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SOUTHERN VIEW FINANCE LTD - Declaration of cash dividend

Release Date: 17/09/2015 11:13
Code(s): SVF SVFB     PDF:  
Wrap Text
Declaration of cash dividend

SOUTHERN VIEW FINANCE LIMITED

(Incorporated in Bermuda with registration number 47305)
Class A share codes: BSX: SVF.BH               JSE: SVF                   ISIN: BMG829251013
Class B share codes: BSX: SVFB.BH              JSE: SVFB                  ISIN: BMG829251195

("SVF" or "the Company")


 DECLARATION OF CASH DIVIDEND

In accordance with SVF’s bye-laws, the listings regulations of the Bermuda Stock Exchange (“BSX”) and
the listing requirements of the JSE Limited (“JSE”), SVF’s board of directors has resolved to declare and
pay dividends out of the Company’s reserves as follows:
   1(a)      subject to shareholders of SVF approving a reduction in SVF’s share premium account (“Share
             Premium Reduction Approval”), such Share Premium Reduction being implemented and
             the amount of the Share Premium Reduction being transferred to SVF’s distributable reserves,
             a final dividend of R0.57026 per Class A share will be paid to Class A Shareholders for the 12
             months ended 30 June 2015, amounting in aggregate to R 65,000,000. At an exchange rate
             of 1US$: R13.4655 prevailing on 15 September 2015 (the “Prevailing Exchange Rate”), this
             equates to a dividend of US$0.04235 per Class A share and an aggregate dividend of
             US$ 4,827,150.87;

   1(b)      if the Share Premium Reduction Approval is not obtained by no later than 18 September 2015,
             a final dividend of R0.24575 per Class A share will be paid to Class A Shareholders for the 12
             months ended 30 June 2015, amounting in aggregate to R 28,000,000. At the Prevailing
             Exchange Rate, this equates to a dividend of US$0.01825 per Class A share and an aggregate
             dividend of US$ 2,079,388.07; and

   2         a final dividend of R2.56248 per Class B share will be paid to Class B Shareholders for the
             12 months ended 30 June 2015, amounting in aggregate to R 35,875,000. At the Prevailing
             Exchange Rate, this equates to a dividend of US$0.19030 per Class B share and an aggregate
             dividend of US$ 2,664,215.96. This will be paid over and above the interim dividend of
             R 1.1172 per Class B share which was paid to Class B shareholders on 12 February 2015 for
             the 6 months ended on 31 December 2014, amounting in aggregate to R 15,641,051, and
             which, at an exchange rate of 1US$: R11.4761 prevailing on 4 February 2015, equated to an
             interim dividend of US$0.09735 per Class B share and an aggregate interim dividend of
             US$ 1,362,923.90.

SVF will confirm, by way of announcement issued by no later than 18 September 2015, whether or not the
Share Premium Reduction Approval has been obtained
As at the date of this announcement, SVF has 113,965,375 Class A shares and 14,000,000 Class B shares
in issue.
The board has satisfied itself that the provisions of section 54(1) of the Bermuda Companies Act, 1981, and
SVF’s bye-laws have been, and will be, complied with in respect of both the declaration and the payment
of the aforesaid dividends.
Important dates:
In compliance with the requirements of Strate, the electronic settlement and custody settlement system
operated by the JSE, the following salient dates for the payment of final dividends are applicable:

 Last day to trade in order to participate in the dividends                  Friday, 25 September 2015

 Shares trade ex dividend (on both the BSX and JSE)                         Monday, 28 September 2015

 Record Date (BSX and JSE)                                                        Friday, 2 October 2015

 Payment Date
                                                                     Friday, 9 October 2015
Share certificates may not be dematerialized or rematerialized between Monday, 28 September 2015 and
Friday, 2 October 2015, both days inclusive.
Dividends will be paid in South African Rand (ZAR) and transferred electronically to the bank accounts of
shareholders. If shareholders have not provided the Transfer Secretaries with their banking details, the
dividend will not be forfeited but will be marked as “unclaimed” in the share register until the shareholder
provides the Transfer Secretaries with the relevant banking details.
The final dividend should constitute a foreign dividend as defined in section 1 of the Income Tax Act, 58 of
1962 (“SA ITA”) and is a dividend for purposes of the dividends tax (“DT”), as the shares are listed on the
JSE. This is also applicable in respect of that portion of the dividend payable to Class A shareholders as a
result of the reduction in the Company’s share premium, if the Share Premium Reduction Approval is
obtained. DT is payable at the rate of 15% in respect of dividends paid to shareholders who do not qualify
for an exemption. After such DT has been withheld, a net dividend as detailed below will be payable to
shareholders of the Company who do not qualify for an exemption, namely:

    -   R0.48472 will be payable in respect of the Class A Shares, if the Share Premium Reduction
        Approval is obtained. At the Prevailing Exchange Rate, this equates to a net dividend of
        US$0.03600 per Class A share; or
    -   R0.20889 will be payable in respect of the Class A Shares, if the Share Premium Reduction
        Approval is not obtained. At the Prevailing Exchange Rate, this equates to a net dividend of
        US$0.01551 per Class A share; and
    -   R2.17811 will be payable in respect of the Class B Shares. At the Prevailing Exchange Rate, this
        equates to a net dividend of US$0.16175 per Class B share.

An exemption from DT is provided for in the SA ITA in respect of foreign dividends paid to a South African
resident company, and to a person that is not a resident to the extent that it is paid in respect of shares
listed on the JSE, provided certain administrative procedures are complied with. The SA ITA further
provides for an exemption from income tax in respect of foreign dividends received or accrued in respect
of shares listed on the JSE. We recommend that shareholders consult their tax advisors on the tax
consequences of the dividend.

SVF has a primary listing on the BSX and a secondary listing on the JSE’s Alternative Exchange.

17 September 2015
Hamilton / Johannesburg
BSX sponsor: Global Custody and Clearing Limited
JSE sponsor: KPMG Services (Proprietary) Limited

Date: 17/09/2015 11:13:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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