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Announcement Of Dividend Reinvestment Price And Confirmation Of Finalisation Information
VUKILE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE share code: VKE NSX share code: VKN
ISIN: ZAE000180865
(Granted REIT status with the JSE)
(“Vukile” or “the company”)
ANNOUNCEMENT OF DIVIDEND REINVESTMENT PRICE AND CONFIRMATION OF FINALISATION INFORMATION
Further to the declaration of a cash dividend of 83.12600 cents per share (the “cash dividend”) with an election to
reinvest the cash dividend in return for Vukile shares (the “share reinvestment alternative”), announced on SENS on
26 May 2016 (the “declaration announcement”), the price per share, as determined on 2 June 2016, applicable to
Vukile shareholders electing the share reinvestment alternative and recorded in the register on Friday, 17 June 2016
(i.e. the “record date”), is R16.15901 per share (the “reinvestment price”). The reinvestment price is a 2.25%
discount to the five-day volume weighted average traded price (less the accrued cash dividend as determined on
2 June 2016) and a 2.47% discount to the closing spot price (less the accrued cash dividend as determined on
2 June 2016) of Vukile shares on the JSE prior to the finalisation date.
The ratio in respect of the share reinvestment alternative is 5.14425 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 5.14425 shares.
Where a shareholder’s entitlement to the shares in relation to the share reinvestment alternative, calculated with
reference to the above share ratio, gives rise to an entitlement to a fraction of a new share, such fraction will be
rounded down to the nearest whole number with the cash balance of the dividend being retained by the shareholder.
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 Vukile shareholders dated and posted on Thursday, 26 May 2016 (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 83.12600 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 70.65710 cents per
share.
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.
Illustrative example on the application of rounding and the impact of dividend tax
The application of the rounding principle of rounding down to the nearest whole number and the impact of dividend
tax on shareholders has been illustrated by way of the example below:
South African Non-resident
resident shareholders
shareholders subject to
exempt from dividend tax at
dividend tax 15%
Dividend per share (cents) 83.12600 83.12600
Dividend tax per share (cents) - (12.46890)
Total net dividend per share (cents) 83.12600 70.65710
Number of shares held 100 100
Reinvestment price (R) 16.15901 16.15901
Total amount available for reinvestment (R) 83.12600 70.65710
Number of shares issued in terms of share reinvestment alternative 5 4
Total amount payable for shares acquired in terms of the share reinvestment 80.79505 64.63604
alternative (R)
Balance of distribution paid to shareholder (R) 2.33095 6.02106
Trading of Vukile shares
Shareholders are advised that, as per the published timetable, the last date to trade is Thursday, 9 June 2016 and the
shares will trade ex-dividend on Friday, 10 June 2016.
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 Tuesday, 14 June 2016, due to the fact that settlement of the shares will be three days after the record
date, being Wednesday, 22 June 2016, 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, 17 June 2016. 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.
2 June 2016
Corporate advisor and sponsor
Java Capital
Date: 02/06/2016 11:30:00 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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