Sharenet Sites 
Sharenet Sites
Dividend re-investment price and confirmation of finalisation information
Stor-Age Property REIT Limited
(Incorporated in the Republic of South Africa)
(Registration number 2015/168454/06)
(Share Code: SSS ISIN ZAE000208963)
(Approved as a REIT by the JSE)
(“Stor-Age” or “the Company”)
DIVIDEND RE-INVESTMENT PRICE AND CONFIRMATION OF FINALISATION INFORMATION
Shareholders are referred to the Company’s provisional results announcement for the year ended
31 March 2017 released on SENS on 13 June 2017 (“the Declaration Announcement”), which
contained information relating to the declaration of a gross cash dividend of 45.01 cents per share
(“Cash Dividend”) and the entitlement of shareholders to elect to re-invest the Cash Dividend in
return for Stor-Age Shares (“Share Alternative”) and are advised that the reinvestment price is
R11.30 per share.
The Reinvestment Price is based on an approximate 2.2% discount to the closing price / 5-day
volume weighted average traded price (less the Cash Dividend of 45.01 cents per share) at the close
of business on Monday, 26 June 2017.
The ratio in respect of the Share Alternative is 3.98319 shares for every 100 shares held on the
record date by South African resident shareholders exempt from dividend tax and 3.18655 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 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 5.2 of the circular to Stor-Age
shareholders dated 12 June 2017 (“Circular”). South African resident shareholders who have
submitted the requisite documentation and are exempt from Dividend Tax, will accordingly receive a
net dividend of 45.01 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 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 tax 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 5.2 of
the Circular. Non-resident shareholders who have not submitted the requisite documentation, and
assuming that a Dividend Tax of 20% is applicable, will accordingly receive a net dividend of 36.008
cents per share.
An example of the impact of Dividend Tax is illustrated below:
South African Non-resident
resident shareholders subject to
shareholders Dividend Tax at 20%
exempt from
Dividend Tax
Dividend per share (cents) 45.01 45.010
Dividend Tax per share (cents) 0.00 09.002
Total net dividend per share (cents) 45.01 36.008
Reinvestment Price(R) 11.30 11.30
New shares to be issued (per 100 shares) 3.98319 3.18655
As the Cash Dividend or the Share Alternative may have tax implications for resident and non-
resident shareholders, it is suggested that shareholders consult their professional advisers in this
regard.
Other information:
The issued ordinary share capital of Stor-Age at the date hereof is 177 274 762 ordinary shares of no
par value.
The Company’s income tax reference number is 90274205245.
Restrictions
The distribution of this Circular and/or accompanying documents and the right to elect shares in
jurisdictions other than the Republic of South Africa may be restricted by law and failure to comply
with any of these restrictions may constitute a violation of the securities laws of any such
jurisdiction. The rights of shareholders to elect shares is not being offered, directly or indirectly, in
the United States of America, the United Kingdom, Canada, Australia or Japan unless certain
exemptions from the requirements of those jurisdictions are applicable.
Trading in Stor-Age shares:
Shareholders electing the Share Alternative are reminded that the new Shares will be listed on
LDT+3 and that these new Shares can only be traded on LDT+3 (i.e. Friday, 7 July 2017) as a result of
the settlement of Shares 3 trading days after the Record Date, which differs from the conventional
one trading day after the Record Date settlement process.
Shareholders are reminded that the last day to elect to receive the Share Alternative is 12:00 (South
African time) on Friday, 7 July 2017.
The salient dates and times and all other information relating to the cash dividend and the Share
Alternative as disclosed in the Declaration Announcement remain unchanged.
Cape Town
27 June 2017
Sponsor and Corporate Advisor
Questco Proprietary Limited
Date: 27/06/2017 12:03:00 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.
