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NEWFUNDS COLLECTIVE INVESTMENT SCHEME - Distribution and Re-Investment Announcement for the Quarter Ended 31 March 2020

Release Date: 16/04/2020 08:00
Code(s): MAPPSP     PDF:  
Wrap Text
Distribution and Re-Investment Announcement for the Quarter Ended 31 March 2020

NEWFUNDS MAPPS PROTECT SA INDEX ETF PORTFOLIO
Share code: MAPPSP
ISIN: ZAE000153771

Portfolios in the NewFunds Collective Investment Scheme in Securities registered as such in terms of the Collective Investment Schemes Control Act, 45 of
2002 and managed by NewFunds (RF) Proprietary Limited (Registration Number 2005/034899/07) ("NewFunds")

DISTRIBUTION AND RE-INVESTMENT ANNOUNCEMENT FOR THE QUARTER ENDED 31 MARCH 2020
NewFunds has today finalised a distribution to holders of ETF securities ("investors") recorded as such in the register on Friday, 24 April 2020, for the quarter
ended 31 March 2020 as follows:



Alpha code             Dividend/Interest                     Foreign/ Local      Gross                  Subject to           *Withholding         Net
                                                                                 Distribution           Withholding tax      Tax (%)              Distribution
                                                                                 (Cents per unit)       Yes/ No                                   (Cents per unit)
MAPPSP                 Interest                              Local               25.92268               No                                        25.92268
                       Dividend                              Local               4.04671                Yes                  20                   3.23737
                       Dividend                              Foreign1            2.40877                Yes                  20                   1.92702
                                                                                 32.37816                                                         31.08706


Further details are listed below:
¹Source of foreign dividends subject to SA dividend tax:
Netherlands                                                                                                         21.06%
United Kingdom                                                                                                      78.94%



Notice is hereby given that the following dates are of importance in regard to the distribution by the above ETF for the quarter ended 31 March 2020:

Declaration/ Finalisation date                                                   Thursday, 16 April 2020
Last day to trade                                                                Tuesday, 21 April 2020
Ex distribution                                                                  Wednesday, 22 April 2020
Record date                                                                      Friday, 24 April 2020
Payment date                                                                     Tuesday, 28 April 2020

The distribution will be paid on Tuesday, 28 April 2020 to all securities holders recorded on the register on Friday, 24 April 2020.


In accordance with the investment policy of the portfolio, the distribution (net of dividend withholding tax as detailed above) will be re-invested on behalf of
investors through the purchase of securities comprising the Index in accordance with the calculation methodology of the total return version of this Index, thereby
increasing the net asset value of the portfolio and, proportionately, each ETF security.

The distribution (Net of dividend withholding tax) should:

- be added to the base cost of each ETF security for capital gains tax purposes; or
- where the ETF securities are held as trading stock be regarded as part of the cost of acquiring an ETF security.


Reinvestments into the portfolio still constitute a notional distribution even though it will not be paid in cash. Consequently, it forms part of investors' gross income
as it is subject to tax.
Investors qualifying for exemption from DWT or a reduced rate of DWT per Double Tax Agreement ("DTA"), will receive, in cash, a distribution amount of the
applicable DWT, provided they have completed and timeously lodged with the relevant intermediary the prescribed declaration and undertaking form.
Failure to do so will result in the dividends tax being withheld in full.



Withholding Tax on Interest (WTI) came into effect 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 20% 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 comprise of any interest, it will not be subject to WTI by virtue of the fact that it is
Government debt, listed debt instruments and/or bank debt.



*Investors should seek advice from their tax advisor on whether the tax rate shown is applicable to them.



 South African tax resident investors relating to REITs
**The dividend distribution by a REIT received by South African tax residents must be included in their gross income and will not be exempt in terms
of the ordinary dividend exemption in section 10(1)(k)(i) of the Income Tax Act No. 58 of 1962 (“the Act”) as a result of paragraph (aa) of the proviso
thereto which provides that dividends distributed by a REIT are not exempt from income tax.
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 (“CSDP”) or broker, as
the case may be in respect of its participatory interest:
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 or broker,
as the case may be, 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 15%, 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.
both in the form prescribed by the South African Revenue Service. South African tax 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 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 15%, 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 cease 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:
                               Number                      Tax
                             of securities              reference
                                in issue                 number

MAPPSP                         1,108,764               9399122176

16 April 2020

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Date: 16-04-2020 08:00:00
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