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SCIB: The Standard Bank Of South Africa Limited – REIT Distribution announcement in relation to the RDF share
The Standard Bank Of South Africa Limited
Share Code: RDFSTD
ISIN Code: ZAE000183042
13/05/2014
REIT DISTRIBUTION ANNOUNCEMENT IN RELATION TO THE RDF SHARE INSTALMENT
Notice is hereby given that as a result of the REIT Distribution declaration
relating to REDEFINE PROPERTIES LIMITED (RDF) shares, the holders of RDFSTD
share instalments will receive a REDEFINE PROPERTIES LIMITED (RDF) REIT
Distribution of 36.4 cents per Instalment.
As per the Redefine SENS announcement issued on 08/05/2014:
Redefine was granted REIT status by the JSE Limited with effect from 1 September
2013 in line with the REIT structure as provided for in the Income Tax Act, No.
58 of 1962, as amended (the Income Tax Act) and section 13 of the JSE
Listings Requirements.
The REIT structure is a tax regime that allows a REIT to deduct qualifying
distributions paid to investors, in determining its taxable income:
The qualifying distributions received by resident Redefine linked unitholders
must be included in the gross income of such linked unitholders (as a non-exempt
dividend in terms of section 10(1)(k)(aa) of the Income Tax Act), with the
effect that the qualifying distribution is taxable as income in the hands of the
Redefine linked unitholder. These qualifying distributions are however exempt
from dividends withholding tax, provided that the South African resident linked
unitholders provided the following forms to their CSDP or broker, as the case
may be, in respect of uncertificated linked units, or the company, in respect of
certificated linked units:
- a declaration that the distribution is exempt from dividends tax; and
- a written undertaking to inform the CSDP, broker or the company, as the case
may be, should the circumstances affecting the exemption change or the
beneficial owner cease to be the beneficial owner,both in the form prescribed by
the Commissioner for the South African Revenue Service. Linked unitholders are
advised to contact their CSDP, broker or the company, as the case may be, to
arrange for the abovementioned documents to besubmitted prior to payment of the
distribution, if such documents have not already been submitted.
Qualifying distributions received by non-resident Redefine linked unitholders
will not be taxable as income and instead will be treated as ordinary dividends
but which are exempt in terms of the usual dividend exemptions per section
10(1)(k) of the Income Tax Act. It should be noted that until 31 December 2013
qualifying distributions received by non-residents were not subject to dividends
withholding tax. From 1 January 2014, any qualifying distribution will be
subject to dividends withholding 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 unitholder. Assuming dividends
withholding tax will be withheld at a rate of 15%, the net distribution amount
due to non-resident linked unitholders is 30,94 cents per linked unit. A reduced
dividends withholding rate in terms of the applicable DTA, may only be relied
upon if the non-resident linked unitholder has provided the following forms to
their CSDP or broker, as the case may be, in respect of uncertificated linked
units, or the company, in respect of certificated linked units:
- a declaration that the distribution is subject to a reduced rate as a result
of the application of a DTA; and - a written undertaking to inform their 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 for the South African
Revenue Service. Non-resident linked unitholders are advised to contact their
CSDP, broker or the company, as the case may be, to arrange for the
abovementioned documents to be submitted prior to payment of the distribution if
such documents have not already been submitted, if applicable.
Linked unitholders are advised that in electing to participate in the linked
unit reinvestment alternative, pre-taxation funds are utilised for the
reinvestment purposes and that taxation will be due on the total cash
distribution amount of 36,40 cents per linked unit.
Last date to trade cum REIT Distribution Friday, 23/05/2014
Ex-REIT Distribution Date Monday, 26/05/2014
Record Date Friday, 30/05/2014
Payment Date Monday, 02/06/2014
For more details relating to this REIT distribution please refer to the SENS
announcement issued by REDEFINE PROPERTIES LIMITED on 08/05/2014
For further information contact:
Standard Bank Warrants
Tel 0800 111 780
Email: derivatives@standardbank.co.za
Issuer: The Standard Bank of South Africa Limited
Sponsor: SBG Securities (Pty) Limited
This notice should be read together with the Common Terms Document, Conditions
Annexure and relevant Supplement which collectively record the terms and
conditions of the agreement between the Issuer and Warrant holders.
Date: 13/05/2014 03:04:00 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.
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