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South African Tax Treatment of the Odd-lot Offer
QUILTER PLC
(previously, Old Mutual Wealth Management Limited)
Incorporated under the Companies Act 1985 with registered number
06404270 and re-registered as a public limited company under the
Companies Act 2006)
ISIN CODE: GB00BDCXV269
JSE SHARE CODE: QLT
Quilter plc (the "Company")
FOR IMMEDIATE RELEASE
15 May 2020
Quilter plc
South African Tax Treatment of the Odd-lot Offer
Confirmation of Applicable Exchange Rate
In the announcement made on Thursday 7 May 2020 regarding the Odd-lot Offer, Quilter plc
("Quilter" or the "Company") provided information to Odd-lot Holders on the SA register in
respect of the South African Dividends Tax. As stated in that announcement, the opening
exchange rate on Friday 15 May 2020, being the Second Record Date and closing date of the
Odd-lot Offer, shall be the applicable exchange rate for determining the final allocation of the
Offer Price for Odd-lot Holders on the SA Register as between the capital component and a
dividend component. The Company therefore confirms that the applicable exchange rate shall
be GBP 1:ZAR 22.57 (the "Closing Date Exchange Rate").
The general description of the South African tax treatment of participating in the Odd-lot Offer
on the Company's website at quilter.com/OLO has been updated accordingly.
South African Dividends Tax
The Offer Price of 2,812.63 cents per ordinary share held on the SA Register consists of a
capital component and a dividend component. The capital component is GBP 0.10 which
equals 225.7 cents on the basis of the Closing Date Exchange Rate.
The dividend component is 2586.93 cents, being the difference between the Offer Price and
capital component. The dividend component will constitute a “dividend” as such term is used
for purposes of the dividends tax provisions contained in the South African Income Tax Act,
1962 (the "Income Tax Act"). For shareholders on the SA Register who participate in the
Odd-lot Offer, a liability for South African dividends tax at the full rate of 20% will arise in
accordance with the Income Tax Act in the event that the shareholder does not qualify for an
exemption from the dividends tax and to the extent that the shareholder does not qualify for
a reduced rate of dividends tax in terms of an applicable Double Taxation Agreement ("DTA")
entered into by South Africa.
The dividend component of the Offer Price will be exempt from South African dividends tax,
or subject to a reduced rate of South African dividends tax as a result of the application of a
DTA entered into by South Africa, in the event that the beneficial owner of Odd-lot Shares
has, by the date of payment of the Offer Price, submitted to its Regulated Intermediary both
the required declaration and written undertaking, in such form as may be prescribed by the
Commissioner for the South African Revenue Service.
In the event that any Odd-lot Holder on the SA Register does not qualify for an exemption
from South African dividends tax or a reduction in the rate of South African dividends tax, or
does not timeously submit to their Regulated Intermediary the required declaration and
written undertaking, the Regulated Intermediary will withhold from the dividend component
of the Offer Price South African dividends tax at the full rate of 20% of the dividend component
of the Offer Price in order to enable it to make payment of such South African dividends tax.
Therefore, the net dividend amount payable per ordinary share to an Odd-lot Holder on the
SA Register will be 2069.544 cents. The total amount payable to an Odd-lot Holder on the
SA Register, being the Offer price less the dividends tax unless an exemption or a reduced
rate of South African dividends tax applies will be 2295.24 cents.
General Taxation
Shareholders who participate in the Odd-lot Offer should consider the tax implications of such
participation.
In order to assist shareholders, a general description of the South African and UK tax
treatment of participating in the Odd-lot Offer for certain classes of shareholder has been
made available on the Company's website at quilter.com/OLO.
Shareholders who are in any doubt as to their own tax position should consult their own
professional adviser.
Enquiries:
Investor Relations:
John-Paul Crutchley +44 (0)7741 385 251
Company Secretary:
Patrick Gonsalves +44 (0)20 7778 9670
Corporate Affairs:
Jane Goodland +44 (0)7790 012 066
Registrars
If you are a Quilter shareholder and have a question about the Odd-lot Offer or your Quilter
shares, please contact our Registrars using the contact details below.
Shareholders on the UK Register
Equiniti Equiniti Limited, Aspect House, Spencer Road, Lancing, West
Sussex BN99 6DA
https://help.shareview.co.uk
Tel: +44 (0)333 207 6514* (calling from the UK)
Tel: +44 (0)121 415 0993 (calling from overseas)
*Lines are open Monday to Friday between 09:00 and 17:00
(UK time), excluding public holidays in England and Wales.
Shareholders on the South African Register
Link Market Services Link Market Services South Africa (PTY) Limited, PO Box
South Africa (PTY) 10462, Johannesburg, 2000, South Africa
Limited
Email: investorenquiries@linkmarketservices.co.za
Tel: 086 140 0110/086 154 6566 (calling from South Africa)
Tel: +27 11 029 0251/+27 11 715 3000 (calling from overseas)
Shareholders in Namibia
Transfer Securities Transfer Securities (PTY) Limited, PO Box 2401, Windhoek,
(PTY) Limited Namibia
Email: ts@nsx.com.na
Tel: +264 (0) 227 647
Shareholders in Malawi
National Bank National Bank of Malawi, PO Box 945, Blantyre, Malawi
of Malawi
Email: legal@natbankmw.co.za
Tel: +265 182 0622/+265 182 0054
Shareholders in Zimbabwe
Corpserve Registrars Corpserve Registrars (PVT) Ltd, PO Box 2208 Harare, Zimbabwe
(PVT) Ltd
Email: corpserve@escrowgroup.org
Tel: +263 242 751 559/+263 242 751 561
About Quilter plc:
Quilter plc is a leading wealth management business in the UK and internationally, helping to
create prosperity for the generations of today and tomorrow.
Quilter plc oversees £95.3 billion in investments (as at 31 March 2020).
It has an adviser and customer offering spanning: financial advice; investment platforms;
multi-asset investment solutions; and discretionary fund management.
The business is comprised of two segments: Advice and Wealth Management and Wealth
Platforms.
Advice and Wealth Management encompasses the financial planning business, Quilter
Financial Planning, Quilter Private Client Advisers and Quilter Financial Advisers; the
discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-
asset investment solutions business. Wealth Platforms includes the Old Mutual Wealth UK
Platform and Quilter International, including AAM Advisory in Singapore.
Since its IPO in June 2018, the Group's businesses have progressively re-branded to Quilter.
The UK Platform will be the final business to rebrand; this will follow the safe delivery of the
new platform technology. Descriptor for re-branded business units:
Previous New
Intrinsic Quilter Financial Planning
Old Mutual Wealth Private Client
Advisers Quilter Private Client Advisers
Quilter Investors Quilter Investors
Quilter Cheviot Quilter Cheviot
UK Platform Quilter Investment Platform
International Quilter International
Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited
Date: 15-05-2020 01:20:00
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