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ASHBURTON MANAGEMENT COMPANY (RF) PROPRIETARY LIMITED - Distribution Announcement - ASHMID

Release Date: 25/10/2018 09:04
Code(s): ASHMID     PDF:  
 
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Distribution Announcement - ASHMID

Ashburton Management Company RF Proprietary Limited
Ashburton MidCap ETF
A portfolio in the Ashburton Collective Investment Scheme (“the portfolio”) registered in terms of the
Collective Investment Schemes Control Act, 45 of 2002
(Incorporated in the Republic of South Africa)
(Date of incorporation: 15 August 2012)
Share Code: ASHMID
ISIN: ZAE000215349
(“ASHMIDCAP”)

DISTRIBUTION ANNOUNCEMENT

The manager and trustees (namely Ashburton Management Company RF Proprietary Limited and
Standard Chartered Bank) have resolved to make a quarterly distribution to holders of Ashburton MidCap
ETF securities for the quarter ended 30 September 2018.

The aggregate distribution will amount to 5.03877 cents per Ashburton MidCap ETF security and is
constituted as follows:

 Alpha      Dividend/Interest       Foreign/ Local       Gross        Subject to     *Withholding         Net
 code                                                 Distribution   Withholding         Tax (%)      Distribution
                                                      (Cents per         tax                          (Cents per
                                                          unit)        Yes/ No                            unit)
  ASHMID         Dividend               Local             5.01016        Yes               20             4.00813
                 Dividend               Foreign           0.02861        Yes               20             0.02289
                                                          5.03877                                         4.03102

1. Source of Foreign taxable dividend:
   United Kingdom.

Notice is hereby given that the following dates are of importance regarding the distribution for the quarter
ended 30 September 2018 by the ETF to holders of Ashburton MidCap ETF securities:

Last day to trade “cum” distribution:                        Tuesday, 30 October 2018
Securities trade “ex” distribution:                        Wednesday, 31 October 2018
Record date:                                                 Friday, 02 November 2018
Payment date:                                                Monday, 05 November 2018

Creations or redemptions from the fund will not be allowed during the period from 26 October
2018 to 02 November 2018.

Withholding Tax on Interest (WTI) came into effect in April 2012 and amended on 1 March 2015.

Interest accruing from a South African source to a non-resident, excluding a controlled foreign company,
will be subject to withholding tax at a rate of 15% on payment, except interest,

- arising on any Government debt instrument.
- arising on any listed debt instrument.
- arising on any debt owed by a bank or the South African Reserve Bank.
- arising from a bill of exchange or letter of credit where goods are imported into South Africa and
  where an authorized dealer has certified such on the instrument.
- payable by a headquarter company.
- accruing to a non-resident natural person who was physically present in South Africa for a period
  exceeding 183 days in aggregate, during that year, or carried on a business through a permanent
  establishment in South Africa.

Investors are advised that to the extent that the distribution amount comprises of any interest, it
will not be subject to WTI by virtue of the fact that it is listed debt instruments and/or bank debt.

No dividend withholding tax will be deducted from dividends payable to a South African tax
resident qualifying for exemption from dividend withholding tax provided that the investor has
provided the following forms to their Central Securities Depository Participant (“CDSP”) or broker,
as the case may be in respect of its participatory interest:
    a) a declaration that the distribution is exempt from dividends tax; and
    b) a written undertaking to inform their CSDP or broker, as the case may be, should the
        circumstances affecting the exemption change or the beneficial owner cease to be the
        beneficial owner, both in the form prescribed by the South African Revenue Service. South
        African tax resident investors are advised to contact their CSDP, to arrange for the
        abovementioned documents to be submitted prior to payment of the distribution, if such
        documents have not already been submitted.

Non-resident investors for South African income tax purposes
The dividend distribution received by non-resident investors will be exempt from income tax in
terms of section 10(1)(k)(i) of the Act, but will be subject to dividend withholding tax. Dividend
withholding tax is levied at a rate of 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 investor.
A reduced dividend withholding rate in terms of the applicable DTA may only be relied on if the
non-resident investor has provided the following forms to their CSDP or broker, as the case may
be in respect of its participatory interest:
    a) a declaration that the dividend is subject to a reduced rate as a result of the application of
        a DTA; and
    b) a written undertaking to inform the CSDP or broker, as the case may be, should the
        circumstances affecting the reduced rate change or the beneficial owner ceases to be the
        beneficial owner, both in the form prescribed by the South African Revenue Service. Non-
        resident investors are advised to contact their CSDP or broker, as the case may be, to
        arrange for the abovementioned documents to be submitted prior to the payment of the
        distribution if such documents have not already been submitted.

Both resident and non-resident investors are encouraged to consult their professional advisors
should they be in any doubt as to the appropriate action to take.

Additional information:

The dividend distribution as outlined above is subject to the Dividends Tax that was introduced with effect
from 22 February 2017. The dividend, as defined in the Income Tax Act of 1962, is payable from
dividends accumulated in the fund. The South African Dividend Tax rate of 20% has been applied.

There are 56 000 000 Ashburton MidCap securities in issue. The total distribution amount payable is
R 2,821,714.63.

Ashburton MidCap ETF Income Tax number is 0036/883/26/2.

A copy of the ETF issue document can be found at http://www.ashburtoninvestments.com/za/individual-
investor/investment-range/exchange-traded-funds/ashburton-midcap-etf

25 October 2018
Johannesburg
Sponsor: Bridge Capital Advisors Proprietary Limited

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