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

Release Date: 18/07/2019 16:12
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 June 2019.


The aggregate distribution will amount to 5.90301 cents per Ashburton MidCap ETF security and is constituted as follows:


  Alpha     Dividend/Interest      Foreign/ Local        Source          Gross        Subject to      Foreign          Amount           SA                 Net
  code                                                                Distribution   Withholding     Withholding      Available     Withholding        Distribution
                                                                      (Cents per         tax           Tax (%)            for         Tax (%)          (Cents per
                                                                          unit)        Yes/ No                       Distribution                          unit)
                                                                                                                     (Cents per
                                                                                                                         unit)


 ASHMID
                 Dividend                                   SA             3.96907        Yes                            3.96907               20          3.17526
                                          Local                                                                  -
                 Dividend                                 United           0.65144        Yes                            0.65144               20          0.52115
                                       Foreign           Kingdom                                                 -
                  Dividend                                United           0.08203         Yes                            0.06562                5      0.06152
                                        Foreign RPL*     Kingdom                                                20
                  Dividend                              Netherlands        0.18974         Yes                            0.16128                5      0.15179
                                        Foreign EPP**                                                           15
                  Dividend                                  SA             0.81998         Yes                            0.81998               20      0.65598
                                          REITs***                                                                -
                   Interest                                 SA             0.08659         No                             0.08659                -      0.08659
                                            Local                                                                 -
                Other income                                SA             0.14903         No                             0.14903                -      0.14903
                                            Local                                                                 -
                                                                           5.94788                                        5.90301                       4.80132




1. EPP distribution - 15% withholding tax has been deducted at source. An additional 5% SA withholding tax is to be deducted by the relevant
    regulated intermediaries from SA residents who are not exempt from SA dividend tax resulting in a net distribution of 0.15179 cents per unit. SA
    tax residents who are exempt from SA dividend withholding tax will receive 0.16128 cents per unit.


   RPL Property Income Distribution (PID) - 20% withholding tax has been deducted at source. A 5% rebate is reclaimable from the UK's HM
   Revenue & Customs, resulting in an effective UK withholding tax rate of 15%. Therefore an additional 5% SA withholding tax is to be deducted
   by the relevant regulated intermediaries from SA residents who are not exempt from SA dividend tax. As a result, the initial withholding tax rate
   on cash PID for non-exempt SA shareholders will be 25%.


2. 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 30 June 2019 by the ETF to holders
of Ashburton MidCap ETF securities:


Last day to trade “cum” distribution:                       Tuesday, 23 July 2019
Securities trade “ex” distribution:                      Wednesday, 24 July 2019
Record date:                                                 Friday, 26 July 2019
Payment date:                                               Monday, 29 July 2019

Creations or redemptions from the fund will not be allowed during the period from 23 July 2019 to 26 July 2019, both days inclusive.


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 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 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 3,010,536.28.
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


18 July 2019
Johannesburg
Sponsor: Bridge Capital Advisors Proprietary Limited

Date: 18/07/2019 04:12:00
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