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Announcement of dividend reinvestment price and confirmation of finalisation information
EQUITES PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2013/080877/06)
JSE share code: EQU ISIN: ZAE000188843
(Approved as a REIT by the JSE)
("Equites" or "the company")
ANNOUNCEMENT OF DIVIDEND REINVESTMENT PRICE AND CONFIRMATION OF FINALISATION INFORMATION
Further to the declaration of a cash dividend of 68.11618 cents per share (the "cash dividend") with an election to
reinvest the cash dividend in return for Equites shares (the "dividend reinvestment alternative"), announced on
SENS on Thursday, 11 October 2018 (the "declaration announcement"), the price per share, as determined on
Tuesday, 23 October 2018 (the "finalisation date"), applicable to Equites shareholders electing the dividend
reinvestment alternative and recorded in the register on Friday, 2 November 2018 (i.e. the "record date"), is R20.00
per share (the "reinvestment price"). The reinvestment price is a 4.08% discount to the five-day volume weighted
average traded price (less the cash dividend) and a 2.53% discount to the closing spot price (less the cash dividend) of
Equites shares on the JSE prior to the finalisation date.
The ratio in respect of the dividend reinvestment alternative is 3.40581 shares for every 100 shares held on the record
date by South African resident shareholders exempt from dividend tax and 2.72465 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 dividend reinvestment 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.
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 of the circular to Equites shareholders dated and posted on Tuesday, 16 October 2018 (the
"circular"). South African resident shareholders, who have submitted the requisite documentation and are exempt
from dividend tax, will accordingly receive a net dividend of 68.11618 cents per share.
Dividend tax implications for non-resident shareholders
Dividends received from a REIT by a non-resident shareholder 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. A reduced dividend withholding 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 of the circular. Non-resident shareholders who have submitted the requisite documentation and
assuming that a dividend tax rate of 20% is applicable, will accordingly receive a net dividend of 54.49294 cents per
share.
Due to the fact that the cash dividend or dividend reinvestment alternative may have tax implications for resident and
non-resident shareholders, shareholders are encouraged to consult their professional advisors should they be in any
doubt as to the appropriate action to take.
Illustrative example on the application of rounding and the impact of dividend tax
The application of the rounding principle of rounding down to the nearest whole number and the impact of dividend
tax on shareholders has been illustrated by way of the example below:
South African Non-resident
resident shareholders
shareholders subject to
exempt from dividend tax at
dividend tax 20%
Dividend per share (cents) 68.11618 68.11618
Dividend tax per share (cents) - (13.62324)
Total net dividend per share (cents) 68.11618 54.49294
Number of shares held 100 100
Reinvestment price (R) 20.00 20.00
Total amount available for reinvestment (R) 68.11618 54.49294
Number of shares issued in terms of dividend reinvestment alternative 3.40581 2.72465
Total amount payable for shares acquired in terms of the dividend
reinvestment alternative (R) 60.00 40.00
Balance of distribution paid to shareholder (R) 8.11618 14.49294
Trading of Equites shares
Shareholders are advised that, as per the published timetable, the last date to trade is Tuesday, 30 October 2018 and
the shares will trade ex-dividend on Wednesday, 31 October 2018.
As published in the declaration announcement, shareholders electing the dividend reinvestment alternative are once
again alerted to the fact that the new shares will be listed on LDT + 3 and that these new shares can only be traded on
LDT + 3 being Friday, 2 November 2018, due to the fact that settlement of the shares will be three days after the
record date, being Wednesday, 7 November 2018, 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 reinvestment alternative is 12:00 (South
African time) on Friday, 2 November 2018. No action is required if you wish to receive the cash dividend.
The salient dates, timetable and all other information relating to the dividend (including the tax implications) and
dividend reinvestment alternative disclosed in the declaration announcement remain unchanged.
23 October 2018
Corporate advisor and sponsor
Java Capital
Date: 23/10/2018 11:00:00 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.
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