net dividend per share (cents) 28.76627 24.45133
Re-Investment Price (R) R6.40 R6.40
New shares issued per 100 shares 4.49473 3.82052
Due to the fact that the Cash Dividend or Share Re-Investment 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 entitled to receive the Cash Dividend at the finalisation date is 808
582 146 ordinary shares of no par value before any election to re-invest the Cash Dividend.
Trading of Accelerate shares
As published in the Circular, Shareholders electing the Share Re-Investment 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, 30 November 2016, as 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 record date to elect to receive the Share Re-Investment
Alternative is 12:00 (South African time) on Friday, 25 November 2016.
The salient dates, timetable and all other information relating to the Cash Distribution and Share Re-
Investment Alternative disclosed in the Results Announcement and Circular remain unchanged.
Fourways
15 November 2016
Investment Bank and Transaction Sponsor
Investec Bank Limited
Sponsor
The Standard Bank of South Africa Limited
Date: 15/11/2016 12:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
