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STOR-AGE PROPERTY REIT LIMITED - Dividend Re-Investment Price and Confirmation of Finalisation Information

Release Date: 24/11/2020 11:12
Code(s): SSS     PDF:  
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Dividend Re-Investment Price and Confirmation of Finalisation Information

Stor-Age Property REIT Limited
Incorporated in the Republic of South Africa
Registration number 2015/168454/06
Share Code: SSS ISIN ZAE000208963
Approved as a REIT by the JSE
(“Stor-Age” or the “Company”)


Shareholders are referred to the Company’s financial results announcement for the six months ended
30 September 2020 released on SENS on 17 November 2020 (the “Declaration Announcement”),
which contained information relating to the declaration of a gross interim cash dividend of 52.00 cents
per share (“Cash Dividend”) for the six months ended 30 September 2020 and the entitlement of
shareholders to elect to re-invest the Cash Dividend in return for Stor-Age Shares (“Share
Alternative”), and also to the circular to Stor-Age shareholders dated 17 November 2020 (“Circular”),
and are advised that the reinvestment price is R12.40 per share (“Reinvestment Price”).

The Reinvestment Price is based on an approximate 0.56% discount to the 5-day volume weighted
average traded price at the close of business on 23 November 2020 (less the Cash Dividend of 52.00
cents per share).

The ratio in respect of the Share Alternative is 4.193548 shares for every 100 shares held on the record
date by South African resident shareholders exempt from dividend tax and 3.354839 shares for every
100 shares held on the record date by non-resident shareholders subject to dividend tax at 20%.

Where a shareholder’s entitlement to the shares in relation to the Share Alternative, calculated with
reference to the above share ratio, gives rise to an entitlement to a fraction of a new share, such
fraction will be rounded down to the nearest whole number with the cash balance of the dividend
being retained by the shareholder (“Rounding Principle”).

Dividend withholding tax (“Dividend Tax”) implications

Dividend Tax implications for South African resident shareholders
Dividends received from a Real Estate Investment Trust (“REIT”) are exempt from Dividend Tax in the
hands of South African resident shareholders provided that the shareholders have provided the
requisite declaration as to residence as detailed in paragraph 5 of the Circular. South African resident
shareholders who have submitted the requisite documentation and are exempt from Dividend Tax,
will accordingly receive a net dividend of 52.00 cents per share.

Dividend Tax implications for non-resident shareholders
Dividends received from a REIT by a non-resident shareholder are subject to Dividend 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 non-resident shareholder. A
reduced dividend withholding tax rate in terms of the applicable DTA may only be relied upon if the
non-resident shareholder has provided the requisite documentation as detailed in paragraph 5 of the
Circular. Non-resident shareholders who have not submitted the requisite documentation, and
assuming that a Dividend Tax of 20% is applicable, will accordingly receive a net dividend of 41.60
cents per share.

An example of the impact of Dividend Tax is illustrated below:
                                                          South African                   Non-resident
                                                  resident shareholders         shareholder subject to
                                               exempt from Dividend Tax            Dividend Tax at 20%

 Dividend per share (cents)                                       52.00                          52.00
 Dividend Tax per share (cents)                                     -                            -10.4
 Net dividend per share (cents)                                   52.00                          41.60
 Reinvestment Price (cents)                                       12.40                          12.40
 New shares to be issued (per 100                              4.193548                       3.354839
 before applying the Rounding Principle

As the Cash Dividend or the Share Alternative may have tax implications for resident and non-resident
shareholders, it is suggested that shareholders consult their professional advisers in this regard.

Other information
The issued ordinary share capital of Stor-Age at the date hereof is 423 643 793 ordinary shares of no
par value.

The Company’s income tax reference number is 9027205245.

The distribution of this announcement and/or accompanying documents and the right to elect the
Share Alternative in jurisdictions other than the Republic of South Africa may be restricted by law and
a failure to comply with any of these restrictions may constitute a violation of the securities laws of
any such jurisdictions. The Shares have not been and will not be registered for the purposes of the
election under the securities laws of the United Kingdom, European Economic Area or EEA, Canada,
United States of America, Japan or Australia and accordingly are not being offered, sold, taken up, re-
sold or delivered directly or indirectly to recipients with registered addresses in such jurisdictions.
Shareholders should observe the laws in their jurisdiction before making an election.

Trading in Stor-Age shares
Shareholders electing the Share Alternative are reminded that the new shares will be listed on LDT+3
and that these new shares can only be traded on LDT+3 as a result of the settlement of shares 3 trading
days after the record date, which differs from the conventional one trading day after the record date
settlement process.

Shareholders are reminded that the last day to elect to receive the Share Alternative is 12:00 (South
African time) on Friday, 4 December 2020.

The salient dates and times and all other information relating to the cash dividend and the Share
Alternative as disclosed in the Declaration Announcement and the Circular, released on 17 November
2020, remain unchanged.

Cape Town
24 November 2020

Investec Bank Limited

Date: 24-11-2020 11:12:00
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