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ASHBURTON MANAGEMENT COMPANY (RF) PROPRIETARY LIMITED - Revised Distribution Announcement - ASHT40

Release Date: 23/07/2019 12:42
Code(s): ASHT40     PDF:  
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Revised Distribution Announcement - ASHT40

Ashburton Management Company RF Proprietary Limited
Ashburton Top 40 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 October 2008)
Share Code: ASHT40
ISIN: ZAE000215364
(“ASHTOP40”)


REVISED DISTRIBUTION ANNOUNCEMENT
Holders of Ashburton Top 40 securities are referred to the original announcement released on 18 July 2019.
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 Top 40
securities for the quarter ended 30 June 2019.


The aggregate distribution will amount to 41.56176 cents per Ashburton Top 40 security and is constituted
as follows:
  Alpha code     Dividend/Interest      Foreign/         Gross           Subject to       *Withholding       Net
                                         Local        Distribution      Withholding         Tax (%)      Distribution
                                                    (Cents per unit)        tax                          (Cents per
                                                                          Yes/ No                            unit)
    ASHT40             Interest          Local               0.41020        No                               0.41020
                       Dividend          Local              31.49954        Yes               20            25.19963
                       Dividend         REITs                4.08535        Yes               20             3.26828
                       Dividend         Foreign              5.15766        Yes               20             4.12613
                     Other income        Local               0.40901        No                               0.40901
                                                            41.56176                                        33.41325



1. Taxable Foreign Dividends Breakdown by Source:
              Name                   Source          % Breakdown         Tax withheld at Source              SA
                                                                                  (%)                    Withholding
                                                                                                           Tax (%)
 BRITISH AMERICAN                United Kingdom           37%                         0                            20
 TOBACCO
 MONDI PLC                       United Kingdom           43%                         0                            20
 NEPI ROCKCASTLE PLC               Isle of Man            20%                         0                            20

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 Top 40 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 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 April 2012. 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% (as amended in February 2017) has
been applied to both local and foreign dividends.



There are 31 288 332 Ashburton Top 40 securities in issue. The total dividend amount payable is

R 13,003,980.98.
Ashburton Top 40 ETF Income Tax number is 2144/830/14/4.


A copy of the ETF issue document can be found at http://www.ashburtoninvestments.com/za/individual-
investor/investment-range/exchange-traded-funds/ashburton-top-40-etf


23 July 2019
Johannesburg
Sponsor: Bridge Capital Advisors Proprietary Limited

Date: 23/07/2019 12:42:00
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