OASIS CRESCENT PROPERTY FUND - Results announcement in respect of the unit distribution

Results announcement in respect of the unit distribution

Oasis Crescent Property Fund
A property fund created under the Oasis Crescent Property Trust
Scheme registered in terms of the Collective Investment Schemes
Control Act (Act 45 of 2002)having REIT status with the JSE
Share code: OAS
ISIN: ZAE000074332
(“Oasis” or “the Fund”)

RESULTS ANNOUNCEMENT IN RESPECT OF THE UNIT DISTRIBUTION

Unitholders are referred to the SENS announcement of Friday, 18
October 2013, where it was announced that an unit distribution
of 2.65 units at 1,624 cents per unit (in aggregate), for every
100 units held (“Unit Distribution”), in respect of the 6 months
ended 30 September 2013, had been declared to unitholders
recorded in the register of OCPF at close of business on Friday,
15 November 2013, with the election to receive an income
distribution of 4,308.25 cents (in aggregate) after non-
permissible income, for every 100 units (“Income Distribution”)
held at close of business on Friday, 15 November 2013, in lieu
of the unit Distribution.

The directors of Oasis Crescent Property Fund Managers Limited
(“the Manager”) hereby advise unitholders that the closing date
and time for the Unit Distribution was 12:00pm on Friday, 15
November 2013.

The table below sets out the number of units to be issued to
unitholders in terms of the Unit distribution who have not
elected to receive the Income Distribution:

Unit Distribution      Number of units held   New units issued
                         by unitholders who
                        have not elected to
                         receive the Income
                            Distribution
Property        Unit         41,720,539           1,105,594
Distribution
Total                      41,720,539             1,105,594

Accordingly 1,105,594 new units in OCPF have been issued to the
unitholders that have not elected to receive the Income
Distribution.
In respect of the Unit Distribution (and concomitant Income
Distribution), the Manager hereby advises unitholders, who will
receive the Unit Distribution, that for taxation purposes, OCPF
is a REIT as defined in the Income Tax Act as from 01 April 2013
and, accordingly, the tax implications of the Unit Distribution
have changed as from that date. In accordance with the
provisions of Section 1 of the Income Tax Act, OCPF is a South
African resident company and a REIT, and as such any unit
distribution (and concomitant income distribution) is a dividend
distribution as envisaged in accordance with the provisions of
the Income Tax Act. If you are a South African resident taxpayer
the Unit Distribution (and concomitant Income Distribution)
will, however, not be exempt from tax in terms of section
10(1)(k) of the Income Tax Act. Accordingly the provisions of
Dividend Tax will not be applicable to South African resident
taxpayers and the Unit Distribution (and concomitant Income
Distribution) will be included in such taxpayers’ gross income
for any given period.

Should   the   Unit   Distribution    (and   concomitant  Income
Distribution) be made to a non-South African resident taxpayer,
it shall be regarded as an ordinary dividend payment and will be
exempt from income tax in terms of section 10(1)(k). Further, in
terms of section 64F(2) this payment is also exempt from
Dividend Tax until 31 December 2013. Any dividend from a REIT
received by or accrued to non-resident taxpayers from 1 January
2014 will be subject to Dividends Tax at a rate of 15%, unless
the unitholder has, on the form prescribed by OCPF, confirmed
that a lower rate of tax or no tax is applicable. The Dividends
Tax is a final tax and will be withheld by OCPF on any
distribution made on or after 1 January 2014.

The Income Tax Act sections applicable to the Unit and Income
distributions made are as follows:

• Property income distribution – section 10(1)(k) and section
64F

Unitholders, both South African resident and non-resident
taxpayers, are encouraged to consult their professional tax
advisors with regard to their individual tax liability in this
regard.

Unit certificates in respect of the Unit Distribution will be
posted out to certificated unitholders on or about Monday, 18
November 2013, and cheques in respect of the Income Distribution
are in the process of being posted.
The CSDP/broker accounts of unitholders holding dematerialised
units have been updated and are in the process of being
credited, according to the elections made.

An adjustment to the maximum number of Unit Distribution units
listed will be made on or about Wednesday, 20 November 2013.

By order of the board of the Manager

18 November 2013
Cape Town
Designated Advisor
PSG Capital

Date: 18/11/2013 05:02:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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