| Mon 14 Nov 2011, 14:41 | | OAS - Oasis Crescent Property Fund - Results announcement in respect of the |
|
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 announcement of Thursday, 20 October 2011,
where it was announced that an income distribution, after non-permissible income
of 4 709.59 cents (in aggregate) for every 100 units held ("Income
Distribution"), in respect of the 6 months ended 30 September 2011, had been
declared to unitholders recorded in the register of OCPF at close of business on
Friday, 11 November 2011, with the election to receive a unit distribution of
3.39 units, at 1 388 cents per unit (in aggregate), for every 100 units ("Unit
Distribution") held at close of business on Friday, 11 November 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, 11 November 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 by New units issued
unitholders who elected to
receive the unit
distribution
Property Income 31 654 874 838 854
Distribution
Offshore Dividend 31 654 874 164 606
Income Distribution
Domestic Permissible 31 654 874 69 640
Investments Income
Distribution
Total 1 073 100
Accordingly 1 073 100 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, 14 November 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, 16 November 2011.
By order of the board of the Manager
14 November 2011
Cape Town
Designated AdvisorPSG Capital (Pty) Limited
Date: 14/11/2011 14:41:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
