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REDEFINE PROPERTIES LIMITED - Announcement of dividend reinvestment price and confirmation of finalisation information

Release Date: 23/05/2017 11:43
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Announcement of dividend reinvestment price and confirmation of finalisation information

REDEFINE PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/018591/06)
JSE share code: RDF ISIN: ZAE000190252
(Approved as a REIT by the JSE)
(“Redefine” or the “company”)


ANNOUNCEMENT OF DIVIDEND REINVESTMENT PRICE AND CONFIRMATION OF FINALISATION INFORMATION


Further to the declaration of a cash dividend of 44.82 cents per share (the “cash dividend”) with an election to
reinvest the cash dividend in return for Redefine shares (the “share reinvestment alternative”), announced on SENS
on 8 May 2017 (the “declaration announcement”), the price per share, as determined on 23 May 2017, applicable to
Redefine shareholders electing the share reinvestment alternative and recorded in the register on Friday, 2 June 2017
(the “record date”), is R10.45 per share (the “reinvestment price”). The reinvestment price is a 1.35% discount to
the ten-day volume weighted average traded price (less the cash dividend accrued on the finalisation date) of Redefine
shares on the JSE prior to the finalisation date.

The ratio in respect of the share reinvestment alternative is 4.28900 shares for every 100 shares held on the record date
by South African resident shareholders exempt from dividend tax and 3.43120 shares for every 100 shares held on the
record date by non-resident shareholders subject to dividend tax at 20%.

Where a shareholder’s entitlement to the shares in relation to the share reinvestment alternative, calculated with
reference to the above share ratio, gives rise to an entitlement to a fraction of a new share, such fraction will be
rounded down to the nearest whole number with the cash balance of the dividend being retained by the shareholder.

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 Redefine shareholders dated and posted on Friday, 12 May 2017
(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 44.82 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 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 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 20% is applicable, will accordingly receive a net dividend of 35.856 cents per
share.

Due to the fact that the cash dividend or share 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.
Illustrative example on the application of rounding and the impact of dividend tax

The application of the rounding principle of rounding down to the nearest whole number and the impact of dividend
tax on shareholders has been illustrated by way of the example below:

                                                                                     South African         Non-resident
                                                                                          resident         shareholders
                                                                                      shareholders           subject to
                                                                                       exempt from      dividend tax at
                                                                                      dividend tax                  20%
Dividend per share (cents)                                                                   44.82                44.82
Dividend tax per share (cents)                                                                   -              (8.964)
Total net dividend per share (cents)                                                         44.82               35.856
Number of shares held                                                                          100                  100
Reinvestment price (R)                                                                       10.45                10.45
Total amount available for reinvestment (R)                                                  44.82               35.856
Number of shares issued in terms of share reinvestment alternative                               4                    3
Total amount payable for shares acquired in terms of the share reinvestment                  41.80                31.35
alternative (R)
Balance of distribution paid to shareholder (R)                                               3.02                4.506

Trading of Redefine shares

Shareholders are advised that, as per the published timetable, the last date to trade is Tuesday, 30 May 2017 and the
shares will trade ex-dividend on Wednesday, 31 May 2017.

As published in the declaration announcement, shareholders electing the share reinvestment alternative are once again
alerted to 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, 2 June 2017, due to the fact that settlement of the shares will be three days after the record
date, being Wednesday, 7 June 2017, which differs from the conventional one day after record date settlement process.

Shareholders are reminded that the last day to elect to receive the share reinvestment alternative is 12:00 (South
African time) on Friday, 2 June 2017. No action is required if you wish to receive the cash dividend.

Restrictions

The distribution of the circular and/or accompanying documents and the right to elect shares under the share
reinvestment alternative in jurisdictions other than the Republic of 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.

The salient dates, timetable and all other information relating to the dividend (including the tax implications) and
share reinvestment alternative disclosed in the declaration announcement remain unchanged.

23 May 2017


Corporate advisor and sponsor
Java Capital

Date: 23/05/2017 11:43:00 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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