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Market value of Lighthouse Properties p.l.c. shares in respect of the distribution
RESILIENT REIT LIMITED
Incorporated in the Republic of South Africa
Registration number: 2002/016851/06
JSE share code: RES
ISIN: ZAE000209557
Bond company code: BIRPIF
LEI: 378900F37FF47D486C58
(Approved as a REIT by the JSE)
("Resilient")
MARKET VALUE OF LIGHTHOUSE PROPERTIES P.L.C. SHARES IN RESPECT OF THE DISTRIBUTION
Shareholders are referred to the previous announcements published on SENS in respect of the distribution by Resilient
of Lighthouse Properties p.l.c. ("Lighthouse") shares at a ratio of 0,48000 Lighthouse shares for every one Resilient
share held (the "Distribution") at the close of business on Friday, 20 May 2022.
The Distribution will be made in reduction of the contributed tax capital of Resilient and should constitute a "return of
capital" as defined in section 1 of the Income Tax Act, 58 of 1962 (the "Income Tax Act"). The Distribution is
accordingly not a dividend as defined in the Income Tax Act and will therefore not attract dividends tax.
Resilient shareholders who hold their shares as capital assets will be required in terms of paragraph 76B of the Eighth
Schedule to the Income Tax Act to reduce the base cost of their Resilient shares with the amount of the Distribution
(which should be the market value of the Lighthouse shares distributed to such shareholders). If the amount of the return
of capital exceeds the base cost of the Resilient shares in the hands of the shareholders, the excess will constitute a
capital gain in the hands of the shareholders and the shareholders must account for capital gains tax on such capital gain,
unless the shareholders can rely on a capital gains tax exemption. Resilient shareholders who hold their shares as trading
stock should obtain advice on the correct tax treatment of the return of capital.
The Distribution will qualify as a "transfer" as defined in section 1 of the Securities Transfer Tax Act No. 25 of 2007
and should be subject to securities transfer tax at a rate of 0,25% of the closing price of the Lighthouse shares on Friday,
20 May 2022.
Resilient shareholders are hereby advised that the market value of Lighthouse share for purposes of the Distribution is
R7,85 per Lighthouse share, being the price of Lighthouse shares at close of trade on Friday, 20 May 2022.
This announcement is not intended to be a complete analysis of the tax implications of the Distribution. It is not intended
to be, nor should it be considered to be, legal or tax advice. Resilient shareholders are advised to consult their own
professional tax advisors on the taxation consequences of the Distribution in both South Africa and their jurisdiction of
residence and the calculation of their costs for tax purposes.
23 May 2022
Sponsor and corporate advisor
Java Capital
Date: 23-05-2022 10:20:00
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