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MAS REAL ESTATE INC - Notice to MAS shareholders in respect of the final distribution for the year ended 30 June 2016

Release Date: 11/10/2016 17:30
Code(s): MSP     PDF:  
Wrap Text
Notice to MAS shareholders in respect of the final distribution for the year ended 30 June 2016

MAS Real Estate Inc.
Registered in the British Virgin Islands
Registration number 1750199
Registered as an external company in the Republic of South Africa
Registration number 2010/000338/10
SEDOL (XLUX): B96VLJ5
SEDOL (ALTX): B96TSD2
JSE share code: MSP
ISIN: VGG5884M1041
(“MAS” or the “Company”)


NOTICE TO MAS SHAREHOLDERS IN RESPECT OF THE FINAL DISTRIBUTION FOR THE YEAR ENDED 30 JUNE 2016


Introduction

As announced on 9 September 2016, a final distribution of 2.23 euro cents per share was proposed. Shareholders are
now advised that the board of the Company has approved the final distribution of 2.23 euro cents per share in respect
of the year ended 30 June 2016 (the “Distribution”). The Distribution will be paid by way of an issue of new ordinary
shares of no par value in MAS (“New Shares”) credited as fully paid, except for those shareholders who elect to receive
the Distribution by way of a cash payment in lieu of New Shares (the “Cash Distribution”).

The number of New Shares to which shareholders are entitled will be determined with reference to the ratio that 
2.23 euro cents per share bears to the reference price (being the five-day volume weighted average price (“Reference Price”)
of MAS shares on the JSE on Friday, 7 October 2016). For shareholders on the South African share register, the euro
to rand conversion rate for the calculation of the rand equivalent distribution amount (“Conversion Rate”) will be
announced on Tuesday, 18 October 2016.

The New Shares will rank pari passu in all respects with the existing shares in the Company.

The rationale for the issue of the New Shares is to afford shareholders the opportunity to increase their shareholding in
the Company and retain the Company’s flexibility on cash resources. The Cash Distribution will be funded from
distributable reserves and the issue of New Shares by way of a return of capital.

As at the date of this announcement, the Company has 374 266 245 ordinary no par value shares in issue.

A notice to MAS shareholders in respect of the Distribution, together with accompanying election forms, has been issued
today, Tuesday, 11 October 2016.

Salient dates and times

The salient dates and times of the Distribution for shareholders on the European share register and shareholders on
the South African share register are set out below

                                                                                                                        2016
 Announcement of euro to rand conversion rate, rand-equivalent
 distribution and Reference Price on                                                                     Tuesday, 18 October
 Last day to trade on the LuxSE and the JSE in order to be eligible for
 receipt of the Distribution on                                                                          Tuesday, 25 October
 Trading commences ex-distribution on the LuxSE and the JSE on                                         Wednesday, 26 October
 Announcement of the cash payment due to shareholders in terms of the  
 fractional entitlement principle                                                                       Thursday, 27 October
 Record date for shareholders recorded on the European and South
 African share registers on                                                                               Friday, 28 October
 Closing date for receipt of completed Cash Distribution election forms by
 no later than 12:00 CET on                                                                               Friday, 28 October
 Share certificates and distribution cheques posted, CREST/CSDP/ broker
 accounts credited/updated, payment of the Cash Distribution and listing
 of New Shares on the LuxSE and JSE on                                                                 Wednesday, 2 November
 Shares can only be traded from their date of issue being                                              Wednesday, 2 November

Share certificates may not be dematerialised or rematerialised between Wednesday, 26 October 2016 and Friday, 
28 October 2016, both days included. Shares may not be transferred between registers between Tuesday, 
18 October 2016 and Friday, 28 October 2016, both days included. Dematerialised shareholders should not trade their share
entitlements until shares have been updated to their account with their CSDP or broker.

Shareholders who do not send a duly completed Cash Distribution election form to the Company for receipt by it before
12:00 CET on Friday, 28 October 2016 will receive their entitlement in New Shares.

Tax considerations

There is no withholding tax payable in the British Virgin Islands.

South African resident shareholders

The issue of New Shares by the return of capital and the Cash Distribution may have tax implications for shareholders.

For shareholders receiving the Cash Distribution, such amount may be regarded as a foreign dividend and, if it is, may
be subject to South African dividends tax at a rate of 15%, unless an exemption as set out in the South African Income
Tax legislation applies.

The receipt of New Shares from the return of capital by South African resident shareholders will not be classified as a
dividend or a foreign dividend for South African tax purposes and accordingly no South African dividends tax will be
levied on the New Shares. There could however be other tax implications (either immediately or at the time of disposal)
so shareholders should seek independent professional tax advice.

Shareholders residing outside of South Africa

The issue of New Shares or the Cash Distribution may have legal or tax implications for shareholders residing outside
of South Africa and such shareholders are advised to obtain appropriate advice from their professional advisers in this
regard.

MAS is dual primary listed on the Main Board of the JSE and the Euro MTF Market of the LuxSE.


11 October 2016

For further information please contact:


                                                                             Telephone
 Helen Cullen, Company Secretary, MAS Real Estate Inc.                       +44 1624 625 000
 Java Capital, South African corporate advisor and JSE sponsor               +27 11 722 3050
 Charl Brand, M Partners, Luxembourg                                         +352 263 868 602

Date: 11/10/2016 05:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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