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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 twelve months
ended 31 March 2020 released on SENS on 22 June 2020 (“the Declaration Announcement”), which
contained information relating to the declaration of a gross final cash dividend of 57.16 cents per share
(“Cash Dividend”) for the twelve months ended 31 March 2020 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 R13.15 per share (“Reinvestment Price”).
The Reinvestment Price is based on an approximate 1.927% discount to the closing price (less the Cash
Dividend of 57.16 cents per share) on 2 July 2020 and represents an approximate 1.163% discount to
the 5-day volume weighted average traded price at the close of business on 2 July 2020 (less the Cash
Dividend of 57.16 cents per share).
The ratio in respect of the Share Alternative is 4.34677 shares for every 100 shares held on the Record
Date by South African resident shareholders exempt from dividend tax and 3.47741 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 of the circular to Stor-Age shareholders
dated 22 June 2020 (“Circular”). South African resident shareholders who have submitted the requisite
documentation and are exempt from Dividend Tax, will accordingly receive a net dividend of 57.16
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 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 45.728
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) 57.16 57.16
Dividend Tax per share (cents) - 11.432
Total net dividend per share (cents) 57.16 45.728
Reinvestment Price (cents) 13.15 13.15
New shares to be issued (per 100 shares) 4.34677 3.47741
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 419 074 167 ordinary shares of no
par value.
The Company’s income tax reference number is 9027205245.
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, 10 July 2020.
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 22 June 2020, remain
unchanged save for the Finalisation Date which has been amended to Friday, 3 July 2020.
Cape Town
3 July 2020
Sponsor
Investec Bank Limited
Date: 03-07-2020 02:52:00
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