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Provisional Audited Results for the year ended 28 February 2022 and Declaration of Maiden Cash Dividend Number 1
AFINE INVESTMENTS LIMITED
APPROVED AS A REIT
(Incorporated in the Republic of South Africa)
Registration number 2020/852422/06
JSE share code: ANI ISIN: ZAE000303947
(“Afine” or “the Company” or “the Group”)
SHORT-FORM ANNOUNCEMENT:
PROVISIONAL AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2022 AND DECLARATION OF
MAIDEN CASH DIVIDEND NUMBER 1
Afine was incorporated as a private shelf company on 12 November 2020 under the name “Domanolor
Proprietary Limited”, which was acquired by the founder and which name was changed to “Afine
Investments Proprietary Limited” on 10 March 2021. The Company was converted to a public company on
11 May 2021.
The Company was incorporated as the holding company for the purpose of listing on AltX. As at the year
end, the Group’s property portfolio had a gross asset value of approximately R301 691 082.
The Company holds a portfolio of income generating immovable properties focused primarily in the
petroleum sector, strategically located in four of South Africa's nine provinces.
Afine’s key financial performance indicators for the year ended 28 February 2022 are shown below:
Audited Audited
year ended 1 month ended Change
Figures in Rand 28 February 2022 28 February 2021 %
Revenue 33 596 937 - 100%
Distributable earnings 37 762 501 - 100%
Basic earnings / (loss) per
share (cents) 469.06 (1 868.51) 125%
Diluted earnings / (loss) per
share (cents) 469.06 (1 868.51) 125%
Headline earnings per share
(cents) 46.23 - 100%
Dividend per share (cents)* 27.80 - 100%
Net asset value per share** R3.55 7.51 cents 4 627%
*An interim dividend distribution of R16 million, equating to 25 cents per share, was declared and was paid
on 15 November 2021.
** The shares were subdivided on a 1 000 to 1 basis on 14 May 2021 resulting in an issued share capital of
64 000 000 shares.
This short-form announcement is the responsibility of the directors of the Company. It contains only a
summary of the information in the full announcement (“Full Announcement”) and does not contain full or
complete details. The Full Announcement is available for viewing on the Company’s website at
https://www.afineinvestments.com/sens-announcements and may also be inspected by investors and/or
shareholders at the registered office of the Company and the offices of the designated advisor, at no
charge, during normal business hours. In addition, electronic copies of the Full Announcement may be
requested and obtained, at no charge, from the Company’s company secretary by sending an email to
sonmari@petroland.co.za.
Any investment decisions by investors and/or shareholders should be based on consideration of the Full
Announcement as a whole, a link to which has been published on SENS and is available at
https://senspdf.jse.co.za/documents/2022/JSE/ISSE/ANIE/ANIAR22.pdf.
The content of this announcement is derived from audited information, but is not itself audited. The
Company has based this short-form announcement on the annual financial statements for the year ended
28 February 2022, which have been audited by the Company’s auditor, PKF Pretoria Incorporated, who
expressed an unmodified review conclusion thereon.
DIVIDEND DECLARATION
An interim dividend distribution of R16 million was declared and was paid on 15 November 2021.
The Board is pleased to declare its maiden dividend (final dividend distribution) as a listed company
(Dividend Number 1) of 27.80 cents per ordinary share, which amounts to 47.12% of distributable profit at the
end of the 2022 financial year. The dividend is declared out of distributable reserves of the Group.
As the Company has REIT status, 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), as amended,
(“Income Tax Act”). The dividend on the shares will be deemed to be a dividend, for South African tax
purposes, in terms of section 25BB of the Income Tax Act.
Afine’s tax reference number is 901 493 3296. The number of ordinary shares which will be eligible for the
dividend at the declaration date is 64 000 000.
The salient dates for the dividend will be as follows:
2022
Last date to trade "cum" dividend Tuesday, 21 June
Shares commence trading "ex" dividend Wednesday 22 June
Record date (date shareholders recorded in share register) Friday, 24 June
Payment date Monday, 27 June
Shareholders may not dematerialise or rematerialise their share certificates between Wednesday, 22 June
2022 and Friday, 24 June 2022, both dates inclusive.
TAX IMPLICATIONS
South African tax residents
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
exception, contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax Act) because it is a dividend
distributed by a REIT.
The dividend is exempt from dividend withholding tax in the hands of South African tax resident Shareholders,
provided that the South African resident Shareholders provide the following forms to the CSDP or broker in
respect of uncertificated shares, or to the Company, in respect of certificated shares:
a) a declaration that the dividend is exempt from dividend tax; and
b) a written undertaking to inform the CSDP, broker or the Company, 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 Company to arrange for the abovementioned
documents to be submitted prior to payment of the dividend, if such documents have not already been
submitted.
Non-resident Shareholders
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. Since 1 January 2014, any dividend 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 concerned. Assuming dividend withholding tax will be withheld at a rate of
20%, the net dividend amount due to non-resident Shareholders is 22.24 cents per share. A reduced dividend
withholding rate in terms of the applicable DTA may only be relied on if the non-resident shareholder has
provided the following form to their CSDP or broker in respect of uncertificated shares, or the Company, in
respect of certificated shares:
a) a declaration that the dividend is subject to a reduced rate as a result of the application of DTA; and
b) a written undertaking to inform their CSDP, broker or the Company, 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 Company to arrange for the
abovementioned documents to be submitted prior to payment of the dividend, if such documents have
not already been submitted.
BY ORDER OF THE BOARD
Cape Town
31 May 2022
Registered office: Unit 4602, Greenways, Strand, 7140
Company secretary: Mrs S Vosloo
Designated advisor: AcaciaCap Advisors Proprietary Limited, 20 Stirrup Lane, Woodmead Office Park,
Woodmead, 2191
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 31-05-2022 01:15:00
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