JSE Sens

EMIRA PROPERTY FUND LIMITED - Reviewed preliminary financial results for the year ended 30 June 2019 and dividend distribution declaration

14 August 2019 - 12:09 PM
EMI EPF014 EPF007 EPF015 EPFC42 EPFC39 EPF016 EPF017 EPF008 EPF011 EPF018 EPFC43 EPF012 EPFC41 EPF010
Reviewed preliminary financial results for the year ended 30 June 2019 and dividend distribution declaration

EMIRA PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
(Registration number 2014/130842/06)
JSE share code: EMI ISIN: ZAE000203063
JSE Interest Rate Issuer Code: EMII
(Approved as a REIT by the JSE)
(Emira or the Company)

REVIEWED CONDENSED CONSOLIDATED PRELIMINARY FINANCIAL RESULTS FOR THE
YEAR ENDED 30 JUNE 2019 AND DIVIDEND DISTRIBUTION DECLARATION

Operational review and results:
The reviewed provisional condensed financial results for the year ended 30 June 2019, as compared
to the year ended 30 June 2018 (comparative period), are set out below:

     Revenue decreased by 4.8% to R1 687 million compared to R1 772 million for the comparative
      period;
     Operating profit decreased by 9.5% to R954 million compared to R1 054 million for the
      comparative period;
     Headline earnings per share decreased by 9.4% to 159.51 cents compared to 176.09 cents for
      the comparative period;
     Earnings per share improved by 5.8% to 175.92 cents compared to 166.32 cents for the
      comparative period;
     Net asset value per share increased by 1.9% to 1 790.8 cents compared to 1 757.5 cents for the
      comparative period; and
     Dividend increased by 3.1% to 78.48 cents per share compared to 76.15 cents per share for the
      comparative period.

A copy of the auditors review conclusion is available for inspection at Emiras registered office together
with the financial statements identified in the auditors report.

Dividend distribution declaration

The board of directors of Emira (Board) has approved, and notice is hereby given that a final gross
dividend of 78,48 cents per share has been declared, payable to the registered shareholders of Emira
on 9 September 2019. The issued share capital at the declaration date is 522 667 247 listed ordinary
shares. The source of the dividend comprises net income from property rentals, income earned from
the Companys listed property investment, income earned from the Companys equity accounted
investments, interest earned on loans receivable and interest earned on cash on deposit.

Last day to trade cum dividend                             Tuesday, 3 September 2019
Shares trade ex dividend                                   Wednesday, 4 September 2019
Record date                                                Friday, 6 September 2019
Payment date                                               Monday, 9 September 2019

Share certificates may not be dematerialised or rematerialised between Wednesday, 4 September
2019 and Friday, 6 September 2019, both days inclusive.

In accordance with Emiras status as a REIT, shareholders are advised that the dividend meets the
requirements of a qualifying distribution for the purposes of section 25BB of the Income Tax Act, No.
58 of 1962 (Income Tax Act). Accordingly, qualifying distributions received by local tax residents must
be included in the gross income of such shareholders (as a non-exempt dividend in terms of section
10(1)(k)(aa) of the Income Tax Act), with the effect that the qualifying distribution is taxable as income
in the hands of the shareholder. These qualifying distributions are, however, exempt from dividend
withholding tax in the hands of South African tax resident shareholders, provided that the South African
resident shareholders have provided the following forms to their Central Securities Depository
Participant (CSDP) or broker, as the case may be, in respect of uncertificated shares, or the transfer
secretaries, in respect of certificated shares:

a) a declaration that the dividend is exempt from dividends tax; and
b) a written undertaking to inform the CSDP, broker or the transfer secretaries, 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 Commissioner for the South African Revenue
   Service. Shareholders are advised to contact their CSDP, broker or the transfer secretaries, as the
   case may be, to arrange for the abovementioned documents to be submitted prior to payment of
   the dividend, if such documents have not already been submitted.

Qualifying dividends received by non-resident shareholders will not be taxable as income and instead
will be treated as ordinary dividends but which are exempt in terms of the usual dividend exemptions
per section 10(1)(k) of the Income Tax Act. Any distribution received by a non-resident from a REIT
will be subject to dividend withholding tax at 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 shareholder. Assuming dividend withholding tax will be withheld at a rate of 20%, the
net amount due to non-resident shareholders will be 62,7840 cents per share. A reduced dividend
withholding tax rate in terms of the applicable DTA, may only be relied on if the non-resident shareholder
has provided the following forms to their CSDP or broker, as the case may be, in respect of the
uncertificated shares, or the transfer secretaries, in respect of certificated shares:

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 their CSDP, broker or the transfer secretaries, as the case may be,
   should the circumstances affecting the reduced rate change or the beneficial owner cease to be
   the beneficial owner, both in the form prescribed by the Commissioner for the South African
   Revenue Service. Non-resident shareholders are advised to contact their CSDP, broker or the
   transfer secretaries, as the case may be, to arrange for the abovementioned documents to be
   submitted prior to payment of the dividend if such documents have not already been submitted, if
   applicable.

Local tax resident shareholders as well as non-resident shareholders are encouraged to consult their
professional advisors should they be in any doubt as to the appropriate action to take.

The Companys tax reference number is 9995/739/15/9.


This short form announcement is the responsibility of the Board and does not contain full or complete
details. Any investment decisions by investors and/or shareholders should be based as a whole on
consideration of the reviewed condensed consolidated preliminary financial results for the year ended
30 June 2019 which may be downloaded from
(https://senspdf.jse.co.za/documents/2019/jse/isse/EMIE/June19Prov.pdf)
or may be viewed, at no cost, at the registered office of the Company and the Johannesburg office of
its Sponsor, during ordinary business hours, for a period of 30 calendar days following the date of this
announcement.

Registered office: 1st Floor, Block A, Knightsbridge, 33 Sloane Street, Bryanston, 2191


Bryanston
14 August 2019

Sponsor
Questco Corporate Advisory Proprietary Limited
First Floor, Yellowwood House, Ballywoods Office Park, 33 Ballyclare Drive, Bryanston.

Date: 14/08/2019 12:09:00
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