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Trading Statement And Dividend Declaration
SAFARI INVESTMENTS RSA LIMITED
Approved as a REIT by the JSE Limited
(Incorporated in the Republic of South Africa)
(Registration number 2000/015002/06)
Share code: SAR ISIN: ZAE000188280
(“Safari” or “the Company”)
Trading Statement And Dividend Declaration
A) TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading
statement as soon as it becomes aware that the financial results for the financial period to be reported on
next will vary by 20% or more from those of the previous comparable period.
Shareholders are hereby advised that a reasonable degree of certainty exists that the earnings per share
of the Company for the year ended 31 March 2015 is expected to be between 120 and 129 cents per
share (2014: 129 cents per share), being an decrease of between 0% and 7% from the previous
corresponding period. Shareholders are further advised that the headline earnings per share of the
Company for the year ended 31 March 2015 is expected to be between 53 and 58 cents per share (2014:
30 cents per share), being an increase of between 77% and 93% from the previous corresponding period.
Shareholders are advised that a reasonable degree of certainty exists that the distribution per share of
the Company for the year ended 31 March 2015 is expected to be between 32 and 35 cents per share
(2014: 20 cents per share), being an increase of between 60% and 75% from the previous corresponding
period.
The financial information on which this trading statement is based has not been reviewed and reported on
by Safari’s auditor. The financial results for the year ended 31 March 2015 are expected to be published
on or about 24 June 2015.
ADOPTION OF NEW PERFORMANCE MEASURES FOR FUTURE TRADING STATEMENTS
In compliance with section 3.4(b)(vi) and 3.4(b)(vii) of the Listings Requirements of the JSE Limited,
shareholders are advised that owing to the nature of the business conducted by Safari, being that of a
Real Estate Investment Trust, the board of Safari has decided to adopt the “distribution per share” and
“net asset value per share” measures for future trading statement purposes, as it is considered to be a
more appropriate yardstick to measure the performance of Safari than “headline earnings per share” and
“earnings per share”.
B) DECLARATION AND FINALISATION ANNOUNCEMENT FOR THE CASH DISTRIBUTION
WITH THE ELECTION TO REINVEST AND POSTING OF CIRCULAR
The directors of Safari have approved and declared a gross cash distribution of 34 cents per share with
the election to reinvest the cash distribution in return for Safari shares in the ratio of 4.10133 new Safari
shares for every 100 Safari shares held.
POSTING OF CIRCULAR
Safari will post a circular to shareholders tomorrow, 4 June 2015 setting out full particulars relating to the
cash distribution with the election to reinvest the cash distribution in return for Safari shares.
SALIENT DATES AND TIMES
The following salient dates and times are applicable to the cash distribution with the option to reinvest the
cash distribution for ordinary Safari shares:
Declaration and finalisation announcement on SENS for the Wednesday, 3 June 2015
cash distribution or share reinvestment alternative
Circular and enclosed forms posted to shareholders Thursday, 4 June 2015
Last day to trade (“LDT”) cum distribution Friday, 19 June 2015
Shares to trade ex distribution Monday, 22 June 2015
Listing of maximum possible number of share reinvestment Wednesday, 24 June 2015
alternative shares commences on the JSE Limited (“JSE”)
Last day to elect to receive the share reinvestment alternative Friday, 26 June 2015
(no late forms of election will be accepted) at 12:00 (South
African time)
Record date Friday, 26 June 2015
Announcement of results of cash distribution and share Monday, 29 June 2015
reinvestment alternative on SENS
Cheques posted to certificated shareholders and accounts Monday, 29 June 2015
credited by CSDP or broker to dematerialised shareholders
electing the cash alternative on or about
Share certificates posted to certificated shareholders and Wednesday, 1 July 2015
accounts credited by CSDP or broker to dematerialised
shareholders electing the share reinvestment alternative on
or about
Adjustment to shares listed on the JSE Limited on or about Friday, 3 July 2015
Notes:
1. Shareholders electing the share reinvestment alternative are alerted to the fact that the new
shares will be listed on LDT + 3 and that these new shares can only be traded on LDT + 3, due
to the fact that settlement of the shares will be three days after record date, which differs from
the conventional one day after record date settlement process.
