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Announcement of Dividend Reinvestment Price and Confirmation of Finalisation Information
Growthpoint Properties Limited
Approved as a REIT by the JSE
(Incorporated in the Republic of South Africa)
(Registration number 1987/004988/06)
Share code: GRT ISIN ZAE000179420
(“Growthpoint”)
ANNOUNCEMENT OF DIVIDEND REINVESTMENT PRICE AND CONFIRMATION OF FINALISATION
INFORMATION
Further to the announcement of the declaration of the cash dividend and dividend reinvestment alternative
included in Growthpoint’s interim results (“Results Announcement”) released on the Stock Exchange News
Service (“SENS”) on Tuesday, 4 March 2014 and in the press on Wednesday, 5 March 2014, the price
applicable to Growthpoint shareholders electing the dividend reinvestment alternative and recorded in the
register on Friday, 28 March 2014 (the “Record Date”), is R21.50 (“Reinvestment Price”).
The Reinvestment Price is based on a 4.4% discount to the 5-day volume weighted average price of R22.50
(ex the dividend for the half year ended 31 December 2013 of 78.5 cents), as at the close of business on
Wednesday, 12 March 2014.
The Reinvestment Price equates to a cum price of R22.25, which is a discount of 4.3% to the 5-day volume
weighted average cum price of R23.24 and a discount of 3.8% to the closing price of R23.12 on Wednesday,
12 March 2014.
Included in the Reinvestment Price is an antecedent divestiture of 40 cents per share for the period 1
January 2014 to 31 March 2014 in respect of the 2014 final dividend period 1 January 2014 to 30 June 2014.
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 Growthpoint shareholders dated
and posted on Thursday, 6 March 2014 (the “Circular”). South African resident shareholders who have
submitted the requisite documentation and are exempt from Dividend Tax, will accordingly receive a net
dividend of 78.50 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 66.72500 cents per share.
The impact of Dividend Tax on shareholders has been illustrated by way of the example below:
South African resident Non-resident
shareholders exempt shareholders subject to
from Dividend Tax Dividend Tax at 15%
Dividend per share (cents) 78.50000 78.50000
Dividend Tax per dividend (cents) (0.00000) (11.77500)
Total net dividend per share (cents) 78.50000 66.72500
Reinvestment Price (R) 21.50 21.50
New shares issued per 100 shares 3.65116 3.10349
Due to the fact that the cash dividend or dividend 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:
- The number of ordinary issued shares of Growthpoint comprise 2,039,414,551 ordinary shares of no
par value before any election to reinvest the cash dividend.
- Income Tax Reference Number of Growthpoint: 9375/077/71/7.
- There are no secondary tax on company (“STC”) credits available to be utilised against the Dividend
Tax.
Trading of Growthpoint shares
As published in the Results Announcement, shareholders electing the share alternative are once again
alerted to the fact that the new shares will be listed on LDT + 2 and that these new shares can only be
traded on LDT + 2, being Tuesday, 25 March 2014, due to the fact that settlement of the shares will be
two days after Record Date, being Friday, 28 March 2014, which differs from the conventional one day after
Record Date settlement process.
Shareholders are reminded that the last day to elect to receive the dividend reinvestment alternative is
12:00 (South African time) on Friday, 28 March 2014.
The salient dates, timetable and all other information relating to the cash dividend and dividend
reinvestment alternative disclosed in the Results Announcement remain unchanged.
Sandton
13 March 2014
Sponsor and Investment Bank to Growthpoint
Investec Bank Limited
Date: 13/03/2014 11:04:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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