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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 final gross
cash distribution of 33 cents per share for the period ended 31 March 2018 from income
reserves.
Shareholders will not be able to elect to reinvest the cash distribution in return for ordinary
shares as previously allowed. 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 10 July 2018
Shares trade ex dividend distribution 11 July 2018
Record date 13 July 2018
Payment date 16 July 2018
Notes:
Shares may not be dematerialised or rematerialised between commencement of trade on
11 July 2018 and the close of trade on 13 July 2018.
ANTECEDENT DIVIDEND
In terms of REIT legislation at least 75% of the distributable earnings must be distributed in
every financial year. The total distribution for the financial year consists of an interim cash
dividend of 35 cents paid in December 2017 and this final cash dividend of 33 cents per share
declared in June 2018 which will be paid out to shareholders during July 2018. To determine
distributable earnings per share for the distribution period 1 April 2017 to 31 March 2018 with
the final distribution declared for distribution in July 2018, antecedent dividends resulting from
the new share issue concluded in July 2017 and August 2017 were included in distributable
earnings and the weighted number of shares in issue was used to determine the distribution
per share.
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 26.4 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.
Pretoria
26 June 2018
Sponsor
PSG Capital
Date: 26/06/2018 04:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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