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FNBMID - Distribution Announcement
2024/04/16 08:00:00Download PDF Stock report
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 31 March 2024.
The aggregate distribution will amount to 3.78206 cents per FNB MidCap ETF security and is constituted
as follows:
Alpha Code: FNBMID Dividend Dividend *Interest Other Income Total
Distribution Source type Local Foreign SA Listed Local Local
Net Distribution Reinvested No No No No
Source of Funds (Country Code) ZA US ZA ZA
Subject to Foreign Withholding tax No No No No
Gross Foreign Rate (cents per unit) 0.02770
Foreign Tax % withheld at source
Foreign Tax amount per unit
DTA with Source Country
Foreign Tax Reclaim %
Portfolio/Management Cost
Interest Expense
Other costs
Gross ZA Distribution (Cents per unit) 3.63522 0.02770 0.07000 0.04914 3.78206
Gross Local Rate (cents per unit) 3.63522 0.02770 0.07000 0.04914
SA Withholding Tax % 20% 20%
SA Withholding Tax amount per unit 0.72704 0.00554
Local Net Rate 2.90818 0.02216 0.07000 0.04914 3.04948
Notice is hereby given that the following dates are of importance regarding the distribution for the quarter
ended 31 March 2024 by the ETF to holders of FNB MidCap ETF securities:
Last day to trade 'cum' distribution: Tuesday, 23 April 2024
Securities trade 'ex' distribution: Wednesday, 24 April 2024
Record date: Friday, 26 April 2024
Payment date: Monday, 29 April 2024
Creations or redemptions from the fund will not be allowed during the period from 23 April 2024 to
26 April 2024, 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 65 852 103 FNB MidCap ETF securities in issue. The total distribution amount payable is
R 2,490,566.05.
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
16 April 2024
Johannesburg
Debt sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Date: 16-04-2024 08:00:00
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