ASHT40 - Distribution Announcement
Ashburton Management Company RF Proprietary Limited
Ashburton Top 40 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 October 2008)
Share Code: ASHT40
ISIN: ZAE000215364
(“ASHTOP40”)
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 Top 40
securities for the quarter ended 30 September 2020.
The aggregate distribution will amount to 46.13526 cents per Ashburton Top 40 security and is constituted
as follows:
Alpha Dividend/Interest Foreign/ 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)
(Cents per
unit)
ASHT40
Interest Local 0.18366 No 0.18366 0.18366
Dividend Local 13.60658 Yes 13.60658 20 10.88526
Dividend Foreign 22.56358 Yes 22.56358 20 18.05086
Dividend Foreign - 7.48632 Yes 4.86611
CFR 35 4.86611
Dividend Foreign - 3.58508 No 3.58508
CFR Rebate 3.58508
Other income Local 1.33026 No 1.33026 1.33026
48.75547 46.13526 38.90123
1. Foreign Dividends Breakdown by Source:
Name Source % Breakdown Tax withheld at Source (%) SA Withholding Tax (%)
BRITISH AMERICAN TOBACCO United Kingdom 8% 0 20
BHP GROUP PLC United Kingdom 52% 0 20
MONDI PLC United Kingdom 13% 0 20
COM FINANCE RICHMONT SA* Switzerland 25% 35 5
REINET INVESTMENTS SCA Luxembourg 2% 0 20
*COMPAGNIE FINANCIERE RICHMONT SA (CFR) Distribution - 35% withholding tax has been
deducted at source. 20% is reclaimable from the Swiss authorities as per SA-Swiss DTA. 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. As a result, the initial withholding tax rate for non-exempt SA shareholders
will be 40%.
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 September 2020 by the ETF to holders of Ashburton Top 40 ETF securities:
Last day to trade “cum” distribution: Tuesday, 20 October 2020
Securities trade “ex” distribution: Wednesday, 21 October 2020
Record date: Friday, 23 October 2020
Payment date: Monday, 26 October 2020
Creations or redemptions from the fund will not be allowed during the period from 20 October 2020
to 23 October 2020, both days inclusive.
Withholding Tax on Interest (WTI) came into effect in April 2012 and 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.
• 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 April 2012. 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% (as amended in February 2017) has
been applied to both local and foreign dividends.
There are 25 938 332 Ashburton Top 40 securities in issue. The total dividend amount payable is
R 11,966,716.67.
Ashburton Top 40 ETF Income Tax number is 2144/830/14/4.
A copy of the ETF issue document can be found at:
https://www.ashburtoninvestments.com/za/individual-investor/fund/ashburton-top-40-
etf/zae000215364
14 October 2020
Johannesburg
Date: 14-10-2020 08:03:00
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. |
Back to SENS list
