Wrap Text
Results announcement in respect of the 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 DISTRIBUTION
Unitholders are referred to the SENS announcement of Tuesday, 6
May 2014, where it was announced that a distribution of 4205.33
cents (in aggregate), after non-permissible income, for every
100 units so held by unitholders recorded in the register of
OCPF on Friday, 30 May 2014 (“Distribution”) was declared. In
terms of the Distribution, unitholders could have elected to
receive the Distribution in cash or to reinvest the Distribution
by the purchase of new units at a rate of 2.46571 units at
1 705.53 cents per unit (in aggregate) for every 100 units so
held.
The directors of Oasis Crescent Property Fund Managers Limited
(“the Manager”) hereby advise unitholders that the closing date
and time for the Distribution was 12:00pm on Friday, 30 May
2014. The table below sets out the Results of the Distribution:
Total Number of Number of Number of
number of units held units held new units
units held by by to be
by unitholders unitholders issued in
unitholders who have who have terms of
elected to elected to the
receive the reinvest Distributio
Distributio the n
n in Cash Distributio
n by the
purchase of
new units
Certificate 1 296 179 620 218 675 961 15 688
d
Demateriali 43 110 709 1 407 023 41 703 686 1 004 702
sed
Total 44 406 888 2 027 241 42 379 647 1 020 390
Accordingly, 1 020 390 new units in OCPF have been issued to the
unitholders that have not elected to receive the Distribution in
cash.
In respect of the Distribution, the Manager hereby advises
unitholders, who will receive the 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 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 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 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 Distribution will be included in such taxpayers’ gross
income for any given period.
Should the 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).
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 Distribution 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 Distribution will be posted
out to certificated unitholders on or about Wednesday, 4 June
2014, and cheques in respect of unitholders who have elected to
receive the Distribution in cash 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 Distribution units listed
will be made on or about Friday, 6 June 2014.
By order of the board of the Manager
4 June 2014
Cape Town
Designated Advisor
PSG Capital
Date: 04/06/2014 05:46:00 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
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