STOR-AGE PROPERTY REIT LIMITED - Dividend Re-Investment Price and Confirmation of Finalisation Information

Release Date: 26/06/2018 11:45
Code(s): SSS
 
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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 financial results announcement for the year ended
31 March 2018 released on SENS on 12 June 2018 (“the Declaration Announcement”), which
contained information relating to the declaration of a gross final cash dividend of 50.81 cents per share
(“Cash Dividend”) for the six months ended 31 March 2018 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 R12.32 per share (“Reinvestment Price”).

The Reinvestment Price is based on an approximate 0.72% premium to the closing price (less the Cash
Dividend of 50.81 cents per share) on 22 June 2018 and represents an approximate 0.06% discount to
the 5-day volume weighted average traded price at the close of business on 22 June 2018 (less the
Cash Dividend of 50.81 cents per share).

The ratio in respect of the Share Alternative is 4.12419 shares for every 100 shares held on the record
date by South African resident shareholders exempt from dividend tax and 3.29935 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 (“Rounding Principle”).

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 2018 (“Circular”). South African resident shareholders who have
submitted the requisite documentation and are exempt from Dividend Tax, will accordingly receive a
net dividend of 50.81 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 40.64800
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)                                          50.81                       50.81
 Dividend Tax per share (cents)                                          -                     (10.162)
 Total net dividend per share (cents)                                50.81                      40.648
 Reinvestment Price (cents)                                          1 232                       1 232
 New shares to be issued (per 100 shares)                          4.12419                     3.29935
 before applying the Rounding Principle

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 306 024 102 ordinary shares of no
par value.

The Company’s income tax reference number is 90274205245.

Restrictions

The distribution of the 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 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, 6 July 2018.

The salient dates and times and all other information relating to the cash dividend and the Share
Alternative as disclosed in the Declaration Announcement, released on 12 June 2018, remain
unchanged.


Cape Town
26 June 2018

Sponsor and Corporate Advisor
Questco Corporate Advisory Proprietary Limited
and
Questco Proprietary Limited

Date: 26/06/2018 11:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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