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Final dividend for the finacial year ended 30 June 2020 with the election to reinvest the cash dividend
Growthpoint Properties Limited
Approved as a REIT by the JSE
(Incorporated in the Republic of South Africa)
Registration number 1987/004988/06
ISIN: ZAE000179420
JSE Share code: GRT
("Growthpoint” or "the Company")
FINAL DIVIDEND FOR THE FINACIAL YEAR ENDED 30 JUNE 2020 WITH THE ELECTION TO
REINVEST THE CASH DIVIDEND IN RETURN FOR GROWTHPOINT SHARES
Notice is hereby given of the declaration of a final dividend payment, Number 69 of 40 cents
per ordinary share, (pay-out ratio of 79.74% of FY’20 DIPS of 183.1 cents per share) in
respect of the year ending 30 June 2020. With the interim dividend of 106 cents per ordinary
share the total dividend for the year will therefore amount to 146 cents per share.
Shareholders will be entitled to elect to reinvest the net cash dividend, in return for
Growthpoint shares (share alternative), failing which, they will receive the net cash
dividend in respect of all or part of their shareholdings. The entitlement of shareholders to
elect to participate in the share reinvestment alternative is subject to the Board, either
itself or through a Board sub-committee appointed to set the pricing and terms of the share
reinvestment alternative, having the discretion to withdraw the entitlement to elect the
share reinvestment alternative should market conditions warrant such action. A withdrawal
of the entitlement to elect the share reinvestment alternative would be communicated to
shareholders before the publication of the finalisation announcement on Friday, 20
November 2020.
Other information:
- Issued shares at 3O June 2020: 3 022 496 382 ordinary shares of no par value.
- Income Tax Reference Number of Growthpoint: 9375/077/71/7.
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 dividends on the shares will be deemed to be taxable dividends for South
African tax purposes in terms of section 25BB of the Income Tax Act.
Tax implications for South African resident shareholders
Dividends 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 section 10(1)(k)(i)(aa) of the
Income Tax Act, because they are dividends distributed by a REIT. These dividends are
however exempt from dividend withholding tax (Dividend Tax) in the hands of South African
resident shareholders provided that the South African resident shareholders have provided
to the 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
DTD(EX) (Dividend Tax: Declaration and undertaking to be made by the beneficial owner of
a share) form to prove their status as South African residents.
If resident shareholders have not submitted the abovementioned documentation to confirm
their status as South African residents, they are advised to contact their CSDP or broker, as
the case may be, to arrange for the documents to be submitted prior to the payment of the
dividend.
Tax implications for non-resident shareholders
Dividends received by non-resident shareholders from a REIT will not be taxable as income
and instead will be treated as ordinary dividends which are exempt from income tax in terms
of the general dividend exemption section 10(1)(k) of the Income Tax Act. Any dividend
received by a non-resident from a REIT is subject to Dividend 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 non-resident shareholder.
Assuming dividend tax will be withheld at a rate of 20%, the net amount due to non-resident
shareholders is 32 cents per share. A reduced dividend withholding tax 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 declaration that the dividend is subject to a reduced rate as a result of the
application of the DTA; and
- a written undertaking to inform the 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 of the South African Revenue Service.
If applicable, non-resident shareholders are advised to contact the CSDP, broker or the
company to arrange for the abovementioned documents to be submitted prior to payment
of the dividend if such documents have not already been submitted.
Salient dates and times 2020
Circular and form of election posted to shareholders Monday, 16 November
Last date for Growthpoint to withdraw the entitlement for Friday, 20 November
shareholders to elect to participate in the share
reinvestment alternative before the publication of the
announcement of the share alternative issue price
and finalisation information on SENS
Announcement of share reinvestment alternative issue price Tuesday, 24 November
and finalisation information published on SENS
Last day to trade (LDT) cum dividend Tuesday, 1 December
Shares to trade ex-dividend
Wednesday, 2 December
Listing of maximum possible number of share alternative Friday, 4 December
shares commences on the JSE
Last day to elect to receive the share alternative (no late Friday, 4 December
forms of election will be accepted) at 12:00 (South African
time)
Record date Friday, 4 December
Announcement of results of cash dividend and share Monday, 7 December
reinvestment alternative published on SENS
Cheques posted to certificated shareholders and accounts Monday, 7 December
credited by CSDP or broker to dematerialised shareholders
electing the cash alternative on
Share certificates posted to certificated shareholders and Wednesday, 9 December
accounts credited by CSDP or broker to dematerialised
shareholders electing the share reinvestment alternative on
Adjustment to the maximum number of shares listed on or Thursday, 10 December
about
Notes:
1. Shareholders electing the share reinvestment alternative are alerted to the fact
that the new shares will be listed on LDT + 3 and that these new shares can only be
traded on LDT + 3, due to the fact that settlement of the shares will be three days
after record date, which differs from the conventional one day after record date
settlement process.
2. Shares may not be dematerialised or rematerialised between commencement of
trade on Wednesday, 2 December 2020 and the close of trade on Friday, 4 December
2020.
3. The above dates and times are subject to change. Any changes will be released on
SENS.
Sandton
5 October 2020
Sponsor: Investec Bank Limited
Date: 05-10-2020 04:23:00
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