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GLOBE TRADE CENTRE S.A. - Finalisation announcement regarding the cash dividend

Release Date: 14/05/2019 17:44
Code(s): GTC     PDF:  
 
Wrap Text
Finalisation announcement regarding the cash dividend

GLOBE TRADE CENTRE S.A.
(Incorporated and registered in Poland with KRS No. 61500)
(Share code on the WSE: GTC)
(Share code on the JSE: GTC ISIN: PLGTC0000037)
(“GTC” or “the Company”)

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES
OF AMERICA, CANADA, JAPAN OR AUSTRALIA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO

FINALISATION ANNOUNCEMENT REGARDING THE CASH DIVIDEND

Further to the announcements made on 14 May 2019 in respect of a foreign dividend payment (“Cash
Dividend”), South African shareholders are advised as follows:

The Cash Dividend of PLN 0.37 per share converted to South African Rand is ZAR 1.38288 (converted at the
exchange rate of PLN 1.00 : ZAR 3.7375 The salient dates relating to the Cash Dividend are detailed below:

                                                                                                         2019
Finalisation date                                                                             Tuesday, 14 May
Date on which the exchange rate for the Cash                                                  Tuesday, 14 May
Dividend is determined
Last date to trade cum-dividend rights on the JSE                                              Friday, 17 May
GTC shares will trade ex-dividend rights on the JSE                                            Monday, 20 May
Dividend Record Date                                                                       Wednesday , 22 May
Payment Date                                                                                 Tuesday, 11 June


    -   South African shareholders are advised that Share certificates may not be dematerialised or
        rematerialised between Monday, 20 May 2019 and Wednesday, 22 May 2019 both days inclusive.

    -   The transfer of the GTC shares between the Polish share register and the South African share register
        will not take place between Tuesday, 14 May 2019 and Wednesday 22 May 2019.

South African shareholders are advised to contact their CSDP and/or brokers in respect of their Cash Dividend.

South African Shareholders are reminded that GTC is a company incorporated under the laws of the Republic
of Poland with a primary listing on the Warsaw Stock Exchange. Consequently, Polish rules are applicable to
the Cash Dividend process. Shareholders are referred to GTC’s website, specifically to Current Report 9, where
the information relating to the Cash Dividend has been announced to GTC shareholders on the Warsaw Stock
Exchange.


TAX IMPLICATIONS FOR THE CASH DIVIDEND

POLISH DIVIDEND WITHHOLDING TAX

Polish dividend withholding tax (“PWHT”) at a rate of 19% will be withheld in Poland on the dividend
distribution and the PWHT withheld will be remitted to the Polish Tax Authorities.

The PWHT may be reduced if a shareholder qualifies for an exemption from or a reduction of PWHT on the
basis of Polish domestic law and/or a Double Tax Agreement concluded by Poland (“DTA”) and the formal
requirements that apply to such exemption from or reduction of PWHT are satisfied.
The PWHT may be reduced to 5 % or 15% in terms of the DTA in force between Poland and South Africa. A
rebate of the additional PWHT imposed must be claimed in accordance with the relevant reimbursement
process.


SOUTH AFRICAN DIVIDENDS WITHHOLDING TAX

Dividends received from a foreign resident company in respect of a share that is listed on the JSE are regarded
as foreign dividends for South African income tax and dividends withholding tax purposes. The foreign
dividends are exempt from South African income tax in respect of foreign shareholders and South African
shareholders.

The Cash Dividend will also be subject to South African Dividends Tax (“SADWT”) at the rate of 20%, with a net
Cash Dividend of ZAR 1.1063 unless a shareholder qualifies for an exemption. Any shareholder who receives a
Cash Dividend which is subject to SADWT (i.e. where no exemption is available) will qualify for a 15% reduction
in dividends tax. The ultimate result in such a case is that the Cash Dividend will be subject to a reduced PWHT
of 15% and subject to South African Dividends Tax at a rate of 5%.

The information provided above does not constitute tax advice and is only provided as a general guide on the
Polish and South African tax treatment of the Cash Dividend declaration by GTC to South African tax resident
shareholders. For shareholders residing outside of South Africa, the Cash Dividend may have other legal or tax
implications and such shareholders are advised to obtain appropriate advice from their professional advisers in
this regard. Tax matters are complex, and the tax consequences to a particular shareholder will depend in part
on such shareholder's circumstances. Accordingly, a shareholder is urged to consult his own tax advisor for a
full understanding of the tax consequences to him, including the applicability and effect of Polish tax laws.



Date: 14 May 2019

Warsaw, Poland
Sponsor: Investec Bank Limited

Legal disclaimer

The material set forth herein constitutes the fulfilment of the applicable disclosure obligations of the Company.
The publication of this communication is for information purposes only and does not constitute the making
available of information to promote the purchase or acquisition of securities or an inducement of their
purchase or acquisition, including within the meaning of Article 53 section 1 of Polish Act of 29 July 2005 on
Public Offering, the Conditions Governing the Introduction of Financial Instruments to Organised Trading, and
Public Companies, as amended, and does not constitute a promotional campaign within the meaning of Article
53 section 2 of such act.

The Company’s securities have not been and will not be registered under the U.S. Securities Act of 1933, as
amended (the “Securities Act”), or the laws of any state, and may only be offered or sold within the United
States under an exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act and applicable state laws. No public offering of the Company’s securities will be made in the
United States.

It may be unlawful to distribute this document in certain jurisdictions. In particular this document is not for
distribution in the United States, Canada, Japan or Australia.

Date: 14/05/2019 05:44:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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