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MAS REAL ESTATE INC - Cash payment in respect of fractional entitlement

Release Date: 23/03/2017 10:45
Code(s): MSP     PDF:  
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Cash payment in respect of fractional entitlement

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 (JSE): B96TSD2
JSE share code: MSP
ISIN: VGG5884M1041
(“MAS” or the “Company”)


CASH PAYMENT IN RESPECT OF FRACTIONAL ENTITLEMENT


Shareholders are referred to previous announcements relating to the interim distribution for the six month period
ended 31 December 2016 (the “Distribution”), the last of which was released on 13 March 2017.

Where a shareholder will receive the Distribution by way of an issue of new ordinary shares in MAS, any entitlement
which results in a fractional share will be rounded down to the nearest whole number, with a cash payment made to
the relevant shareholder in respect of the fraction (“Cash Payment”).

In accordance with the requirements of the JSE Limited, the value of a MAS share to be utilised in determining the
Cash Payment due to shareholders has been determined with reference to the volume weighted average traded price
of a MAS share on the JSE on 22 March 2017, discounted by 10%. On this basis, shareholders are advised that the
gross value of a MAS share to be utilised in determining the Cash Payment due to shareholders is R19.53985. For
shareholders on the European register, this gross value is EUR 1.38895, being the aforementioned Rand value
converted to Euro at the Conversion Rate of EUR1.00:ZAR14.06810 announced on 13 March 2017.

The receipt of the Cash Payment may have tax implications for shareholders. For those South African resident
shareholders receiving the Cash Payment, 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 20%, unless an exemption as set out in the South African Income
Tax legislation applies. For shareholders liable to pay dividends tax at the rate of 20%, the net value of a MAS share
to be utilised in determining the Cash Payment due to shareholders is R15.63188.

Example of scrip dividend entitlement:

Assuming that a shareholder holds 100 MAS shares at the close of business on the record date, being Friday,
24 March 2017, and will receive the Distribution by way of an issue of new ordinary shares in MAS in respect of all of
their shareholding, such shareholder is entitled to receive 1.74006 new MAS shares. Applying the rounding principles
above, such shareholder will receive 1 new MAS share and a Cash Payment (after tax) in respect of the fractional
entitlement of 0.74006 x R15.63188 = R11.56853.

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

The salient dates and times announced on 13 March 2017 remain unchanged.

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


23 March 2017

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: 23/03/2017 10:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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