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Distribution Update, Announcement of Distribution Re-Investment Price and Confirmation of Finalisation Information
INVESTEC AUSTRALIA PROPERTY FUND
Incorporated and registered in Australia in terms of ASIC (ARSN 162 067 736)
Registered in terms of the Collective Investment Schemes Control Act No.45 of 2003
Operated by Investec Property Limited (ACN 071 514 246; AFSL 290 909) (“Responsible Entity”)
Share code: IAP
ISIN: AU60INL00018
(“IAPF” or the “Fund”)
DISTRIBUTION UPDATE, ANNOUNCEMENT OF DISTRIBUTION RE-INVESTMENT PRICE AND CONFIRMATION OF
FINALISATION INFORMATION
Introduction
Unitholders are referred to the announcement relating to the reviewed interim condensed consolidated financial results for the six
months ended 30 September 2015 released on SENS on Thursday, 19 November 2015 (“Results Announcement”) containing
details of the interim distribution declaration number 4.
As required by the Listing Requirements of the JSE Limited, the Fund has entered into a forward exchange contract to convert the
AUD distribution to ZAR such that the locked in exchange rate is communicated to unitholders at least one week before the last day
to trade in relation to the interim distribution.
Accordingly, unitholders are advised that this distribution has been converted from AUD to ZAR at an exchange rate of AUD 1.0000
: ZAR 10.3184. The resulting distribution is 46.83759 ZAR cents per unit (pre withholding tax paid in Australia) and 44.07164 ZAR
cents per unit (post withholding tax paid in Australia).
Furthermore, unitholders will be entitled to re-invest the cash distribution (post withholding tax paid in Australia) of 44.07164 ZAR
cents per unit (“Cash Distribution”) in return for units (“Re-Investment Alternative Units”), as declared in the Results
Announcement.
Re-Investment Price
The IAPF unit price applicable to unitholders electing to receive Re-Investment Alternative Units and recorded in the register on
Friday, 11 December 2015 (“Record Date”), is ZAR 11.55 (“Re-Investment Price”). The Re-Investment Price represents a discount
of 2.1% to the closing price of ZAR 11.80 on Thursday, 26 November 2015.
Tax implications
The Fund and its management arrangements are structured to meet the required criteria to be classified as a Managed Investment
Trust for Australian tax purposes. As a Managed Investment Trust, the Responsible Entity will be required to withhold tax in
Australia at a concessional rate of 15% on distributions to individual and institutional unitholders in South Africa. However, the effect
of this tax on the Fund’s distribution for the period from 1 April 2015 to 30 September 2015 has been reduced to 5.90553% through
certain deductions such as depreciation. Thus, withholding tax of 0.26806 Australian cents per unit will be withheld from the
distribution accruing to unitholders and will be paid to the Australian Tax Office.
The distributions, net of Australian withholding tax, received by South African institutional and individual unitholders will constitute
income and will be subject to income tax in South Africa at the unitholder’s marginal tax rate. Tax paying unitholders will be able to
claim a rebate against the withholding tax paid in Australia. Non-tax paying unitholders will not be entitled to claim a rebate.
The above summary of the tax treatment of the foreign distribution does not constitute legal or tax advice and is based on taxation
law and practice at the date of this circular. Unitholders should take their own tax advice as to the consequences of their investment
in the Fund and are encouraged to consult their professional advisors should they be in any doubt as to the appropriate action to
take.
The impact of the withholding tax on unitholders has been illustrated by way of the example below:
Distribution per unit pre-withholding tax (AUD cents) 4.53923
Less: Australian withholding tax (AUD cents) (0.26806)
Distribution per unit post-withholding tax (AUD cents) 4.27117
AUD / ZAR exchange rate 10.3184
Distribution per unit post-withholding tax (ZAR cents) 44.07164
Reinvestment Price (ZAR) 11.55000
New units issued per 100 units 3.81573
Due to the fact that the Cash Distribution or election to receive Re-Investment Alternative Units may have tax implications for
unitholders, unitholders are encouraged to consult their professional advisors should they be in any doubt as to the appropriate
action to take.
In terms of the Listings Requirements of the JSE Limited, the following additional information is disclosed:
- The Cash Distribution portion has been declared from the Fund’s reserves.
- As at the date of this announcement, the Fund has 246,581,298 ordinary units of no par value each in issue.
Trading of IAPF units
As published in the Results Announcement, unitholders electing to receive Re-Investment Alternative Units are requested to note
that the Re-Investment Alternative Units will be listed on LDT + 3 and these can only be traded on LDT + 3 as the settlement of the
Re-Investment Alternative Units will occur three days after record date, which differs from the conventional one day after record date
settlement process.
Units may not be dematerialised or rematerialised between commencement of trade on Monday, 7 December 2015 and close of
trade on Friday, 11 December 2015.
Johannesburg
27 November 2015
Investment Bank and Sponsor
Investec Bank Limited
Date: 27/11/2015 10:40:00 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.
