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ACCELERATE PROPERTY FUND LIMITED - Dividend Re-Investment Price and Confirmation of Finalization Information

Release Date: 12/07/2016 15:04
Code(s): APF     PDF:  
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Dividend Re-Investment Price and Confirmation of Finalization Information

ACCELERATE PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
Registration number 2005/015057/06
Share code: APF
ISIN: ZAE000185815
(“Accelerate” or “the Company”)
(Approved as a REIT by the JSE)


ANNOUNCEMENT OF DIVIDEND                RE-INVESTMENT        PRICE     AND    CONFIRMATION        OF
FINALISATION INFORMATION


Introduction

Further to the announcement of the declaration of the cash dividend (“Cash Dividend”) and dividend
re-investment alternative (“Share Re-Investment Alternative”) included in the Company’s results for
the twelve months ended 31 March 2016 (“Results Announcement”) released on the Stock
Exchange New Service (“SENS”) of the JSE Limited (“JSE”) on Monday, 27 June 2016 and in the
press on Tuesday, 28 June 2016, the price applicable to the shareholders of Accelerate
(“Shareholders”) electing the Share Re-Investment Alternative and recorded in the register on Friday,
22 July 2016 (“Record Date”), is R5.86 (“Re-Investment Price”).

Re-Investment Price

The Re-Investment Price of R5.86 is based on a 3% discount to the 5-day volume weighted average
price (“VWAP”) (ex-dividend) of R6.04, as at close of business on Monday, 11 July 2016.

The Re-Investment Price represents a discount of 6.9% to the closing price of R6.30, on Monday, 11
July 2016.

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 Shareholders dated
and posted on Tuesday, 5 July 2016 (“Circular”). South African resident Shareholders, who have
submitted the requisite documentation and are exempt from Dividend Tax, will accordingly receive a
dividend of 27.05277 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 22.99485
cents per share.
 The impact of Dividend Tax on Shareholders has been illustrated by way of the example below:

                                                South African resident                  Non-resident
Dividend per share (cents)                                   27.05277                      27.05277
Dividend Tax per dividend (cents)                                    -                     (4.05792)
Total net dividend per share (cents)                         27.05277                      22.99485
Re-Investment Price (R)                                           R5.86                         R5.86
New shares issued per 100 shares                                4.61651                       3.92404

 Due to the fact that the Cash Dividend or Share Re-Investment 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.

 Other information:

   -   A dividend withholding tax of 15% will be applicable on the dividend portion to all Shareholders
       who are not exempt.

   -   The issued share capital entitled to receive the Cash Dividend at the finalisation date is
       753,083,689 ordinary shares of no par value before any election to re-invest the Cash Dividend.

 Trading of Accelerate shares

 As published in the Circular, Shareholders electing the Share Re-Investment Alternative are
 requested to note that the new shares will be listed on LDT + 3 and that these new shares can only be
 traded on LDT + 3, being Friday, 22 July 2016, as settlement of the shares will be three days after the
 Record Date, which differs from the conventional one day after Record Date settlement process.

 Shareholders are reminded that the record date to elect to receive the Share Re-Investment
 Alternative is 12:00 (South African time) on Friday, 22 July 2016.

 The salient dates, timetable and all other information relating to the Cash Distribution and Share Re-
 Investment Alternative disclosed in the Results Announcement and Circular remain unchanged.



 Fourways
 12 July 2016

 Investment Bank and Transaction Sponsor
 Investec Bank Limited

 Sponsor
 The Standard Bank of South Africa Limited

Date: 12/07/2016 03:04:00 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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