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ASHBURTON MANAGEMENT COMPANY (RF) PROPRIETARY LIMITED - Distribution announcement - ASHINF

Release Date: 23/04/2019 15:10
Code(s): ASHINF     PDF:  
 
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Distribution announcement - ASHINF

Ashburton Management Company RF Proprietary Limited
Ashburton Inflation ETF
A portfolio in the Ashburton Collective Investment Scheme (“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: 20 May 2009)
Share Code: ASHINF
ISIN: ZAE000215331
(“ASHINFBND”)

DISTRIBUTION ANNOUNCEMENT

The manager and trustees (namely Ashburton Management Company RF Proprietary Limited and
Standard Chartered Bank) have resolved to make a quarterly distribution to holders of Ashburton Inflation
ETF securities for the quarter ended 31 March 2019.


The aggregate distribution will amount to 11.68875 cents per Ashburton Inflation ETF security and is
constituted as follows:


                                                         Gross         Subject to                           Net
                                                                                      *Withholding
    Alpha                               Foreign/      Distribution    Withholding                       Distribution
                Dividend/Interest                                                       Tax (%)
    code                                 Local        (Cents per          tax                           (Cents per
                                                          unit)         Yes/ No                             unit)

  ASHINF             Interest            Local            11.68875          No               0                 11.68875
                                                          11.68875                                             11.68875

Notice is hereby given that the following dates are of importance regarding the distribution for the quarter
ended 31 March 2019 by the ETF to holders of Ashburton Inflation ETF securities:


Last day to trade “cum” distribution:                        Tuesday, 29 April 2019
Securities trade “ex” distribution:                      Wednesday, 30 April 2019
Record date:                                                 Friday, 03 May 2019
Payment date:                                               Monday, 06 May 2019


Creations or redemptions from the fund will not be allowed during the period from 29 April 2019 to
03 May 2019, both days inclusive.


The distribution is calculated after taking into account accrued expenses incurred by the fund for the
previous quarter and thus represents a distribution net of fund expenses.
*Withholding Tax on Interest (WTI) came into effect in April 2012 and 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
        *       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 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.



There are 16 034 948 Ashburton Inflation ETF securities in issue. The total distribution amount payable is

R 1,874,284.70.


Ashburton Inflation ETF Income Tax number is 0691/223/16/8.


A copy of the ETF issue document can be found at http://www.ashburtoninvestments.com/za/individual-
investor/investment-range/exchange-traded-funds/ashburton-inflation-etf


23 April 2019
Johannesburg
Sponsor: Bridge Capital Advisors Proprietary Limited

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