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Announcement of dividend reinvestment price and confirmation of finalisation information
VUKILE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE share code: VKE NSX share code: VKN
ISIN: ZAE000180865
(Granted REIT status with the JSE)
("Vukile" or "the company")
ANNOUNCEMENT OF DIVIDEND REINVESTMENT PRICE AND CONFIRMATION OF FINALISATION INFORMATION
Further to the declaration of a cash dividend of 78.10251 cents per share (the "cash dividend") with an election to
reinvest the cash dividend in return for Vukile shares (the "dividend reinvestment alternative"), announced on SENS
on Thursday, 29 November 2018 (the "declaration announcement"), the price per share, as determined on Monday,
10 December 2018 (the "finalisation date"), applicable to Vukile shareholders electing the dividend reinvestment
alternative and recorded in the register on Friday, 21 December 2018 (i.e. the "record date"), is R19.40 per share
(the "reinvestment price"). The reinvestment price is a 4.28% discount to the five-day volume weighted average traded
price (less the cash dividend) and a 2.02% discount to the spot price (less the cash dividend) of Vukile shares on the JSE
prior to the finalisation date.
The ratio in respect of the dividend reinvestment alternative is 4.02590 shares for every 100 shares held on the record
date by South African resident shareholders exempt from dividend tax and 3.22072 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.
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 Vukile shareholders dated and posted on Thursday, 29 November 2018 (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 78.10251 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 62.48201 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) 78.10251 78.10251
Dividend tax per share (cents) - (15.62050)
Total net dividend per share (cents) 78.10251 62.48201
Number of shares held 100 100
Reinvestment price (R) 19.40000 19.40000
Total amount available for reinvestment (R) 78.10251 62.48201
Number of shares entitled to in terms of the ratio 4.02590 3.22072
Rounded number of shares issued in terms of dividend reinvestment alternative 4 3
Total amount payable for shares acquired in terms of the dividend reinvestment 77.60000 58.20000
alternative (R)
Balance of distribution paid to shareholder (R) 0.50251 4.28201
Trading of Vukile shares
Shareholders are advised that, as per the timetable below, the last date to trade is Tuesday, 18 December 2018 and the
shares will trade ex-dividend on Wednesday, 19 December 2018. Shareholders are reminded that the last day to elect
to receive the dividend reinvestment alternative is 12:00 (South African time) on Friday, 21 December 2018. No action
is required if you wish to receive the cash dividend.
A summary of the salient dates relating to the cash dividend and the dividend reinvestment alternative reflects as follows:
Salient dates and times 2018
Finalisation information including the share ratio and price per share published on
SENS Monday, 10 December
Last day to trade in order to participate in the election to receive the dividend
reinvestment alternative or to receive a cash dividend Tuesday, 18 December
Shares trade 'ex' dividend Wednesday, 19 December
Listing of maximum possible number of shares under the dividend reinvestment
alternative and trading in new shares commences Friday, 21 December
Last day to elect to receive the dividend reinvestment alternative or to receive a cash
dividend (no late forms of election will be accepted) at 12:00 (SA time) Friday, 21 December
Record date for the election to receive the dividend reinvestment alternative or to
receive a cash dividend Friday, 21 December
Results of cash dividend and dividend reinvestment alternative published on SENS Monday, 24 December
Cash dividends paid to certificated shareholders by electronic funds transfer on or
about Monday, 24 December
Accounts credited by CSDP or broker to dematerialised shareholders with the cash
dividend payment Monday, 24 December
Share certificates posted to certificated shareholders on or about Friday, 28 December
Accounts updated with the new shares (if applicable) by CSDP or broker to
dematerialised shareholders Friday, 28 December
Adjustment to shares listed on or about Monday, 31 December
Notes:
1. 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 due to the fact that settlement of the shares
will be three days after the record date, which differs from the conventional one day after record date settlement
process.
2. Shares may not be dematerialised or rematerialised between Wednesday, 19 December 2018 and Friday,
21 December 2018, both days inclusive.
All other information relating to the dividend (including the tax implications) and dividend reinvestment alternative
disclosed in the declaration announcement remain unchanged.
10 December 2018
Corporate advisor and sponsor
Java Capital
Date: 10/12/2018 01:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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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