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Announcement of dividend re-investment price and confirmation of finalisation information
DIPULA PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/013963/06)
JSE share code: DIB ISIN: ZAE000203394
(Approved as a REIT by the JSE)
("Dipula" or "the Company")
ANNOUNCEMENT OF DIVIDEND RE-INVESTMENT PRICE AND CONFIRMATION OF FINALISATION INFORMATION
Further to the announcement published on SENS on Friday, 22 May 2026 (the "declaration announcement") declaring
an interim cash dividend of 27.50274 cents per share (the "cash dividend") with an election to re-invest the cash
dividend in return for new Dipula ordinary shares (the "new shares") (the "re-investment option"), shareholders are
advised that the price per share, as determined on Tuesday, 2 June 2026 (the "finalisation date"), applicable to Dipula
shareholders electing the re-investment option and recorded in the register on Friday, 12 June 2026 (the "record date"),
is 675.00000 cents per share (R6.75 per share) (the "re-investment price"). The re-investment price represents a 1.2%
discount to the 30-day volume weighted average traded price on Monday, 1 June 2026 (less the cash dividend), as well
as a 2.2% discount to the spot price on Monday, 1 June 2026 (less the cash dividend).
The ratio in respect of the re-investment option is 4.07448 shares for every 100 shares held on the record date by South
African resident shareholders exempt from dividend tax and 3.25958 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 re-investment option, calculated with reference to the
above share ratio, gives rise to an entitlement to a fraction of a new share, the number of shares to be issued 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 Dipula shareholders distributed on Friday, 22 May 2026 (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 27.50274 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 22.00219 cents per share.
Since the cash dividend or re-investment option 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 regarding 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, based on a shareholding of 100 Dipula shares, 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) 27.50274 27.50274
Dividend tax per share (cents) - (5.50055)
Total net dividend per share (cents) 27.50274 22.00219
Number of shares held 100 100
Re-investment price (cents) 675.000000 675.000000
Total amount available for reinvestment (R) 27.50274 22.00219
Number of shares issued in terms of the re-investment option 4.07448 3.25958
Whole number of shares issued to shareholder 4 3
Total amount payable for shares acquired in terms of the re-investment 27.00000 20.25000
option (R)
Balance of distribution paid to shareholder (R) 0.50274 1.75219
Trading of Dipula shares
Shareholders are advised that, as per the timetable published in the declaration announcement, the last day to trade is
Tuesday, 9 June 2026 and Dipula shares will trade ex-dividend from Wednesday, 10 June 2026.
As published in the declaration announcement, shareholders electing the re-investment option 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, due to the fact that
settlement of the new shares will be three days after the record date, which differs from the conventional one day after
record date settlement process.
Shareholders are reminded that the last day to elect to receive the re-investment option is 12:00 (SA time) on Friday,
12 June 2026. 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
the re-investment option disclosed in the declaration announcement remain unchanged.
2 June 2026
Sponsor
Java Capital
Date: 02-06-2026 10:15:00
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