To view the PDF file, sign up for a MySharenet subscription.

SYCOM PROPERTY FUND - Sycom dividend finalisation announcement

Release Date: 10/04/2015 11:03
Code(s): SYC     PDF:  
Wrap Text
Sycom dividend finalisation announcement

Sycom Property Fund
A Collective Investment Scheme in Property
Registered in terms of the Collective Investment Schemes
Control Act, No. 45 of 2002
Managed by Sycom Property Fund Managers Limited (“SPFM”)
Registration number 1986/002756/06
Share code: SYC ISIN: ZAE000019303
Approved as a REIT by the JSE
(“Sycom”)



DIVIDEND FINALISATION ANNOUNCEMENT

1. PAYMENT OF DIVIDEND

   1.1. Holders of Sycom participatory interests (“Unitholders” and “Units”) are referred to the dividend
        declaration announcement released on SENS on 1 April 2015 (the “Declaration Date”) and are
        hereby given notice that a dividend of 98.98 cents per Unit has been approved in respect of the
        period 1 October 2014 to 31 March 2015 (the “Dividend”). The last day to trade Sycom Units
        cum-dividend is Friday, 17 April 2015 and the record date in respect of the Dividend is
        Friday, 24 April 2015. Sycom Units will start trading ex-dividend from Monday, 20 April 2015 and
        the Dividend payment will be made to Unitholders on Tuesday, 28 April 2015.

   1.2. As disclosed in the dividend declaration announcement on 1 April 2015, Sycom’s year-end has
        changed to 30 June 2015 and as a result Sycom will publish a second interim report for the 12
        months ended 31 March 2015. In accordance with sections 8.37(c) and 8.38 of the JSE Listings
        Requirements the published Dividend is a profit estimate for the period 1 October 2014 to
        31 March 2015 and therefore the following key notes are disclosed with respect to the Dividend:

       1.2.1. The Dividend was calculated in accordance with Sycom’s Trust Deed and in the same
             manner as previous dividends,

       1.2.2. The Dividend was calculated based on actual contractual rentals and recoveries received
             by and due to Sycom during the period in question, and

       1.2.3. The Dividend was calculated taking into account actual expenses incurred by Sycom during
             the period in question.

   1.3. The profit estimate, including the corresponding notes thereto, as disclosed in paragraph 1.2,
        have not been reviewed and reported on by Sycom’s auditors in accordance with section 8.40(a)
        of the Listings Requirements.

   1.4. Sycom Unit certificates may not be dematerialised or rematerialised between Monday, 20 April
        2015 and Friday, 24 April 2015, both days inclusive.

   1.5. As of the Declaration Date, Sycom has 200 131 664 Units in issue.

2. TAX TREATMENT OF THE DIVIDEND

   2.1. The information in this announcement is provided as a general guide to the potential South
        African tax consequences pertaining to the Dividend for Unitholders that are subject to South
        African tax. The information provided in this announcement is not intended as comprehensive
        tax advice, nor does it purport to take into account all of the considerations that may be relevant
    to Unitholders in relation to the Dividend. Unitholders should consult their tax advisors for advice
    on the particular tax consequences applicable to them.

2.2. In accordance with Sycom’s status as a REIT, Unitholders are hereby advised that the Dividend
     will meet the requirements of a ‘qualifying distribution’ for the purposes of section 25BB of the
     Income Tax Act, No.58 of 1962 (the “Income Tax Act”). The Dividend will therefore be deemed to
     be a dividend for South African tax purposes, in terms of section 25BB of the Income Tax Act.

2.3. Tax implications for Unitholders who are South African tax residents

    2.3.1. The Dividend received by or accrued to a Unitholder who is a South African tax resident
          must be included in the gross income of such Unitholder. The Dividend will not be exempt
          from income tax in terms of the general dividend exemption, contained in paragraph (aa) of
          section 10(1)(k)(i) of the Income Tax Act due to the fact that it is a dividend distributed by a
          REIT. The Dividend may however be exempt from dividend withholding tax, in which case
          the net dividend amount will be equal to the gross dividend amount disclosed above,
          provided that the Unitholder has submitted the following documents in the manner detailed
          in 2.5 below:

         a)   a declaration that the Dividend is exempt from dividends tax; and

         b)   a written undertaking to inform the CSDP, broker or, in respect of certificated
              Unitholders only, Computershare, should the circumstances affecting the exemption
              change or the beneficial owner cease to be the beneficial owner, in the form prescribed
              by the Commissioner for the South African Revenue Service.


2.4. Tax implication for non-resident Unitholders

    2.4.1. Dividends received by non-resident Unitholders will not be taxable as income and instead
          will be treated as an ordinary dividend which is exempt from income tax in terms of the
          general dividend exemption in section 10(1)(k)(i) of the Income Tax Act. From 1 January
          2014, any dividend received by a non-resident from a REIT is subject to dividend
          withholding tax at 15% in which case the net dividend amount will be 84.13300 cents per
          Unit, unless the rate is reduced in terms of any applicable Double Taxation Agreement
          (‘DTA’) between South Africa and the country of residence of the Acucap shareholder.

    2.4.2. A reduced dividend tax withholding rate in terms of the applicable DTA may only be relied
          upon if the non-resident Unitholder has provided the following documents in the manner
          detailed in 2.5 below:

          a) a declaration that the Dividend is subject to a reduced rate as a result of the
             application of a DTA; and

          b) a written undertaking to inform its CSDP, broker or Computershare, as the case may
             be, should the circumstances affecting the reduced rate change or the beneficial
             owner cease to be the beneficial owner, in the form prescribed by the Commissioner
             for the South African Revenue Service.


2.5. Submissions

    2.5.1. The documents detailed in 2.3.1 and 2.4.2 are required to be submitted as described
          below.

    2.5.2. Dematerialised Unitholders
           2.5.2.1. Dematerialised Unitholders who have not already submitted the above-mentioned
                    documents are advised to contact their CSDP or broker as the case may be, to
                    arrange for the submission of the documents prior to payment of the Dividend.

       2.5.3.   Certificated Unitholders

           2.5.3.1. Certificated Unitholders, who have not already submitted the above-mentioned
                    documents, may submit these documents to Computershare.

                    By post to:                                   By hand to:

                    Computershare Dividends Tax Project           Computershare        Dividends   Tax
                                                                  Project
                    PO Box 62212
                                                                  70 Marshall Street
                    Marshalltown
                                                                  Johannesburg
                    2107
                                                                  2001

                    By email to:                                  By fax to:

                    DividendTax@computershare.co.za               +27 11 688 5266



                    Any queries by certificated Unitholders regarding the abovementioned submission
                    may be directed to Computershare at +27 11 373 0004.

   2.6. Sycom’s tax number is 9592332846.




10 April 2015


Sponsor


Questco (Pty) Ltd

Date: 10/04/2015 11:03:00 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.

Share This Story