2. Shares may not be dematerialised or rematerialised between commencement of trade on Monday, 22
June 2015 and the close of trade on Friday, 26 June 2015.
FRACTIONS
Trading in the Strate environment does not permit fractions and fractional entitlements. Accordingly,
where a shareholder’s entitlement to the shares in relation to the share reinvestment alternative as
calculated in accordance with the formula mentioned in this paragraph below gives rise to a fraction of a
new share, such fraction will be rounded up to the nearest whole number where the fraction is greater
than or equal to 0,5 and rounded down to the nearest whole number where the fraction is less than 0,5.
TAX IMPLICATIONS
In accordance with Safari’s status as a Real Estate Investment Trust (“REIT”) shareholders are advised
that the dividend meets the requirements of a “qualifying distribution” for the purposes of section 25BB of
the Income Tax Act, No 58 of 1962 (“Income Tax Act”). The dividends on the shares will be deemed to be
dividends for South African tax purposes in terms of section 25BB of the Income Tax Act.
Tax implications for South African resident shareholders
Dividends received by or accrued to South African tax residents must be included in the gross income of
such shareholders and will not be exempt from income tax in terms of the exclusion to the general
dividend exemption contained in section 10(1)(k)(i)(aa) of the Income Tax Act because they are dividends
distributed by a REIT. These dividends are however exempt from dividend withholding tax (“Dividend
Tax”) in the hands of South African resident shareholders provided that the South African resident
shareholders have provided to the CSDP or broker, as the case may be, in respect of uncertificated
shares, or the company, in respect of certificated shares, a DTD(EX) (Dividend Tax: Declaration and
undertaking to be made by the beneficial owner of a share) form to prove their status as South African
residents.
If resident shareholders have not submitted the abovementioned documentation to confirm their status as
South African residents, they are advised to contact their CSDP, or broker, as the case may be, to
arrange for the documents to be submitted prior to the payment of the dividend.
Tax implications for non-resident shareholders
Dividends received by non-resident shareholders from a REIT will not be taxable as income and instead
will be treated as ordinary dividends which are exempt from income tax in terms of the general dividend
exemption in section 10(1)(k)(i) of the Income Tax Act. With effect from 1 January 2014, any dividend
received by a non-resident from a REIT 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. Assuming Dividend Tax will be withheld at
a rate of 15%, the net distribution amount due to non-resident shareholders is 28.9 cents per share with
the election to reinvest the cash distribution in return for Safari shares in the ratio of 3.48613 new Safari
shares for every 100 Safari shares held. A reduced dividend withholding rate in terms of the applicable
DTA may only be relied on if the non-resident shareholder has provided the following forms to their CSDP
or broker, as the case may be, in respect of uncertificated shares, or the company, in respect of
certificated shares:
- a declaration that the dividend is subject to a reduced rate as a result of the application of a
DTA; and
- a written undertaking to inform the 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.
If applicable, non-resident shareholders are advised to contact the CSDP, broker or the company, as the
case may be, to arrange for the abovementioned documents to be submitted prior to payment of the
dividend if such documents have not already been submitted.
Other information
- The ordinary issued share capital of Safari is 172 282 443 ordinary shares of no par value
before any election to reinvest the cash distribution.
- Income tax reference number of Safari: 9012/264/14/0.
- The share reinvestment alternative is based on a share price of 829 cents per Safari share.
- The cash distribution accrued over the period ended 31 March 2015 and will be paid out of
retained earnings of the Company.
Shareholders are encouraged to consult their professional advisors should they be in any doubt as to the
appropriate action to take.
3 June 2015
Pretoria
Sponsor: PSG Capital
Date: 03/06/2015 10:00:00 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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