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CASTLEVIEW PROPERTY FUND LIMITED - Short-form: Unaudited condensed consolidated interim financial statements for the six months ended 31 August 2019

Release Date: 05/11/2019 17:50
Code(s): CVW     PDF:  
 
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Short-form: Unaudited condensed consolidated interim financial statements for the six months ended 31 August 2019

CASTLEVIEW PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2017/290413/06)
JSE share code: CVW
ISIN: ZAE000251633
(Approved as a REIT by the JSE)
("Castleview")


SHORT-FORM: UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 AUGUST 2019


                             31 August 2019  31 August 2018  % change
Revenue                          21 087 512      21 386 780     (1.4%)
Headline earnings per share           23.93           17.88    33.84%
Earnings per share                    23.37           30.45   (23.25%)
Dividend per share                    16.71           37.23   (55.12%)
Net asset value per share              5.12            5.08     0.79%

The board has approved and notice is hereby given of the final gross dividend of 16.71000 cents per share for the six months ended 31 August 2019 (the "dividend").

The board has proposed a further dividend of 18.26000 cents per share as a result of excess cash being available in Castleview (the "further dividend"). 
Accordingly, a higher than anticipated overall dividend per share will be payable to shareholders.  Shareholders should not expect such dividend to recur in the future. The board intends to provide shareholders with an election to reinvest the further dividend in return for Castleview shares (the "dividend reinvestment alternative"). Further details regarding the further dividend and the dividend reinvestment alternative will be released on SENS in due course.

The dividend is payable to Castleview's shareholders in accordance with the timetable set out below:

Last day to trade cum dividend:  Tuesday, 19 November 2019
Shares trade ex dividend:        Wednesday, 20 November 2019
Record date:                     Friday, 22 November 2019
Payment date:                    Monday, 25 November 2019

Share certificates may not be dematerialised or rematerialised between Wednesday, 20 November 2019 and Friday, 22 November 2019, both days inclusive. The dividend 
will be transferred to dematerialised shareholders' CSDP/broker accounts on Monday, 25 November 2019. Certificated shareholders' dividend payments will be paid to
certificated shareholders' bank accounts on, or about, Monday, 25 November 2019.

In accordance with Castleview's status as a REIT, shareholders are advised that the dividend meets the requirements of a "qualifying distribution" for the purposes
of section 25BB of the Income Tax Act, No. 58 of 1962 ("Income Tax Act"). The dividend will be deemed to be a dividend for South African tax purposes, in terms of section 25BB of the Income Tax Act.

The dividend received by or accrued to South African tax residents must be included in the gross income of such shareholders and will not be exempt from income tax 
(in terms of the exclusion to the general dividend exemption, contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax Act) because it is a dividend
distributed by a REIT. This dividend is, however, exempt from dividend withholding tax in the hands of South African tax resident shareholders, provided that the 
South African resident shareholders submitted the following forms to their Central Securities Depository Participant ("CSDP") or broker, as the case may be, in 
respect of uncertificated shares, or the company, in respect of certificated shares:

a declaration that the dividend is exempt from dividends tax; and
a written undertaking to inform the CSDP, broker or the company, 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 Commissioner for the South African Revenue Service (SARS). Shareholders are advised to contact their CSDP, broker or the company, 
as the case may be, to arrange for the above-mentioned documents to be submitted prior to payment of the dividend, if such documents have not already been submitted.

Dividends received by non-resident shareholders will not be taxable as income and instead will be treated as an ordinary dividend, which is exempt from income tax
in terms of the general dividend exemption in section 10(1)(k)(i) of the Income Tax Act. Dividends received by non-residents from a REIT will be subject to dividend
withholding 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 shareholders. Assuming dividend withholding tax will be withheld at a rate of 20%, the net dividend amount due to non-resident 
shareholders is 13.36800 cents per share. A reduced dividend withholding rate, in terms of the applicable DTA, may only be relied upon if the non-resident shareholder has submitted the following forms to their CSDP or broker, as the case may be, in respect of uncertificated shares, or the company, in respect of certificated shares:

a declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and
a written undertaking to inform their CSDP, broker or the company, as the case may be, should the circumstances affecting the reduced rate change or the beneficial
owner cease to be the beneficial owner,

both in the form prescribed by the Commissioner for the SARS. Non-resident shareholders are advised to contact their CSDP, broker or the company, as the case may be,
to arrange for the above-mentioned documents to be submitted prior to payment of the dividend, if such documents have not already been submitted, if applicable.

Shares in issue at the date of declaration of dividend: 33 000 000.
Castleview's income tax reference number: 9366916188

This short-form announcement is the responsibility of the directors of Castleview. This short-form announcement is only a summary of the information in the full
announcement and does not contain full or complete details. Any investment decisions by investors and/or shareholders should be based on consideration of the full
announcement as a whole.

The full announcement has been released on the JSE website: https://senspdf.jse.co.za/documents/2019/JSE/isse/CVWE/HY2019.pdf
and is available on Castleview's website: https://castleview.co.za/investors/

The full announcement is available for inspection at the registered office of the company (411 The Hills, Buchanan Square, 160 Sir Lowry Road, Woodstock) and the
offices of the sponsor, Java Capital (2nd floor, 6A Sandown Valley Crescent, Sandown, Sandton), at no charge during normal business hours.

Copies of the full announcement may be requested, by emailing Colin Dockrall at colin@castleview.co.za

5 November 2019


Designated advisor

Java Capital


Date: 05/11/2019 05:50:00
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