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Announcement Of Dividend Reinvestment Price And Confirmation Of Finalisation Information
FAIRVEST PROPERTY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/005011/06)
Share code: FVT ISIN: ZAE00203808
(Approved as a REIT by the JSE)
(“Fairvest”)
ANNOUNCEMENT OF DIVIDEND REINVESTMENT PRICE AND CONFIRMATION OF FINALISATION INFORMATION
REINVESTMENT ALTERNATIVE
Shareholders are referred to Fairvest’s audited summarised consolidated results for the year ended
30 June 2016, as announced on the JSE’s Stock Exchange News Service (“SENS”) on 8 September 2016, advising
that Fairvest’s board of directors has approved and declared a final gross distribution of 8.489 cents per share for
the six-month period ended 30 June 2016, with a reinvestment alternative (“Reinvestment Alternative”).
Additional information regarding the distribution and the Reinvestment Alternative, including the tax treatment
and timetable, was released by Fairvest in a separate SENS announcement on 8 September 2016 (“Detailed
Announcement”).
In terms of the Reinvestment Alternative, shareholders will be entitled, in respect of all or part of their
shareholdings, to elect to reinvest the cash dividend of 8.489 cents per share, in return for Fairvest ordinary shares,
failing which they will receive the cash dividend. Further details regarding the Reinvestment Alternative can be
found in the circular distributed to Fairvest shareholders on Wednesday, 21 September 2016 (“Circular”).
REINVESTMENT PRICE
Fairvest confirms that the price applicable to shareholders electing the Reinvestment Alternative and recorded in
the register on Friday, 14 October 2016 (“Record Date”), is R1.67041 per new Fairvest share (“Reinvestment
Price”).
The Reinvestment Price is equal to a 2.5% discount to the volume weighted average price (“VWAP”) of R1.79813
at which Fairvest shares traded on the JSE over the five days prior to the finalisation date of 27 September 2016,
less the dividend for the six months ended 30 June 2016 of 8.489 cents per share.
The Reinvestment Price is at a discount of 4.8% to Fairvest’s closing share price of R1.84 on Monday, 26 September
2016, less the dividend for the six months ended 30 June 2016 of 8.489 cents per share.
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 documentation,
as detailed in paragraph 4 of 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 8.489 cents per share.
Dividend Tax implications for non-resident shareholders
Dividends received from a REIT by a non-resident shareholder are 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 4 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 7.21565 cents per share.
The impact of Dividend Tax on shareholders has been illustrated by way of the example below:
South African resident Non-resident shareholder
shareholders exempt from subject to dividend Tax at
Dividend Tax 15%
Dividend per share (cents) 8.489 8.489
Dividend Tax per share (cents) (0.00000) (1.27335)
Total net dividend per share (cents) 8.489 7.21565
Reinvestment Price (R) R1.67041 R1.67041
Number of shares issued per 100 5.08199 4.31969
shares held (ratio)
Due to the fact that the cash dividend or 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 FAIRVEST SHARES
Further to the Detailed Announcement, shareholders electing the Reinvestment Alternative are reminded of 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
Friday, 14 October, due to the fact that settlement of the shares will occur on Wednesday, 19 October 2016, three
days after Record Date, which differs from the conventional one day after Record Date settlement process.
Shareholders are reminded that the last day to elect to receive Reinvestment Alternative is 12:00 (South African
time) on Friday, 14 October 2016.
The salient dates, timetable and all other information relating to the cash dividend and Reinvestment Alternative
disclosed in the Detailed Announcement and circular remain unchanged.
OTHER INFORMATION:
The distribution of the Circular and/or accompanying documents and the right to elect the Reinvestment
Alternative in jurisdictions other than South Africa may be restricted by law and a failure to comply with any of
these restrictions may constitute a violation of the securities laws of any such jurisdictions. The shares have not
been and will not be registered for the purposes of the election under the securities laws of the United Kingdom,
European Economic Area or EEA, Canada, United States of America, Japan or Australia and accordingly are not
being offered, sold, taken up, re-sold or delivered directly or indirectly to recipients with registered addresses in
such jurisdictions.
- Shares in issue at the date of declaration of the final distribution: 658 261 805
- Fairvest income tax reference number: 9205/066/06/1
27 September 2016
Cape Town
Sponsor: PSG Capital Proprietary Limited
Date: 27/09/2016 11:11:00 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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