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Dividend Declaration Announcement
SAFARI INVESTMENTS RSA LIMITED
Approved as a REIT by the JSE Limited
(Incorporated in the Republic of South Africa)
(Registration number 2000/015002/06)
Share code: SAR ISIN: ZAE000188280
(“Safari” or “the Company”)
DIVIDEND DECLARATION ANNOUNCEMENT
Shareholders are advised that the directors of Safari have
approved and declared a gross cash distribution of 35 cents per
share for the interim period ended 30 September 2017 from income
reserves.
Shareholders will not be able to elect to reinvest the cash
distribution in return for ordinary shares as usual. The board
took into consideration, among other things, the current gearing
ratio and immediate cash requirements when making this decision.
For future distributions the reinvestment option will definitely
be considered again based on circumstances at that point in
time.
SALIENT DATES AND TIMES
The following salient dates and times are applicable to the
interim dividend:
Last day to trade cum dividend distribution 5 December 2017
Shares trade ex dividend distribution 6 December 2017
Record date 8 December 2017
Payment date 11 December 2017
Notes:
Shares may not be dematerialised or rematerialised between
commencement of trade on 6 December 2017 and the close of trade
on 8 December 2017.
TAX IMPLICATIONS
In accordance with Safari’s status as a Real Estate Investment
Trust (“REIT”), shareholders are advised that the dividend meets
the requirements of a “qualifying distribution” for the purposes
of section 25BB of the Income Tax Act, No 58 of 1962 (“Income
Tax Act”). The dividends on the shares will be deemed to be
dividends for South African tax purposes in terms of section
25BB of the Income Tax Act.
Tax implications for South African resident shareholders
Dividends received by or accrued to South African tax residents
must be included in the gross income of such shareholders and
will not be exempt from income tax in terms of the exclusion to
the general dividend exemption contained in section 10(1)(k)(i)
(aa) of the Income Tax Act because they are dividends
distributed by a REIT. These dividends are however exempt from
dividend withholding tax (“Dividend Tax”) in the hands of South
African resident shareholders provided that the South African
resident shareholders have provided to the CSDP or broker, as
the case may be, in respect of uncertificated shares, or the
company, in respect of certificated shares, a DTD(EX) (Dividend
Tax: Declaration and undertaking to be made by the beneficial
owner of a share) form to prove their status as South African
residents.
If resident shareholders have not submitted the abovementioned
documentation to confirm their status as South African
residents, they are advised to contact their CSDP, or broker, as
the case may be, to arrange for the documents to be submitted
prior to the payment of the dividend.
Tax implications for non-resident shareholders
Dividends received by non-resident shareholders from a REIT will
not be taxable as income and instead will be treated as ordinary
dividends which are exempt from income tax in terms of the
general dividend exemption in section 10(1)(k)(i) of the Income
Tax Act. With effect from 1 January 2014, any dividend received
by a non-resident from a REIT 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. Assuming Dividend Tax will be withheld at a rate of
20%, the net distribution amount due to non-resident
shareholders is 28 cents per share. A reduced dividend
withholding rate in terms of the applicable DTA may only be
relied on 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 the 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 South African
Revenue Service.
If applicable, non-resident shareholders are advised to contact
the 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.
Other information
- The ordinary issued share capital of Safari is 311 185 616
ordinary shares of no par value.
- Income tax reference number of Safari: 9012/264/14/0.
20 November 2017
Pretoria
Sponsor and corporate adviser: PSG Capital
Date: 20/11/2017 04:57:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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