| Tue 28 Nov 2017, 11:57 | | STOR-AGE PROPERTY REIT LIMITED - Dividend re-investment price and confirmation of finalisation information |
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SSS 201711280034A
Dividend re-investment price and confirmation of finalisation information
Stor-Age Property REIT Limited
(Incorporated in the Republic of South Africa)
(Registration number 2015/168454/06)
(Share Code: SSS ISIN ZAE000208963)
(Approved as a REIT by the JSE)
(“Stor-Age” or “the Company”)
DIVIDEND RE-INVESTMENT PRICE AND CONFIRMATION OF FINALISATION INFORMATION
Shareholders are referred to the Company’s interim results announcement for the six months ended
30 September 2017 released on SENS on 21 November 2017 (“the Declaration Announcement”),
which contained information relating to the declaration of a gross cash dividend of 47.02 cents per
share (“Cash Dividend”) and the entitlement of shareholders to elect to re-invest the Cash Dividend
in return for Stor-Age Shares (“Share Alternative”) and are advised that the reinvestment price is
R11.65 per share (“Reinvestment Price”).
The Reinvestment Price is based on an approximate 1.97% discount to the closing price (less the
Cash Dividend of 47.02 cents per share) on 27 November 2017 and an approximate 1.0% premium to
the 5-day volume weighted average traded price (less the Cash Dividend of 47.02 cents per share) at
the close of business on 27 November 2017.
The ratio in respect of the Share Alternative is 4.03605 shares for every 100 shares held on the
record date by South African resident shareholders exempt from dividend tax and 3.22884 shares for
every 100 shares held on the record date by non-resident shareholders subject to dividend tax at
20%.
Where a shareholder’s entitlement to the shares in relation to the Share Alternative, calculated with
reference to the above share ratio, gives rise to an entitlement to a fraction of a new share, such
fraction will be rounded down to the nearest whole number with the cash balance of the dividend
being retained by the shareholder (“Rounding Principle”).
Dividend withholding tax (“Dividend Tax”) implications:
Dividend Tax implications for South African resident shareholders:
Dividends received from a Real Estate Investment Trust (“REIT”) are exempt from Dividend Tax in
the hands of South African resident shareholders provided that the shareholders have provided the
requisite declaration as to residence as detailed in paragraph 5.2 of the circular to Stor-Age
shareholders dated 21 November 2017 (“Circular”). South African resident shareholders who have
submitted the requisite documentation and are exempt from Dividend Tax, will accordingly receive a
net dividend of 47.02 cents per share.
Dividend Tax implications for non-resident shareholders:
Dividends received from a REIT by a non-resident shareholder are subject to Dividend 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 non-resident shareholder. A
reduced dividend withholding tax rate in terms of the applicable DTA may only be relied upon if the
non-resident shareholder has provided the requisite documentation as detailed in paragraph 5.2 of
the Circular. Non-resident shareholders who have not submitted the requisite documentation, and
assuming that a Dividend Tax of 20% is applicable, will accordingly receive a net dividend of 37.616
cents per share.
An example of the impact of Dividend Tax is illustrated below:
South African Non-resident
resident shareholders subject to
shareholders Dividend Tax at 20%
exempt from
Dividend Tax
Dividend per share (cents) 47.020 47.020
Dividend Tax per share (cents) 0.000 9.404
Total net dividend per share (cents) 47.020 37.616
Reinvestment Price(R) 11.650 11.650
New shares to be issued (per 100 shares) before
applying the Rounding Principle 4.03605 3.22884
As the Cash Dividend or the Share Alternative may have tax implications for resident and non-
resident shareholders, it is suggested that shareholders consult their professional advisers in this
regard.
Other information:
The issued ordinary share capital of Stor-Age at the date hereof is 290 530 040 ordinary shares of no
par value.
The Company’s income tax reference number is 90274205245.
Restrictions
The distribution of the Circular and/or accompanying documents and the right to elect shares in
jurisdictions other than the Republic of South Africa may be restricted by law and failure to comply
with any of these restrictions may constitute a violation of the securities laws of any such
jurisdiction. The rights of shareholders to elect shares is not being offered, directly or indirectly, in
the United States of America, the United Kingdom, Canada, Australia or Japan unless certain
exemptions from the requirements of those jurisdictions are applicable.
Trading in Stor-Age shares:
Shareholders electing the Share Alternative are reminded that the new shares will be listed on LDT+3
and that these new shares can only be traded on LDT+3 (i.e. Friday, 8 December 2017) as a result of
the settlement of shares 3 trading days after the record date, which differs from the conventional
one trading day after the record date settlement process.
Shareholders are reminded that the last day to elect to receive the Share Alternative is 12:00 (South
African time) on Friday, 8 December 2017.
The salient dates and times and all other information relating to the cash dividend and the Share
Alternative as disclosed in the Declaration Announcement. Released on 21 November 2017, remain
unchanged.
Cape Town
28 November 2017
Sponsor and Corporate Advisor
Questco Corporate Advisory Proprietary Limited
Date: 28/11/2017 11:57:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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