| Mon 6 Jun 2011, 15:20 | | OAS - Oasis Crescent Property Fund - Results announcement in respect of the |
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OAS
OAS
OAS - Oasis Crescent Property Fund - Results announcement in respect of the
income distribution
Oasis Crescent Property Fund
A property fund created under the Oasis Crescent Trust Scheme registered in
terms of the Collective Schemes Control Act (Act 45 of 2002)
JSE code: OAS
ISIN: ZAE000074332
("OCPF" or "the Fund")
RESULTS ANNOUNCEMENT IN RESPECT OF THE INCOME DISTRIBUTION
Unitholders are referred to the SENS announcements of 11 and 20 May 2011,
where it was announced that an income distribution, after non-permissible
income of 4 616.40 cents (in aggregate) for every 100 units held ("Income
Distribution"), in respect of the 6 months ended 31 March 2011, had been
declared to unitholders recorded in the register of OCPF at close of business
on Friday, 3 June 2011, with the election to receive a unit distribution of
3.35 units, at 1 376 cents per unit (in aggregate), for every 100 units
("Unit Distribution") held at close of business on Friday, 3 June 2011, in
lieu of the Income Distribution.
The total Income Distribution comprises of three different income
distributions, namely the Property Income Distribution, the Offshore Dividend
Income Distribution and the Domestic Permissible Investments Income
Distribution.
The directors of Oasis Crescent Property Fund Managers Limited ("the
Manager") hereby advise unitholders that the closing date and time for the
election of the unit distribution was 12:00pm on Friday, 3 June 2011.
The following elections to receive the unit distribution were received from
unitholders in respect of the three different income distributions:
Income Distribution Number of units held New units issued
by unitholders who
elected to receive
the unit
distribution
Property Income 34 160 380 987 236
Distribution
Offshore Dividend 34 160 380 116 144
Income Distribution
Domestic Permissible 34 160 054 40 996
Investments Income
Distribution
Total 1 144 376
Accordingly 1 144 376 new units in OCPF have been issued to the unitholders
that elected to receive same.
In respect of the Income Distribution, the Manager hereby advises unitholders
who will receive the Income Distribution that, for taxation purposes, SARS
regards the income distribution as being "interest income" (as defined by
SARS). Therefore the property income distribution, offshore dividend income
distribution and domestic permissible investments income distribution have
different tax implications for unitholders as a result of such distributions
being classified as either a net property distribution, net foreign income
distribution or net domestic income distribution.
The Income Tax Act sections applicable to the distributions made are as
follows:
- Property Income Distribution -section 10(k)
- Offshore dividend income distribution - section 10(i)
- Domestic permissible investments income distribution - section 10(k)
- Realised gain in domestic permissible investments income distribution -
8th Schedule of the Income Tax Act
The Manager therefore advises unitholders to consult their professional tax
advisors with regard to their tax liability in this regard.
Share certificates in respect of the unit distribution will be posted out to
certificated unitholders on or about Monday, 6 June 2011, and cheques in
respect of the income distribution are in the process of being posted.
The CSDP/broker accounts of unitholders holding dematerialised units have
been updated and are in the process of being credited, according to the
elections made.
An adjustment to the maximum number of unit distribution units listed will be
made on or about Wednesday, 8 June 2011.
By order of the board of the Manager
6 June 2011
Cape Town
Designated Advisor
PSG Capital (Pty) Limited
Date: 06/06/2011 15:20:00 Produced by the JSE SENS Department.
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