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Finalisation announcement in respect of an election to obtain both a money dividend or a scrip dividend

STENPROP LIMITED
(Registered in Guernsey)
(Registration quantity 64865)
LSE share code: STP JSE share code: STP
ISIN: GG00BFWMR296
(“Stenprop” or the “Firm”)

FINALISATION ANNOUNCEMENT IN RESPECT OF AN ELECTION TO RECEIVE EITHER A CASH DIVIDEND OR A SCRIP DIVIDEND

12 January 2021

Stenprop shareholders are referred to the round (the “round”) and the announcement issued on Thursday,
17 December 2020 in respect of an election to obtain the interim dividend of three.375 pence per share (the “dividend”)
for the six months ended 30 September 2020, both as a money dividend (the “money dividend”) or as a scrip dividend (the
“scrip dividend”). Shareholders are actually suggested that the dividend will likely be paid as follows:

– 1.600 pence (47.41%) will comprise a property earnings distribution (“PID”). The PID will likely be topic to a deduction
of a 20% United Kingdom (“UK”) withholding tax except exemptions apply.
– 1.775 pence (52.59%) will comprise a non-PID. The non-PID will likely be handled as an unusual UK firm dividend,
with no UK withholding tax deducted.

(i) Shareholders receiving the dividend in money:

South African (“SA”) shareholders are suggested that the trade charge for the dividend will likely be 20.87500 ZAR to 1.00 GBP
(the “trade charge”), as obtained by the Firm on Monday, 11 January 2021, leading to a gross native dividend
quantity of 70.45313 ZAR cents per share. Accordingly, shareholders who don’t elect to obtain new unusual shares
pursuant to the scrip dividend will likely be paid a money dividend per share as follows:

UK Shareholders SA Shareholders

PID (GBP pence) (ZAR cents)

Gross quantity of PID 1.60000 33.40000

Much less 20% UK withholding tax * zero.32000 6.68000

Internet PID dividend payable** 1.28000 26.72000

Much less efficient 5% SA dividends tax for SA Shareholders*** n/a 1.67000

Internet PID dividend payable*** n/a 25.05000

* Sure classes of UK shareholders might apply for exemption, during which case the PID aspect will likely be paid gross of UK withholding tax.
** Internet place after deducting UK withholding tax for each UK and SA Shareholders, however earlier than SA shareholders have claimed again 5% from
HMRC beneath the double tax settlement between the UK and South Africa in respect of the UK withholding tax.
*** SA dividends tax applies to SA Shareholders who don’t qualify for an exemption from SA dividends tax (SA tax resident corporations and sure
exempt establishments are, amongst others, exempt from SA dividends tax) on the charge of 20%, lowered by the UK withholding taxes suffered, which
can’t be recovered from the UK (which is successfully 15%, after taking into consideration the 5% refund which can be obtained from the UK).

UK Shareholders SA Shareholders

Non-PID* (GBP pence) (ZAR cents)

Non-PID aspect 1.77500 37.05313

Much less 20% SA dividends tax for SA Shareholders** n/a 7.41063

Internet Non-PID dividend payable 1.77500 29.64250

* Non-PID – taxed as a standard dividend for UK functions, i.e. no UK withholding tax relevant.
** Sure classes of SA shareholders are exempt from SA dividends tax, e.g. SA resident corporations.

(ii) Shareholders who elect to take shares:

The scrip dividend reference value for UK shareholders is 137.62500 pence (“scrip dividend reference value”), being the
common closing value of Stenprop shares traded on the London Inventory Trade (“LSE”) over a interval of 5 days as at
Friday, eight January 2021, much less the dividend. The scrip dividend reference value for SA shareholders is 28.72922 ZAR, being
the scrip dividend reference value for UK shareholders, transformed to Rand on the trade charge.

The variety of new unusual shares to be allotted to shareholders electing to take part within the scrip dividend will likely be
calculated by dividing the web worth of the dividend in any other case receivable by a shareholder by the scrip dividend reference
value and rounding right down to the closest complete quantity. As no fraction of a brand new share will likely be issued, any entitlement
which ends up in a fractional share will likely be rounded right down to the closest complete quantity, with a money cost to be made
to the related shareholder in respect of the fraction (“money cost”).

