| Wed 18 Oct 2023, 13:00 | | FNBMID - Distribution Announcement |
|
FNBMID - Distribution Announcement
FNB CIS Manco (RF) Proprietary Limited
FNB MidCap ETF (formerly known as Ashburton MidCap ETF)
A portfolio in the FNB Collective Investment Scheme in Securities Exchange Traded Funds (the 'portfolio')
registered in terms of the Collective Investment Schemes Control Act, 45 of 2002
(Incorporated in the Republic of South Africa)
(Date of incorporation: 15 August 2012)
Share Code: FNBMID
ISIN: ZAE000303111
('FNBMIDCAP' or the 'ETF' or the 'fund')
DISTRIBUTION ANNOUNCEMENT
The manager and trustees (namely FNB CIS Manco (RF) Proprietary Limited and Standard Chartered
Bank) have resolved to make a quarterly distribution to holders of FNB MidCap ETF securities for the
quarter ended 30 September 2023.
The aggregate distribution will amount to 11.57208 cents per FNB MidCap ETF security and is constituted
as follows:
Alpha Code: FNBMID Dividend Dividend Dividend (64N =/< *Interest Other REIT Total
DTA) Income
Distribution Source type Local Foreign SA Foreign SA Listed Local Local Local
Listed
Net Distribution Reinvested No No No No No No
Source of Funds (Country Code) ZA Table 1 UK ZA ZA ZA
Subject to Foreign Withholding tax No No Yes No No No
Gross Foreign Rate (cents per
unit) 0.04367
Foreign Tax % withheld at source 20%
Foreign Tax amount per unit 0.00873
DTA with Source Country 15%
Foreign Tax Reclaim % 5%
Portfolio/Management Cost
Interest Expense
Other costs
Gross ZA Distribution (Cents
per unit) 9.33659 1.77575 0.03494 0.09681 0.08098 0.24701 11.57208
Gross Local Rate (cents per unit) 9.33659 1.77575 0.04367 0.09681 0.08098 0.24701
SA Withholding Tax % 20% 20% 5% Note 1
SA Withholding Tax amount per
unit 1.86732 0.35515 0.00218
Local Net Rate 7.46927 1.42060 0.03276 0.09681 0.08098 0.24701 9.34743
Table 1
Country ISO Code Split Tax withheld at
Source (%)
United Kingdom UK 79% 0%
Luxembourg LU 19% 0%
United States US 2% 0%
Note 1. Distributions by Real Estate Investment Trusts (REITs) are subject to income tax for South African
tax residents, and subject to 20% withholding tax for non-residents. The gross rate for non-residents is
0.24701 and the net rate is 0.19761 cents per security.
Notice is hereby given that the following dates are of importance regarding the distribution for the quarter
ended 30 September 2023 by the ETF to holders of FNB MidCap ETF securities:
Last day to trade 'cum' distribution: Tuesday, 24 October 2023
Securities trade 'ex' distribution: Wednesday, 25 October 2023
Record date: Friday, 27 October 2023
Payment date: Monday, 30 October 2023
Creations or redemptions from the fund will not be allowed during the period from 24 October 2023
to 27 October 2023, both days inclusive.
*Withholding Tax on Interest ('WTI') came into effect in April 2012 and was amended on 1 March
2015.
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 interest:
• 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; or
• 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.
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.
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
following forms to their Central Securities Depository Participant ('CDSP') or broker, as the case
may be in respect of its participatory interest:
a) a declaration that the distribution is exempt from dividends tax; and
b) a written undertaking to inform their CSDP or broker, as the case may be, 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, to arrange for the
abovementioned documents to be submitted prior to payment of the distribution, if such
documents have not already been submitted.
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 Income Tax Act No.58 of 1962 ('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, as the case may be in
respect of its participatory interest:
a) a declaration that the dividend is subject to a reduced rate as a result of the application of
a DTA; and
b) a written undertaking to inform the CSDP or broker, as the case may be, should the
circumstances affecting the reduced rate change or the beneficial owner ceases 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, as the case may be, 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.
Additional information:
The dividend distribution as outlined above is subject to the Dividends Tax that was introduced with effect
from 1 April 2012 and was amended on 22 February 2017. The dividend, as defined in the Act, is payable
from dividends accumulated in the fund. The South African Dividend Tax rate of 20% has been applied.
There are 71 552 103 FNB MidCap ETF securities in issue. The total distribution amount payable is
R 8,280,051.35.
FNB MidCap ETF Income Tax number is 0036/883/26/2.
A copy of the ETF issue document can be found at: https://www.fnb.co.za/share-investing/exchange-
traded-funds.html
18 October 2023
Johannesburg
Debt Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Date: 18-10-2023 01:00:00
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.