Wrap Text
Finalisation announcement for the dividend re-investment alternative
Delta Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/005129/06)
Share code: DLT ISIN: ZAE000194049
(“Delta” or “the Company”)
REIT status approved
Finalisation announcement for the dividend re-investment alternative
Shareholders are referred to Delta’s unaudited condensed consolidated interim results for the six
months ended 31 August 2017 released on SENS on Tuesday, 31 October 2017 (“the results
announcement”) which included reference to a cash dividend in the amount of 46.39874 cents per
Delta share (“the cash dividend”) with the option to reinvest the cash dividend (“the dividend re-
investment alternative”). Full details of the dividend re-investment alternative were also set out in a
circular posted to shareholders on Tuesday, 31 October 2017 (“the circular”).
The price applicable to a Delta shareholder electing the dividend re-investment alternative is
R7.24525 (“the re-investment price”), being the five-day volume weighted average traded price
(“VWAP”) of Delta shares prior to the finalisation date of 7 November 2017. Shareholders are advised
that the board has made the decision to set the re-investment price at the five-day VWAP cum
dividend and not at the five-day VWAP ex dividend as communicated in the results announcement
and the circular as the board believes that Delta shares are already trading at a significant discount to
net asset value due to various market conditions.
The ratio in respect of the dividend re-investment alternative is 6.40403 Delta shares for every 100
Delta shares held on the record date by South African resident shareholders exempt from dividend
withholding tax (“Dividend Tax”) and 5.12322 Delta shares for every 100 Delta shares held on the
record date by non-resident shareholders subject to Dividend Tax at 20%.
1. Dividend Tax implications
Dividend Tax implications for South African resident shareholders
Dividends are exempt from Dividend Tax in the hands of South African resident shareholders
provided that South African resident shareholders have submitted to the CSDP or broker, as the
case may be, in respect of uncertificated shares, or the transfer secretaries in respect of
certificated shares, the requisite documentation as detailed in paragraph 5 of the circular.
Accordingly, South African resident shareholders who have submitted the requisite
documentation and are exempt from Dividend Tax, will receive a net dividend of 46.39874 cents
per Delta share.
Dividend Tax implication for non-resident shareholders
Dividends received by non-resident shareholders are subject to Dividend Tax at 20%, unless the
rate is reduced in terms of any applicable agreement for the avoidance of double taxation
between South Africa and the country of residence of the non-resident shareholders, provided
that the non-resident shareholders have submitted to the CSDP or broker, as the case may be, in
respect of uncertificated shares, or the transfer secretaries in respect of certificated shares, the
requisite documentation as detailed in paragraph 5 of the circular. Accordingly, non-resident
shareholders who have submitted the requisite documentation, and assuming that Dividend Tax
is withheld at the current rate of 20%, will receive a net dividend of 37.11899 cents per Delta
share.
Shareholders are encouraged to consult their professional advisors should they be in any doubt
as to the appropriate action to take.
2. Fractions
Trading in the Strate environment does not permit fractions or fractional entitlements. Accordingly,
where a shareholder’s entitlement to the Delta shares in relation to the dividend re-investment
alternative calculated in accordance with the ratio above gives rise to a fraction of a new Delta
share, such fraction will be rounded down to the nearest whole number and the cash balance will
be paid to the shareholder.
3. Impact on Delta shareholders
An example illustrating the impact for South African resident shareholders and non-resident
shareholders electing to either receive the cash dividend or the dividend re-investment alternative
and applying the rounding principle set out in paragraph 2 above are as follows:
South African resident Non-resident
shareholders exempt shareholders subject
from Dividend Tax to Dividend Tax
Cash dividend
Dividend per share (cents) 46.39874 46.39874
Dividend Tax of 20% per share (cents) 0 (9.27975)
Net dividend per share (cents) 46.39874 37.11899
Dividend re-investment alternative
Number of shares held 100 100
Re-investment price (R) 7.24525 7.24525
Total amount available for re-investment 46.39874 37.11899
(R)
Number of shares issued in terms of the 6 5
dividend re-investment alternative
Cash payment for fractional entitlement 2.93 0.89
(R)
4. Foreign shareholders
The distribution of the circular and/or accompanying documents and the right to elect the dividend
re-investment alternative 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 jurisdictions. The Delta 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.
5. Salient dates and times
Shareholders electing the dividend re-investment alternative are alerted to the fact that the new
shares will be listed on Last day to trade (“LDT”) + 3 and that these shares can only be traded on
LDT + 3 due to the fact that settlement of the shares will be three days after the record date,
which differs from the conventional one day after record date settlement process.
Shareholders are reminded that the last day to elect to receive the dividend re-investment
alternative is 12:00 on Friday, 24 November 2017. No action is required if you wish to receive the
cash dividend.
The salient dates and times for the cash dividend and the dividend re-investment alternative are
set out in the results announcement and the circular and remain unchanged.
7 November 2017
Sponsor
Nedbank Corporate and Investment Banking
Date: 07/11/2017 10:46:00 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.
Sharenet Sites 
