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Announcement of Part Dividend Reinvestment Price & Postponement of Finalisation Announcement
AFINE INVESTMENTS LIMITED
APPROVED AS A REIT
(Incorporated in the Republic of South Africa)
Registration number 2020/852422/06
JSE share code: ANI ISIN: ZAE000303947
("Afine" or "the Company" or "the Group")
ANNOUNCEMENT OF PART DIVIDEND REINVESTMENT PRICE AND
POSTPONEMENT OF FINALISATION ANNOUNCEMENT
1. SALIENT DATES
Shareholders are advised that Exchange Control approval has not yet been received and a
finalisation announcement detailing new dates will be published in due course.
2. PART DIVIDEND REINVESTMENT PRICE
We refer to the announcement published on SENS on Wednesday, 27 May 2026 ("Declaration
Announcement") declaring a gross final dividend of 30 cents per share ("Cash Dividend") from
income reserves in respect of the year ended 28 February 2026, payable to shareholders registered
as such at the close of business on Friday, 3 July 2026 ("Record Date"), with an election to reinvest
up to 25% of the Cash Dividend, in return for Afine ordinary shares ("Shares") ("Part Dividend
Reinvestment Alternative") as further detailed in the Circular to shareholders, issued on Wednesday,
3 June 2026 ("Circular").
Copies of this Circular are available at the Company's registered office and from the offices of the
Company's Designated Advisor, AcaciaCap Advisors Proprietary Limited, or electronic copies can
be requested for viewing by emailing the Company Secretary, Mrs Sonmari Vosloo at
sonmari@petroland.co.za, during normal business hours from Wednesday, 3 June 2026 until Friday,
3 July 2026 and on the Company's website at https://www.afineinvestments.com/circulars-2026.
Shareholders are advised that the price per Share, as determined on Monday, 22 June 2026
("Finalisation Date"), applicable to shareholders electing the Part Dividend Reinvestment Alternative
and recorded in the register on the Record Date, is 437.89 cents per Share, based on the 30-day
volume weighted average price on Friday, 19 July 2026 of 467.89 cents, less the 30 cents gross
dividend ("Reinvestment Price").
The ratio in respect of the Part Dividend Reinvestment Alternative is 1.71276 Shares for every
100 Shares held on the Record Date by South African resident shareholders exempt from dividend
withholding tax and 1.37021 Shares and 1.62712 Shares for every 100 Shares held on the Record Date
by non-resident shareholders subject to dividend withholding tax at 20% or 5% respectively.
By electing the Part Dividend Reinvestment Alternative, shareholders will be able to increase their
shareholding in Afine without incurring dealing costs. In turn, and in line with Afine's stated strategy
to retain additional cash in the Group to allow greater flexibility around acquisitions and/or debt
reduction.
Fractions
Trading in the electronic Strate environment does not permit fractions and fractional entitlements in
respect of Shares. Accordingly, should a shareholder's reinvestment in new Shares, calculated in
accordance with the ratio as announced give rise to a fraction of a new Share, such fraction will
be rounded down to the nearest whole number, resulting in the allocation of whole Shares.
Certificated shareholders whose bank account details are not held by the Transfer Secretaries, are
requested to provide such details to the Transfer Secretaries to enable payment of the fraction due
to the shareholder in respect of the Part Dividend Reinvestment Alternative. Should no details be on
record, the funds will be held by the Company until such time as the details have been provided
and the cash fraction will be paid to the shareholder upon its request.
Where a shareholder's entitlement to the Shares in relation to the Part Dividend Reinvestment
Alternative, calculated with reference to the above share ratio, gives rise to an entitlement to a
fraction of a new Share, the number of Shares to be issued will be rounded down to the nearest
whole number, with the cash balance of the dividend being retained by the shareholder.
3. OTHER INFORMATION
The Cash Dividend amount, net of South African dividend withholding tax of 20%, is 24.00 cents per
Share for those shareholders who are not exempt from dividend withholding tax or are not entitled
to a reduced rate in terms of the applicable double-tax agreement.
The number of ordinary shares in issue at the Declaration Date is 72 536 585 and the income tax
number of the Company is 9014933296.
4. TAX IMPLICATIONS
In accordance with Afine's status as a Real Estate Investment Trust ("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, as amended ("Income Tax Act").
