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

Release Date: 25/01/2019 13:58
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 31 December 2018.




The aggregate distribution will amount to 4.66664 cents per Ashburton MidCap ETF security and is constituted as follows:
Dividend/Interest       Foreign/          Source             Gross             Subject to    Foreign          Amount Available        SA               Net
                         Local                            Distribution        Withholding   Withholding               for         Withholding      Distribution
                                                          (Cents per              tax         Tax (%)            Distribution       Tax (%)        (Cents per
                                                              unit)             Yes/ No                        (Cents per unit)                        unit)




    Dividend              Local              SA                     2.65170      Yes                                    2.65170                        2.12136
                                                                                                          -                                20
    Dividend          Foreign RPL         United                    0.03319      Yes                                    0.03319                        0.02655
                                         Kingdom                                                          -                                20
    Dividend         Foreign EPP*       Netherlands                 0.24420      Yes                                    0.20757                        0.19536
                                                                                                      15                                    5
    Dividend         Foreign ITU**         United                   0.58747      Yes                                    0.46998             -          0.46998
                                          Kingdom                                                     20
    Dividend         Foreign RPL**         United                   0.13277      Yes                                    0.10622              -         0.10622
                                          Kingdom                                                     20
    Dividend            REITs***             SA                     1.19798      Yes                                    1.19798                        0.95839
                                                                                                          -                                20
                                                                    4.84732                                             4.66664                        3.87786


1. EPP distribution - 15% withholding tax has been deducted at source. An additional 5% will be withheld from SA tax residents who are not
    exempt from SA dividend withholding tax resulting in a net distribution of 0.19536 cents per unit. SA tax residents who are exempt from SA
    dividend withholding tax will receive 0.20757 cents per unit.


2. ITU Property Income Distribution (PID) - 20% withholding tax has been deducted at source. No additional tax will be withheld in SA. Investors
    who are SA tax residents will receive 0.46998 cents per unit. This applies to both exempt and non-exempt unit holders.


   RPL Property Income Distribution (PID) - 20% withholding tax has been deducted at source. No additional tax will be withheld in SA. Investors
   who are SA tax residents will receive 0.10622 cents per unit. This applies to both exempt and non-exempt unit holders.


3. Distributions by Real Estate Investment Trusts (REITs) are subject to income tax for South African tax residents, and subject to 20%
   withholding tax for non-residents.
Notice is hereby given that the following dates are of importance regarding the distribution for the quarter ended 31 December 2018 by the ETF to
holders of Ashburton MidCap ETF securities:


Last day to trade “cum” distribution:                       Tuesday, 29 January 2019
Securities trade “ex” distribution:                       Wednesday, 30 January 2019
Record date:                                                  Friday, 01 February 2019
Payment date:                                               Monday, 04 February 2019

Creations or redemptions from the fund will not be allowed during the period from 24 January 2019 to 01 February 2019.

Withholding Tax on Interest (WTI) came into effect 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 P articipant
(“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 th e 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 1 April 2012 and amended on 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 51 000 000 Ashburton MidCap securities in issue. The total distribution amount payable is

R 2,379,986.48.


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 January 2019
Johannesburg
Sponsor: Bridge Capital Advisors Proprietary Limited

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