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STANDARD BANK OF SOUTH AFRICA LD - SCIB: Amendment to REIT distribution announcement in relation to RDF share instalment - RDFSTG

Release Date: 16/05/2017 12:04
Code(s): RDFSTG     PDF:  
Wrap Text
SCIB: Amendment to REIT distribution announcement in relation to RDF share instalment - RDFSTG

Amendment to REIT distribution announcement in relation to RDF share instalment
The Standard Bank of South Africa Limited
Share Code: RDFSTG
ISIN Code: ZAE000227609

16/05/2017

REIT DISTRIBUTION ANNOUNCEMENT IN RELATION TO THE RDF      SHARE INSTALMENT

Notice is hereby given that as a result of the REIT distribution declaration
relating to
REDEFINE PROPERTIES LIMITED (RDF) shares, the holders of RDFSTG share
instalments will receive a REDEFINE PROPERTIES LIMITED (RDF) REIT distribution
of cents 44.82 (gross) per Instalment.

As per the Redefine SENS announcement issued on 08/05/2017:

The REIT structure is a tax regime that allows
a REIT to deduct qualifying distributions paid to investors, in determining its
taxable income. The cash dividend of 44,82000 cents per share meets the
requirements of a qualifying distribution for
the purposes of section 25BB of the Income Tax Act (a qualifying distribution)
with the result that:

Qualifying distributions received by resident Redefine shareholders must be
included in the gross income of such shareholders (as a non-exempt dividend in
terms of section 10(1)(k)(aa) of the Income Tax Act), with the effect that the
qualifying distribution is taxable as income in the hands of the Redefine
shareholder. These qualifying distributions are, however, exempt from dividends
withholding tax, provided that the South African resident shareholders provided
the following forms to their CSDP or broker, as the case may be, in respect of
uncertificated shares, or the company, in respect of certificated shares:

-   a declaration that the dividends are exempt from dividends tax; and

-   a written undertaking to inform the CSDP, broker or the company, as the case
may be, should the circumstances affecting the exemption change or the
beneficial owner cease to be the beneficial owner, both in the form prescribed
by the Commissioner for the South African Revenue Service.

Shareholders are advised to contact their CSDP, broker or the company, as the
case may be, to arrange for the abovementioned documents to be submitted prior
to payment of the distribution,if such documents have not already been
submitted.

- Qualifying distributions received by non-resident Redefine shareholders will
not be taxable as income and instead will be treated as ordinary dividends, but
which are exempt in terms of the usual dividend exemptions per section 10(1)(k)
of the Income Tax Act. On 22 February 2017, the dividends withholding tax rate
was increased from 15% to 20% and accordingly, any qualifying distribution will
be subject to dividends withholding tax at 20%, 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 shareholder. Assuming
dividends withholding tax will be withheld at a rate of 20%, the net dividend
amount due to non-resident shareholders is 35,8560 cents per share.

A reduced dividend withholding rate in terms of the applicable DTA, may only be
relied upon if the non-resident shareholder has provided the following forms to
their CSDP or broker, as the case may be, in respect of uncertificated shares,
or the company, in respect of certificated shares:

-   a declaration that the dividend is subject to a reduced rate as a result of
the application of a DTA; and
-   a written undertaking to inform their CSDP, broker or the company, as the
case may be,should the circumstances affecting the reduced rate change or the
beneficial owner cease to be the beneficial owner both in the form prescribed by
the Commissioner for the SouthAfrican Revenue Service.

Non-resident shareholders are advised to contact their CSDP, broker or the
company, as the case may be, to arrange for the abovementioned documents to be
submitted prior to payment of the dividend if such documents have not already
been submitted, if applicable.

Last date to trade cum REIT distribution Tuesday, 30/05/2017
Ex- REIT distribution Date Wednesday, 31/05/2017
Record Date Friday, 02/06/2017
Payment Date Monday, 05/06/2017

For more details relating to this REIT distribution please refer to the SENS
announcement issued by REDEFINE PROPERTIES LIMITED on 08/05/2017

For further information contact:
Standard Bank Warrants
Tel 0800 111 780
Email: derivatives@standardbank.co.za
Issuer: The Standard Bank of South Africa Limited
Sponsor: SBG Securities (Pty) Limited

This notice should be read together with the Common Terms Document, Conditions
Annexure and relevant Supplement which collectively record the terms and
conditions of the agreement between the Issuer and Warrant holders.

Date: 16/05/2017 12:04:00 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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