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Release Date: 11/04/2024 10:30
Code(s): GLPROP     PDF:  
Wrap Text
Distribution Announcement - GLPROP

10X Fund Managers (RF) Proprietary Limited
10 Global Property ETF
Share Code: GLPROP

A portfolio in the 10X Exchange Traded Fund Scheme registered as such in terms of the Collective Investment Schemes Control Act, 45 of 2002, managed by 10X Fund Managers
(RF) Proprietary Limited.


Holders of the security are advised that a distribution will be made in respect of the six months ended 31 March 2024

The following dates are of importance with regards to the distribution

Last day to trade cum distribution:                                                                                                              Tuesday, 16 April 2024
Ex-date:                                                                                                                                       Wednesday, 17 April 2024
Record date:                                                                                                                                      Friday, 19 April 2024
Payment date:                                                                                                                                     Monday, 22 April 2024

An aggregated amount of 52.16119 cents per security is declared.

The nature and source of the distribution is explained in the following table:

GLPROP                                            Dividend                Interest   Interest       TOTAL
Distribution Source type                          Foreign Not SA listed   Local      Foreign
Net Distribution Reinvested                       No                      No         No
Source of Funds (Country Code)                    Table 1                 ZA         US
Subject to Foreign Withholding tax                Table 1                 No         No
 Gross Foreign Rate (cents per unit)              68.81000                           0.10680
 Foreign Tax % withheld at source                 24.85104%
 Foreign Tax amount per unit                      17.10000
 DTA with Source Country                          Table 1
 Foreign Tax Reclaim %
 Portfolio/Management Cost
 Interest Expense
 Other expense
 Gross ZA Distribution (Cents per unit)            51.71000             0.34439       0.10680      52.16119
                                     Applicable to non-exempt South African Shareholders
 Gross Local Rate (cents per unit)                 51.71000             0.34439       0.10680
 SA Withholding Tax %
 SA Withholding Tax amount per unit
 Local Net Rate                                    51.71000             0.34439       0.10680      52.16119

Table 1
Country                                          ISO Code                    Split       Foreign Tax % witheld at source      DTA Rate
United States                                    US                          72.50%                     29.21070%            29.21070%
Hong Kong                                        HK                          11.00%                      0.00000%             0.00000%
China                                            CN                           0.07%                      0.00000%             0.00000%
Japan                                            JP                           7.51%                     15.31489%            15.31489%
Australia                                        AU                           3.56%                      4.60132%             4.60132%
Singapore                                        SG                           2.49%                     16.54973%            16.54973%
Switzerland                                      CH                           0.78%                     35.00097%            35.00097%
France                                           FR                           2.09%                     24.99983%            24.99983%

No dividend withholding tax will be deducted from dividends payable to a South African tax resident qualifying for exemption from dividend withholding tax provided that the
investor has provided the Central Securities Depository Participant (CSDP) or broker with the following:
a) a declaration that the distribution is exempt from dividends tax; and

b) a written undertaking to inform their CSDP or broker, should the circumstances affecting the exemption change or the beneficial owner cease to be the beneficial owner,

both in the form prescribed by the South African Revenue Service. South African tax resident investors are advised to contact their CSDP or broker, to arrange for the
abovementioned documents to be submitted prior to payment of the distribution, if such documents have not already been submitted.

Distributions by Real Estate Investment Trusts (REITs) are subject to income tax for South African tax residents and for non-residents it is subject to 20% SA withholding tax.

Interest accruing from a South African source to a non-resident, excluding a controlled foreign company, will be subject to withholding tax at a rate of 15% on payment, except
  • arising on any Government debt instrument.
  • arising on any listed debt instrument.
  • arising on any debt owed by a bank or the South African Reserve Bank.
  • arising from a bill of exchange or letter of credit where goods are imported into South Africa and where an authorized dealer has certified such on the instrument.
  • payable by a headquarter company.
  • accruing to a non-resident natural person who was physically present in South Africa for a period exceeding 183 days in aggregate, during that year, or carried on a
business through a permanent establishment in South Africa.
Withholding Tax on Interest (WTI) came into effect on 1 March 2015.
Investors are advised that to the extent that the distribution amount comprises of any interest, it will not be subject to WTI by virtue of the fact that it is listed debt
instruments and/or bank debt.

Non-resident investors for South African income tax purposes

The dividend distribution received by non-resident investors will be exempt from income tax in terms of section 10(1)(k)(i) of the Act, but will be subject to dividend
withholding tax. Dividend withholding tax is levied at a rate of 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 investor.

A reduced dividend withholding rate in terms of the applicable DTA may only be relied on if the non-resident investor has provided the following forms to their CSDP or broker
in respect of its participatory interest:

a) a declaration that the dividend is subject to a reduced rate because of the application of a DTA; and

b) a written undertaking to inform the CSDP or broker 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 South African Revenue Service. Non-resident investors are advised to contact their CSDP or broker to arrange for the abovementioned
documents to be submitted prior to the payment of the distribution if such documents have not already been submitted.

Both resident and non-resident investors are encouraged to consult their professional advisors should they be in any doubt as to the appropriate action to take.

Date of announcement: 11 April 2024

Sponsor : Grindrod Bank Limited

Date: 11-04-2024 10:30:00
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