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EMIRA PROPERTY FUND LIMITED - Interim financial results for six months ended 31 December 2019 and dividend distribution declaration

Release Date: 19/02/2020 11:56
Code(s): EMI     PDF:  
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Interim financial results for six months ended 31 December 2019 and dividend distribution declaration

EMIRA PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
(Registration number 2014/130842/06)
JSE share code: EMI ISIN: ZAE000203063
JSE Interest Rate Issuer Code: EMII
(Approved as a REIT by the JSE)
(“Emira” or “the Company”)

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX
MONTHS ENDED 31 DECEMBER 2019 AND DIVIDEND DISTRIBUTION DECLARATION

Operational review and results:
The unaudited condensed consolidated interim financial results for the six months ended 31 December
2019, as compared to the six months ended 31 December 2018 (“comparative period”), are set out
below:

1.    Revenue decreased by 12.3% to R771 million compared to R879 million for the comparative
      period;
2.    Headline earnings per share decreased by 17.2% to 85.34 cents compared to 103.11 cents for
      the comparative period;
3.    Earnings per share decreased by 20.9% to 77.77 cents compared to 98.29 cents for the
      comparative period;
4.    Net asset value per share increased by 0.2% to 1 787.4 cents compared to 1 783.4 cents for the
      comparative period; and
5.    Dividend increased by 1.7% to 74.10 cents per share compared to 72.86 cents per share for the
      comparative period.


Dividend distribution declaration

The board of directors of Emira (“Board”) has approved, and notice is hereby given that an interim
gross dividend of 74,10 cents per share has been declared, payable to the registered shareholders of
Emira on 16 March 2020. The issued share capital at the declaration date is 522 667 247 listed ordinary
shares. The source of the dividend comprises net income from property rentals, income earned from
the Company’s listed property investment, income earned from the Company’s equity accounted
investments, interest earned on loans receivable and interest earned on cash on deposit.

Last day to trade cum dividend                             Tuesday, 10 March 2020
Shares trade ex dividend                                   Wednesday, 11 March 2020
Record date                                                Friday, 13 March 2020
Payment date                                               Monday, 16 March 2020


Share certificates may not be dematerialised or rematerialised between Wednesday, 11 March 2020
and Friday, 13 March 2020, both days inclusive.

In accordance with Emira’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”). Accordingly, qualifying distributions received by local tax residents must
be included in the gross income of such shareholders (as a non-exempt dividend in terms of section
10(1)(k)(aa) of the Income Tax Act), with the effect that the qualifying distribution is taxable as income
in the hands of the shareholder. These qualifying distributions are, however, exempt from dividend
withholding tax in the hands of South African tax resident shareholders, provided that the South African
resident shareholders have provided the following forms to their Central Securities Depository
Participant (“CSDP”) or broker, as the case may be, in respect of uncertificated shares, or the transfer
secretaries, in respect of certificated shares:
a) a declaration that the dividend is exempt from dividends tax; and
b) a written undertaking to inform the CSDP, broker or the transfer secretaries, 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. Shareholders are advised to contact their CSDP, broker or the transfer secretaries, as the
   case may be, to arrange for the abovementioned documents to be submitted prior to payment of
   the dividend, if such documents have not already been submitted.

Qualifying dividends received by non-resident shareholders will not be taxable as income and instead
will be treated as ordinary dividends but which are exempt in terms of the usual dividend exemptions
per section 10(1)(k) of the Income Tax Act. Any distribution received by a non-resident 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 shareholder. Assuming dividend withholding tax will be withheld at a rate of 20%, the
net amount due to non-resident shareholders will be 59,2800 cents per share. A reduced dividend
withholding tax rate in terms of the applicable DTA, may only be relied on if the non-resident shareholder
has provided the following forms to their CSDP or broker, as the case may be, in respect of the
uncertificated shares, or the transfer secretaries, in respect of certificated shares:

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 their CSDP, broker or the transfer secretaries, 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 South African
   Revenue Service. Non-resident shareholders are advised to contact their CSDP, broker or the
   transfer secretaries, as the case may be, to arrange for the abovementioned documents to be
   submitted prior to payment of the dividend if such documents have not already been submitted, if
   applicable.

Local tax resident shareholders as well as non-resident shareholders are encouraged to consult their
professional advisors should they be in any doubt as to the appropriate action to take.

The Company’s tax reference number is 9995/739/15/9.


This short form announcement is the responsibility of the Board, is only a summary of the information
in the full announcement and therefore does not contain full or complete details. Any investment
decisions by investors and/or shareholders should be based as a whole on consideration of the
unaudited condensed consolidated interim financial results for the six months ended 31 December
2019 which may be downloaded from
https://senspdf.jse.co.za/documents/2020/jse/isse/EMIE/Interims19.pdf
or may be viewed, at no cost, at the registered office of the Company and the Johannesburg office of
its Sponsor, during ordinary business hours, for a period of 30 calendar days following the date of this
announcement. The full announcement is also available on the Company’s website at:
https://emira.co.za/wp-content/uploads/2020/02/Emira-Interim-Results-Feb-2020-Long-Form-
Final.pdf



Registered office: 1st Floor, Block A, Knightsbridge, 33 Sloane Street, Bryanston, 2191



Bryanston
19 February 2020

Sponsor
Questco Corporate Advisory Proprietary Limited
First Floor, Yellowwood House, Ballywoods Office Park, 33 Ballyclare Drive, Bryanston.

Date: 19-02-2020 11:56:00
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