South African tax residents
Qualifying distributions received by shareholders who are South African tax residents must be
included in the gross income of such shareholders (as a non-exempt dividend in terms of section
10(1)(k)(i)(aa) of the Income Tax Act), with the effect that the qualifying distribution is taxable as
income in the hands of the shareholder. Given the fact that the qualifying distributions are taxable
they are exempt from dividend withholding tax ("DWT") in terms of section 64F(1)(l) of the Income
Tax Act.
Non-resident Shareholders
Qualifying distributions received by non-resident shareholders will not be taxable as income and will
instead be treated as ordinary dividends which are exempt in terms of the usual dividend
exemptions per section 10(1)(k)(i)(aa) of the Income Tax Act. Any qualifying distribution received by
a non-resident from a REIT will be subject to DWT at a rate of 20% in terms of section 64D of the
Income Tax Act, 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 DWT will be withheld at a rate of 20%, the net amount due to non-resident shareholders
will be 24.00 cents per Share. A reduced DWT 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 to the Transfer Secretaries, in respect of
certificated Shares (as detailed in the Circular):
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 ceases
to be the beneficial owner,
both in the form prescribed by SARS. Non-resident shareholders are advised to contact their CSDP
or broker or the Transfer Secretaries, as the case may be, to arrange for the abovementioned
documents to be submitted (as detailed in the Circular) prior to payment of the distribution if such
documents have not already been submitted, if applicable.
Example of impact of DWT on Shareholders
The impact of DWT on shareholders has been illustrated by way of the example below:
South African Non-resident
Non-resident
resident shareholder
shareholder
shareholders subject
subject to
exempt from to DWT at
DWT at 5%
DWT 20%
Dividend per Share (cents) 30.00 30.00 30.00
DWT per Share (cents) 0.00 -6.00 -1.50
Total net Cash Dividend per Share (cents) 30.00 24.00 28.50
Reinvestment Price per Share (cents) 437.89 437.89 437.89
Assuming a shareholding of 100 Shares
Total Cash Dividend entitlement amount 3 000.00 2 400.00 2 850.00
Part Dividend Reinvestment amount 750.00 600.00 712.50
Total Dividend Reinvestment Amount divided
1.71276 1.37021 1.62712
by Reinvestment Price
Number of Shares issued (Note 1) 1.00 1.00 1.00
Remaining balance 0.71 0.37 0.63
Fractional entitlement paid in cash (cents) 312.11000 162.11000 274.61000
Notes
1. Rounded down to exclude fractional entitlement.
Due to the fact that the Cash Dividend or Part Dividend Reinvestment Alternative may have tax
implications for resident and non-resident shareholders, shareholders are encouraged to consult
their professional advisors should they be in any doubt as to the appropriate action to take. The
summary above does not constitute tax advice as the Cash Dividend may also be treated differently
in the country of residence of the shareholder.
5. FOREIGN SHAREHOLDERS
Shareholders that are registered in a jurisdiction outside of South Africa, or who are resident,
domiciled or located in, or who are citizens of, a jurisdiction other than South Africa ("Foreign
Shareholders") should note that the distribution of the Circular and/or accompanying documents
and the right to elect the Part Dividend Reinvestment Alternative in jurisdictions other than South
Africa may be restricted by law and a failure to comply with any of these restrictions may constitute
a violation of the securities laws of any such jurisdictions. The Shares have not been and will not be
registered for the purposes of the Part Dividend Reinvestment Alternative under the securities laws
of the United Kingdom, European Economic Area or EEA, Canada, United States of America, Japan
or Australia and accordingly are not being offered, sold, taken up, re-sold or delivered directly or
indirectly to recipients with registered addresses in such jurisdictions, unless certain exemptions from
those jurisdictions are applicable. In addition, the right to the Part Dividend Reinvestment Alternative
is not being offered, directly or indirectly, in any jurisdictions where such reinvestment is restricted by
law. Foreign Shareholders should consult their own professional advisors to determine whether any
governmental or other consents are required or other formalities need to be observed to allow them
to take up the Part Dividend Reinvestment Alternative. To the extent that Foreign Shareholders are
not entitled to take up the Part Dividend Reinvestment Alternative, as a result of the aforementioned
restrictions, such Foreign Shareholders should not elect the Part Dividend Reinvestment Alternative.
CAPE TOWN
22 June 2026
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 22-06-2026 04:28:00
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