22 August 2017
Allotment Currency Conversion Advertisement
Allotment No. 133
On 26 July 2017, the Aggregation declared an acting allotment of 10.70 pence per allotment (“the Dividend”) for the aeon concluded 30 June 2017. The Allotment will be accountable to a 20% UK denial tax unless exemptions administer and will be advised as a Property Assets Distribution (“PID”).
The Allotment Reinvestment Plan (“DRIP”) will be accessible for those shareholders who ambition to accept the Allotment in the anatomy of shares. The Allotment is payable on Monday, 9 October 2017 to shareholders registered on the UK arch annals (“UK Shareholders”) and the South African annex annals (“SA Shareholders”) who accept adopted to accept the Allotment in cash. The DRIP purchases adjustment date (subject to bazaar altitude and the acquirement of shares in the accessible market) is Monday, 16 October 2017. The Record Date for both UK Shareholders and SA Shareholders is at the aing of business on Friday, 1 September 2017.
The Allotment should be admired as a “foreign dividend” for South African assets and assets tax purposes.
Shareholders accepting the Allotment in banknote
The Aggregation confirms that the South African Rand barter bulk for the Allotment will be ZAR 17.12290 to GBP 1. The Allotment is payable in South African Rand to SA Shareholders. Accordingly, shareholders who do not accept for the DRIP will be paid as follows:
Gross bulk of PID
Less 20% UK denial tax/20% SA assets tax*
Net PID allotment payable
A 20% UK denial tax will be deducted from banknote PIDs. The Aggregation will annual to HMRC in admirable for the absolute UK denial tax deducted.
SA assets tax, at the bulk of 20% will administer to banknote PIDs and assets payable by the Aggregation unless the benign buyer of the allotment is absolved from SA assets tax (e.g. if it is a South African citizen company). Beneath the bifold tax acceding amid the UK and SA (“the DTA”), the best tax payable in the UK is 15%. South African citizen shareholders are accordingly advantaged to affirmation the balance of 5% from HMRC. As SA Shareholders are advantaged to accost this balance from HMRC, the best abatement acceptable in account of the UK denial tax adjoin the SA assets tax is 15%, which agency that the Aggregation will accept to abstain a added 5% from the allotment in South Africa to accompany the absolute assets tax to 20%. In summary, therefore, 20% will be withheld in the UK, a added 5% will be withheld in SA (where appropriate), but South African citizen shareholders will be advantaged to affirmation aback 5% from HMRC which will accompany the all-embracing absolute to 20%.
Shareholders electing for the DRIP
SA Shareholders electing for the DRIP should agenda that, in account of apportioned entitlements that may arise, all allocations of shares will be angled bottomward to the aing accomplished number, and any balance amounts that are not acclimated to reinvest in shares (as a aftereffect of rounding down) will be paid in cash.
It is the Company’s compassionate that the balance banknote paid to SA Shareholders who accept fabricated DRIP elections would already accept been burdened above-mentioned to the adding of the cardinal of shares and any balance banknote attributable to such SA Shareholders. Accordingly, no added tax should be payable on the banknote paid to SA Shareholders as a aftereffect of any apportioned entitlements.
The aloft admonition and the guidelines on the taxation of assets are provided as a accepted adviser based on the Company’s compassionate of the law and convenance currently in place. Any actor who is in any agnosticism as to their tax position should seek absolute able advice.
SA Transfer Secretaries
90 York Way
Capita Asset Services
34 Beckenham Road
Computershare Investor Services Proprietary Limited
(Registration cardinal 2004/003647/07)
1st Floor, Rosebank Towers,
15 Biermann Avenue, Rosebank, 2196
(PO Box 61051, Marshalltown, 2107, South Africa)
Accepted Counsel and Aggregation Secretary
The advertisement aloft has been appear on the SENS arrangement of the Johannesburg Stock Exchange.
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