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ASHMID Distribution Announcement

2020/01/14 15:30:39

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ASHMID Distribution Announcement: 
Ashburton Management Company RF Proprietary Limited
Ashburton MidCap 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: 15 August 2012)
Share Code: ASHMID
ISIN: ZAE000215349
('ASHMIDCAP')


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 MidCap ETF securities for the quarter ended 31 December 2019.


The aggregate distribution will amount to 6.66701 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 Tax      Available      Withholding   Distribution
                                                           (Cents per           tax              (%)                for          Tax (%)     (Cents per
                                                               unit)          Yes/ No                          Distribution                      unit)
                                                                                                               (Cents per
                                                                                                                   unit)
 ASHMID
              Dividend                        SA                3.14067         Yes                                3.14067                       2.51253
                                Local                                                                      -                            20
              Dividend                      United              0.30829         Yes                                0.30829                       0.24663
                                Foreign    Kingdom                                                         -                            20
              Dividend          Foreign   Netherlands           0.22397         Yes                                0.19038                       0.17918
                                 EPP                                                                      15                             5
              Dividend                        SA                2.63820         Yes                                2.63820                       2.11056
                                REITs*                                                                     -                            20
            Other income                      SA                0.32850         No                                 0.32850                       0.32850
                                Local                                                                      -                             -
               Interest                       SA                0.06097         No                                 0.06097                       0.06097
                                Local                                                                      -                             -
                                                                6.70061                                            6.66701                       5.43837




 Foreign Dividends Breakdown by Source:

               Name                           Source               % Breakdown            Tax withheld at Source (%)          SA Withholding Tax (%)


 MEDICLINIC INTERNATIONAL PLC             United Kingdom                  24%                         0                                                20
 MAS REAL ESTATE INC                        Isle of Man                   34%                         0                                                20
 ECHO POLSKA PROPERTIES                     Netherlands                   42%                         15                                                5

1. EPP distribution - 15% withholding tax has been deducted at source. An additional 5% SA withholding
   tax is to be deducted by the relevant regulated intermediaries from SA residents who are not exempt
   from SA dividend tax.

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 31 December 2019 by the ETF to holders of Ashburton MidCap ETF securities:


Last day to trade 'cum' distribution:                        Tuesday, 21 January 2020
Securities trade 'ex' distribution:                        Wednesday, 22 January 2020
Record date:                                                  Friday, 24 January 2020
Payment date:                                                 Monday, 27 January 2020

Creations or redemptions from the fund will not be allowed during the period from 21 January 2020
to 24 January 2020, both days inclusive.


Withholding Tax on Interest (WTI) came into effect 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.



Additional information:

The dividend distribution as outlined above is subject to the Dividends Tax that was introduced with effect
from 1 April 2012 and amended on 22 February 2017. The dividend, as defined in the Income Tax Act of
1962, is payable from dividends accumulated in the fund. The South African Dividend Tax rate of 20% has
been applied.
There are 54 500 000 Ashburton MidCap securities in issue. The total distribution amount payable is R
3,633,521.95.



Ashburton MidCap ETF Income Tax number is 0036/883/26/2.
A copy of the ETF issue document can be found at http://www.ashburtoninvestments.com/za/individual-
investor/investment-range/exchange-traded-funds/ashburton-midcap-etf


14 January 2020
Johannesburg

Date: 14-01-2020 03:30:00
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