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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 84.61177 cents per share (the "cash dividend") with an election to
reinvest the cash dividend in return for new Equites shares (the "new shares") (the "dividend reinvestment
alternative"), announced as part of Equites' results announcement published on SENS on Wednesday, 4 May 2022 (the
"results announcement"), the price per share, as determined on Tuesday, 17 May 2022 (the "finalisation date"),
applicable to Equites shareholders electing the dividend reinvestment alternative and recorded in the register on Friday,
27 May 2022 (the "record date"), is R19.80 per share (the "reinvestment price"). The reinvestment price represents a
3.20% discount to the thirty-day volume weighted average traded price of Equites shares on the JSE prior to the
finalisation date.
The ratio in respect of the dividend reinvestment alternative is 4.27332 shares for every 100 shares held on the record
date by South African resident shareholders exempt from dividend tax and 3.41866 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.
Shareholders are also advised of a correction to a minor error contained in the short-form results announcement released
on SENS on Wednesday, 4 May 2022, where shareholders were advised that those shareholders who elect not to reinvest
the cash dividend in return for Equites shares will receive a gross cash dividend of 80.56 cents per share. This gross
cash dividend amount should have instead read 84.61177 cents per share.
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 Wednesday, 4 May 2022
(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 84.61177 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 67.68942 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) 84.61177 84.61177
Dividend tax per share (cents) - (16.92235)
Total net dividend per share (cents) 84.61177 67.68942
Number of shares held 100 100
Reinvestment price (R) R19.80 R19.80
Total amount available for reinvestment (R) 84.61177 67.68942
Number of shares issued in terms of dividend reinvestment alternative 4.27332 3.41866
Total amount payable for shares acquired in terms of the dividend 79.20 59.40
reinvestment alternative (R)
Balance of distribution paid to shareholder (R) 5.41177 8.28942
Trading of Equites shares
Shareholders are advised that, as per the published timetable, the last date to trade is Tuesday, 24 May 2022 and the
shares will trade ex-dividend on Wednesday, 25 May 2022.
As published in the results announcement, shareholders electing the dividend reinvestment alternative are 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
Wednesday, 1 June 2022 due to the fact that settlement of the new shares will be three days after the record date, being
Friday, 27 May 2022, 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, 27 May 2022. No action is required if you wish to receive the cash dividend.
The salient dates, timetable and all other information relating to the cash dividend (including the tax implications) and
dividend reinvestment alternative disclosed in the results announcement remain unchanged.
17 May 2022
Corporate advisor and sponsor
Java Capital
Date: 17-05-2022 11:18:00
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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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