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Announcement of dividend reinvestment price and confirmation of finalisation
REDEFINE PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/018591/06)
JSE share code: RDF ISIN: ZAE000190252
(Approved as a REIT by the JSE)
(“Redefine” or the “company”)
ANNOUNCEMENT OF DIVIDEND REINVESTMENT PRICE AND CONFIRMATION OF FINALISATION INFORMATION
Further to the declaration of a cash dividend of 41.00 cents per share (the “cash dividend”) with an election to
reinvest the cash dividend in return for Redefine shares (the “share reinvestment alternative”), announced on SENS
on 5 November 2015 (the “declaration announcement”), the price per share, as determined on 13 November 2015,
applicable to Redefine shareholders electing the share reinvestment alternative and recorded in the register on Friday,
27 November 2015 (i.e. the “record date”), is R10.30 per share (the “reinvestment price”). The reinvestment price is
a 3.52% discount to the five-day volume weighted average traded price (less the accrued cash dividend as determined
on 13 November 2015) and a 1.11% discount to the closing spot price (less the accrued cash dividend as determined
on 13 November 2015) of Redefine shares on the JSE prior to the finalisation date.
The ratio in respect of the share reinvestment alternative is 3.98058 shares for every 100 shares held on the record
date. Accordingly, the number of new shares to be issued per 100 shares held on the record date is 3.98058 shares.
Fractions 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.
Dividend withholding tax (“dividend tax”) implications
Dividend tax implications for South African resident shareholders
Dividends received from a Real Estate Investment Trust (“REIT”) are exempt from dividend tax in the hands of South
African resident shareholders provided that the shareholders have provided the requisite declaration as to residence as
detailed in paragraph 5 of the circular to Redefine shareholders dated and posted on Friday, 6 November 2015 (the
“circular”). South African resident shareholders, who have submitted the requisite documentation and are exempt
from dividend tax, will accordingly receive a net dividend of 41.00 cents per share.
Dividend tax implications for non-resident shareholders
Dividends received from a REIT by a non-resident shareholder 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. A reduced dividend withholding rate in terms of the
applicable DTA may only be relied upon if the non-resident shareholder has provided the requisite documentation as
detailed in paragraph 5 of the circular. Non-resident shareholders who have submitted the requisite documentation and
assuming that a dividend tax rate of 15% is applicable, will accordingly receive a net dividend of 34.85 cents per
share.
The impact of dividend tax on shareholders has been illustrated by way of the example below:
South Africa resident Non-resident shareholders
shareholders exempt from subject to dividend tax at 15%
dividend tax
Dividend per share (cents) 41.00 41.00
Dividend tax per share (cents) - (6.15)
Total net dividend per share 41.00 34.85
Reinvestment price (R) 10.30 10.30
New shares issued per 100 shares 3.98058 3.38350
Due to the fact that the cash dividend or share reinvestment alternative may have tax implications for resident and
non-resident shareholders, shareholders are encouraged to consult their professional advisors should they be in any
doubt as to the appropriate action to take.
Trading of Redefine shares
Shareholders are advised that, as per the published timetable, the last date to trade is Friday, 20 November 2015 and
the shares will trade ex-dividend on Monday, 23 November 2015.
As published in the declaration announcement, shareholders electing the share reinvestment alternative are once again
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 being Wednesday, 25 November 2015, due to the fact that settlement of the shares will be three days after the record
date, being Wednesday, 2 December 2015, which differs from the conventional one day after record date settlement
process.
Shareholders are reminded that the last day to elect to receive the share reinvestment alternative is 12:00 (South
African time) on Friday, 27 November 2015. No action is required if you wish to receive the cash dividend.
The salient dates, timetable and all other information relating to the dividend (including the tax implications) and
share reinvestment alternative disclosed in the declaration announcement remain unchanged.
13 November 2015
Corporate advisor and sponsor
Java Capital
Date: 13/11/2015 11:35:00 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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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.
