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Correction Announcement - Distribution Finalisation Announcement - 6 Months Ended 31 December 2021 - STXILB
SATRIX COLLECTIVE INVESTMENT SCHEME
SATRIX ILBI PORTFOLIO
JSE code: STXILB
ISIN code: ZAE000240123
("Satrix ILBI”)
A portfolio in the Satrix Collective Investment Scheme in Securities, registered as such in terms of the Collective
Investment Schemes Control Act, 45 of 2002.
CORRECTION ANNOUNCEMENT - DISTRIBUTION FINALISATION ANNOUNCEMENT – 6 MONTHS ENDED 31
DECEMBER 2021 – STXILB
Holders of Satrix ILBI securities ("Investors") are referred to the Satrix ILBI distribution finalisation announcement
published on SENS on 14 January 2022 (“the Previous Announcement”) in respect of a distribution for the 6 months
ended 31 December 2021 (“Distribution Period”).
Investors are advised that the Previous Announcement contained an error in terms of the amount of the net
distribution declared. The portfolio incorrectly declared a net distribution which included both interest received and
interest accrued, however, the portfolio should only have declared a net distribution based on the actual interest
received.
The inclusion of accrued interest in the net distribution calculation as disclosed in the Previous Announcement was an
error resulting in a net distribution which was greater than the net distribution that should have been declared and it
is this inclusion of accrued interest that has given rise to this correction announcement.
An amount of 10.20 cents (“Previous Declaration Amount”) was declared in the Previous Announcement in respect
of the payment for the Distribution Period. The amount to be declared for the Distribution Period should have been
9.26 cents (“Correct Declaration Amount”).
It should be noted that the Satrix ILBI portfolio is a total return fund. The net asset value of the Satrix ILBI securities
and the net distributions reinvested were not affected by this error, as only interest received has been re-invested.
The error impacts income tax for the 2022 tax year of investors (“Affected Investors”) recorded in the register on
Friday, 21 January 2022, being the record date detailed in the Previous Announcement. The tax impact in respect of
Affected Investors is as follows:
• As the Previous Declaration Amount is greater than the Correct Declaration Amount, the income tax payable by
Affected Investors must be decreased; and
• As the Previous Declaration Amount is greater than the Correct Declaration Amount the adjustment to the base
cost for capital gains tax purposes must be decreased.
The table below replaces the distribution details as stated in the Previous Announcement.
Previous Correction
announcement announcement
Alpha Code: STXILB *Interest *Interest
Distribution Source type Local Local
Net Distribution Reinvested YES YES
Source of Funds (Country Code) ZA ZA
Subject to Foreign Withholding tax No No
Gross Foreign Rate (cents per unit)
Foreign Tax % withheld at source
Foreign Tax amount per unit
DTA with Source Country
Foreign Tax Reclaim %
Portfolio/Management Cost
Interest Expense
Other costs
Gross ZA Distribution (Cents per unit) 10.20000 9.26000
***Applicable to non-exempt South African shareholders
Gross Local Rate (cents per unit) 10.20000 9.26000
SA Withholding Tax %
SA Withholding Tax amount per unit
Local Net Rate 10.20000 9.26000
In accordance with the investment policy of the ETF the distributions were re-invested on behalf of investors through
the purchase of securities comprising the Index, thereby increasing the net asset value of ETF and, proportionately,
each ETF security.
To the extent that the distributions (or any part thereof) are taxable in the hands of an investor, the investor will be
liable for the tax associated with such distributions, notwithstanding that the distributions are re-invested on behalf
of investors (and are not paid over to investors).
The distribution will:
- where Satrix ILBI securities are held on capital account be added to the base cost of each Satrix ILBI security
for capital gains tax purposes; or
- where Satrix ILBI securities are held as trading stock be regarded as part of the cost of acquiring a Satrix ILBI
security.
The distribution is calculated after taking into account accrued expenses incurred by the fund and thus represents a
distribution net of fund expenses.
Note 1
*Withholding Tax on Interest (WTI) came into effect on 1 March 2015.
Interest accruing from a South African source to a non-resident, excluding a controlled foreign company, will be subject
to withholding tax at a rate of 15% on payment, except interest,
• arising on any Government debt instrument
• arising on any listed debt instrument
• arising on any debt owed by a bank or the South African Reserve Bank
• arising from a bill of exchange or letter of credit where goods are imported into South Africa and where an
authorized dealer has certified such on the instrument
• payable by a headquarter company
• accruing to a non-resident natural person who was physically present in South Africa for a period
exceeding 183 days in aggregate, during that year, or carried on a business through a permanent
establishment in South Africa
Investors are advised that to the extent that the distribution amount comprise of any interest, it will not be subject to
WTI by virtue of the fact that it is listed debt instruments and/or bank debt.
Both resident and non-resident investors are encouraged to consult their professional advisors should they be in any
doubt as to the appropriate action to take.
Sandton
25 May 2022
JSE Sponsor
Vunani
Date: 25-05-2022 12:50:00
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