ASHBURTON MANAGEMENT COMPANY (RF) PROPRIETARY LIMITED - Distribution Finalisation Announcement - ASHGEQ

Release Date: 16/05/2018 14:34
Code(s): ASHGEQ
 
Wrap Text
Distribution Finalisation Announcement - ASHGEQ

Ashburton Management Company RF Proprietary Limited
Ashburton Global 1200 Equity ETF
A portfolio in the Ashburton Collective Investment Scheme (“the portfolio”) registered in terms of the
Collective Investment Schemes Control Act, 45 of 2002
Share Code: ASHGEQ
ISIN: ZAE000249967
(“ASHGLOEQT”)

DISTRIBUTION FINALISATION ANNOUNCEMENT

The manager and trustees (namely Ashburton Management Company RF Proprietary Limited and
Standard Chartered Bank) have resolved to make a quarterly distribution to holders of Ashburton Global
1200 Equity ETF securities for the quarter ended 30 April 2018.

The aggregate distribution will amount to 9.85087 cents per Ashburton Global 1200 Equity ETF security
and is constituted as follows:


                                                                                                  Foreign
                                                                                Subject to       Withholding
                                                                 Gross                                               Net
                                                                                  Local          Tax held at
    Alpha                                    Foreign/         Distribution                                       Distribution
                  Dividend/Interest                                            Withholding         source
    code                                      Local           (Cents per                                         (Cents per
                                                                                   tax           (Cents per
                                                                  unit)                                              unit)
                                                                                 Yes/ No            unit)



  ASHGEQ                Interest               Local               0.00000           No                0.00000       0.00000
                        Dividend              Foreign              9.85087           No               -2.22884       7.62203
                                                                   9.85087                            -2.22884       7.62203

*Source of funds: various countries around the world out of a fund that tracks the S&P Global 1200 Index.

1. The net distribution amount of 7.62203 cents per ASHGEQ security is calculated as follows:
 Gross Foreign Dividend                                            9.85087
 Less: Foreign withholding tax held at source                      2.22884
 Net Distribution to local unit holders                            7.62203

Notice is hereby given that the following dates are of importance regarding the distribution for the quarter
ended 30 April 2018 by the ETF to holders of Ashburton Global 1200 Equity ETF securities:

Last day to trade “cum” distribution:                        Tuesday, 22 May 2018
Securities trade “ex” distribution:                        Wednesday, 23 May 2018
Record date:                                                  Friday, 25 May 2018
Payment date:                                                 Monday, 28 May 2018

Withholding Tax on Interest (WTI) came into effect on 1 March 2015.

Interest accruing from a South African source to a non-resident, excluding a controlled foreign company,
will be subject to withholding tax at a rate of 15% on payment, except interest,

    -   arising on any Government debt instrument.
    -   arising on any listed debt instrument.
    -   arising on any debt owed by a bank or the South African Reserve Bank.
    -   arising from a bill of exchange or letter of credit where goods are imported into South Africa and
        where an authorized dealer has certified such on the instrument.
    -   payable by a headquarter company.
    -   accruing to a non-resident natural person who was physically present in South Africa for a period
        exceeding 183 days in aggregate, during that year, or carried on a business through a permanent
        establishment in South Africa.

Investors are advised that to the extent that the distribution amount comprises of any interest, it
will not be subject to WTI by virtue of the fact that it is listed debt instruments and/or bank debt.

No dividend withholding tax will be deducted from dividends payable to a South African tax
resident qualifying for exemption from dividend withholding tax provided that the investor has
provided the following forms to their Central Securities Depository Participant (“CDSP”) or broker,
as the case may be in respect of its participatory interest:
    a) a declaration that the distribution is exempt from dividends tax; and
    b) a written undertaking to inform their CSDP or broker, 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 South African Revenue Service. South
        African tax resident investors are advised to contact their CSDP, to arrange for the
        abovementioned documents to be submitted prior to payment of the distribution, if such
        documents have not already been submitted.

Non-resident investors for South African income tax purposes

The dividend distribution received by non-resident investors will be exempt from income tax in
terms of section 10(1)(k)(i) of the Act, but will be subject to dividend withholding tax. Dividend
withholding tax is levied at a rate of 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 investor.
A reduced dividend withholding rate in terms of the applicable DTA may only be relied on if the
non-resident investor has provided the following forms to their CSDP or broker, as the case may
be in respect of its participatory interest:
    a) a declaration that the dividend is subject to a reduced rate as a result of the application of
       a DTA; and
    b) a written undertaking to inform the CSDP or broker, as the case may be, should the
        circumstances affecting the reduced rate change or the beneficial owner ceases to be the
        beneficial owner, both in the form prescribed by the South African Revenue Service. Non-
        resident investors are advised to contact their CSDP or broker, as the case may be, to
        arrange for the abovementioned documents to be submitted prior to the payment of the
        distribution if such documents have not already been submitted.

Both resident and non-resident investors are encouraged to consult their professional advisors
should they be in any doubt as to the appropriate action to take.

Additional information:

The dividend distribution as outlined above is subject to the amendment to Dividends Tax that was
introduced with effect from 22 February 2017. The dividend, as defined in the Income Tax Act of 1962, is
payable from dividends accumulated in the fund. The South African Dividend Tax rate of 20% has been
applied to both local and foreign dividends.

There are 4 300 000 Ashburton Global 1200 Equity ETF securities in issue. The total dividend amount
payable is R 327,747.09.

Ashburton Global 1200 Equity ETF Income Tax number is 3356/058/17/6.

A      copy        of      the      ETF        issue    document        can       be      found       at
http://www.ashburtoninvestments.com/za/individual-investor/investment-range/exchange-traded-
funds/ashburton-global-1200-etf

16 May 2018
Johannesburg
Sponsor: Bridge Capital Advisors Proprietary Limited

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