ASHMID - Distribution Announcement
Ashburton Management Company RF Proprietary Limited
Ashburton MidCap ETF
A portfolio in the Ashburton 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: ASHMID
(“ASHMIDCAP” or the “ETF” or the “fund”)
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 MidCap
ETF securities for the quarter ended 30 June 2021.
The aggregate distribution will amount to 5.90524 cents per Ashburton MidCap ETF security and is
constituted as follows:
Alpha Dividend/Interest Foreign/ Source Gross Subject to Foreign Amount SA Net
code Local Distribution Withholding Withholding Available Withholding Distribution
(Cents per tax Tax (%) for Tax (%)* (Cents per
unit) Yes/ No Distribution unit)
Dividend SA 4.12240 Yes 4.12240 3.29792
Local - 20
Dividend United 0.28563 Yes 0.28563 0.22851
Foreign1 Kingdom - 20
Dividend SA 1.01333 Yes 1.01333 0.81066
REITs2 - 20
Other income SA 0.46604 No 0.46604 0.46604
Local - -
Interest SA 0.01784 No 0.01784 0.01784
Local - -
5.90524 5.90524 4.82097
1. Foreign Dividends Breakdown by Source:
Name Source % Breakdown Tax withheld at Source (%) SA Withholding Tax (%)
QUILTER PLC United Kingdom 100% 0 20
2. 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.
Notice is hereby given that the following dates are of importance regarding the distribution for the quarter
ended 30 June 2021 by the ETF to holders of Ashburton MidCap ETF securities:
Last day to trade “cum” distribution: Tuesday, 27 July 2021
Securities trade “ex” distribution: Wednesday, 28 July 2021
Record date: Friday, 30 July 2021
Payment date: Monday, 02 August 2021
Creations or redemptions from the fund will not be allowed during the period from 27 July 2021 to
30 July 2021, both days inclusive.
*Withholding Tax on Interest (“WTI”) came into effect in April 2012 and was amended on 1 March
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.
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 75,952,103 Ashburton MidCap ETF securities in issue. The total distribution amount payable is
Ashburton MidCap ETF Income Tax number is 0036/883/26/2.
A copy of the ETF issue document can be found at:
22 July 2021
Rand Merchant Bank (a division of FirstRand Bank Limited)
Date: 22-07-2021 12:47:00
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.