Within the case of shareholders on the SA register, such fractions of shares will likely be bought out there on behalf of the
shareholders entitled to the fractions of shares and the money cost in respect of the fractions will likely be paid to these
shareholders. The money cost is calculated by multiplying the fractional entitlement by the scrip dividend reference
value. Shareholders are solely entitled to the proceeds for his or her fractional entitlements, that are bought on their behalf,
equal to the quantity of the money cost.

The money cost will likely be made on the cost date, being Friday, 12 February 2021.

By the use of illustration, a shareholder who holds 1,00zero shares, and who elects to obtain new unusual shares pursuant
to the scrip dividend, will obtain plenty of new unusual shares calculated as follows:

UK Shareholders SA Shareholders

In respect of the PID (GBP £) (ZAR)

PID dividend internet of UK withholding tax entitled to obtain*
(As per (i) above x 1,00zero): £12.80000 267.20000 ZAR
Scrip dividend reference value £1.37625 28.72922 ZAR
Calculated variety of new shares to which shareholder is 9.30064 9.30064
entitled
Precise variety of new shares acquired 9 9
Gross Money Stability (multiply fractional entitlement by scrip
dividend reference value) £zero.41376 eight.63715 ZAR

* A scrip dividend isn’t topic to SA dividends tax, subsequently no SA dividends tax is deducted for SA Shareholders on this occasion, solely UK
withholding tax. SA shareholders might declare again 5% from HMRC beneath the double tax settlement between the UK and South Africa
in respect of the UK withholding tax

UK Shareholders SA Shareholders

In respect of the non-PID aspect (GBP £) (ZAR)

Gross quantity of non-PID dividend entitled to obtain
(Gross Non-PID per (i) above x 1,00zero): £17.75000 370.53125 ZAR
Scrip dividend reference value £1.37625 28.72922 ZAR
Calculated variety of new shares to which shareholder is 12.89737 12.89737
entitled
Precise variety of new shares acquired 12 12
Gross money cost (multiply fractional entitlement by scrip
dividend reference value) £1.23501 28.78074 ZAR

TIMETABLE

The salient dates and occasions introduced on Thursday, 17 December 2020 stay unchanged.

TAX IMPLICATIONS

The receipt of the money dividend or electing to obtain the scrip dividend might have tax implications for shareholders.

Almost about shareholders on the SA register, the scrip dividend (together with the money cost regarding fractions of
shares) doesn’t represent a “overseas dividend” as outlined in part 1(1) of the South African Earnings Tax Act 58 of
1962 (“ITA”) and accordingly doesn’t give rise to any dividends tax. Nevertheless, the shares issued when it comes to the scrip
dividend are deemed to be acquired at a base price or tax price of nil when it comes to part 40C of the ITA. Because the money
cost regarding fractions of shares arises pursuant to the disposal of shares on behalf of shareholders, such money
cost have to be disclosed by South African shareholders of their tax returns as proceeds for capital beneficial properties tax functions,
or gross earnings, (relying on whether or not the shareholder holds his/her shares on earnings or capital account) in relation
to the disposal of shares which haven’t any base price or tax price.

Shareholders are additionally referred to the overall abstract of sure restricted facets of the taxation remedy of
distributions paid by the Firm for SA resident shareholders and UK resident shareholders included in paragraph 6
of the round. Shareholders are suggested to acquire applicable recommendation from their skilled advisors relating to the tax
penalties of the money dividend, scrip dividend and money cost.

For additional data:

Stenprop Restricted +44(zero)20 3918 6600
Paul Arenson (paul.arenson@stenprop.com)
Julian Carey (julian.carey@stenprop.com)
James Beaumont (james.beaumont@stenprop.com)

Numis Securities Restricted (Monetary Adviser) +44(zero)20 7260 1000
Hugh Jonathan
Vicki Paine

FTI Consulting (PR Adviser) +44(zero)20 3727 1000
Richard Sunderland
Richard Gotla
Neel Bose
Stenprop@fticonsulting.com

Java Capital +27 (zero)11 722 3050
(JSE Sponsor)

About Stenprop:
Stenprop is a UK REIT listed on the LSE and the JSE. The target of the Firm is to ship sustainable rising
earnings to its buyers. Stenprop’s funding coverage is to put money into a diversified portfolio of UK multi-let industrial (MLI)
properties with the strategic aim of turning into the main MLI enterprise within the UK. For additional data, go to
stenprop.com.

Date: 12-01-2021 11:00:00
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