ACUCAP PROPERTIES LIMITED - Dividend finalisation announcement

Release Date: 10/04/2015 11:05
Code(s): ACP
 
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Dividend finalisation announcement

Acucap Properties Limited

Approved as a REIT by the JSE

Incorporated in the Republic of South Africa

Registration number 2001/021725/06

Share code: ACP ISIN: ZAE000188660

(“Acucap”)




DIVIDEND FINALISATION ANNOUNCEMENT



1. PAYMENT OF DIVIDEND

   1.1. Acucap shareholders 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
        172.63 cents per share has been approved in respect of the period 1 October 2014 to
        31 March 2015 (the “Dividend”). The last day to trade Acucap shares cum-dividend is
        Friday, 17 April 2015 and the record date in respect of the Dividend is Friday, 24 April 2015.
        Acucap shares will start trading ex-dividend from Monday, 20 April 2015 and the Dividend
        payment will be made to Acucap shareholders on Tuesday, 28 April 2015.

   1.2. Acucap share certificates may not be dematerialised or rematerialised between
        Monday, 20 April 2015 and Friday, 24 April 2015, both days inclusive.

   1.3. As of the Declaration Date, Acucap has 241 002 184 shares of no par value 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 Acucap shareholders 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 shareholders in relation to the Dividend. Acucap shareholders should
        consult their tax advisors for advice on the particular tax consequences applicable to them.

   2.2. In accordance with Acucap’s status as a REIT, Acucap shareholders 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 shareholders who are South African tax residents

       2.3.1.The Dividend received by or accrued to a shareholder who is a South African tax resident
             must be included in the gross income of such shareholder. 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 shareholder 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


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             b)  a written undertaking to inform the CSDP, broker or, in respect of certificated
                 shareholders 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 shareholders

    2.4.1.Dividends received by non-resident shareholders 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 146.73550 cents
          per Acucap share, unless the rate is reduced in terms of any applicable Double Taxation
          Agreement (‘DTA’) between South Africa and the country of residence of the 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 shareholder 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 paragraphs 2.3.1 and 2.4.2 are required to be submitted as
          described below.

    2.5.2.Dematerialised Acucap shareholders

        2.5.2.1. Dematerialised Acucap shareholders 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 Acucap shareholders

        2.5.3.1. Certificated Acucap shareholders, 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




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

   2.6. Acucap’s tax number is 9801081143.




10 April 2015



CORPORATE ADVISOR AND SPONSOR TO ACUCAP




QUESTCO (PTY) LTD




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