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Cash payment applicable to fractional entitlements
DIPULA INCOME FUND LIMITED
Incorporated in the Republic of South Africa
Registration number: 2005/013963/06
JSE share code: DIA ISIN: ZAE000203378
JSE share code: DIB ISIN: ZAE000203394
(Approved as a REIT by the JSE)
(“Dipula” or the “Company”)
CASH PAYMENT APPLICABLE TO FRACTIONAL ENTITLEMENTS
Shareholders are referred to the circular to Dipula shareholders (the “Scheme Circular”) published on 8 March 2022
relating to the proposed scheme of arrangement in terms of section 114 of the Companies Act, No. 71 of 2008 (the
“Companies Act”) between Dipula and Dipula A shareholders, which, if implemented, will result in Dipula
repurchasing all of the Dipula A shares held by Scheme Participants, in consideration for the issue of 2.4 Dipula B shares
for every Dipula A share (the “Scheme”), as well as the finalisation announcement published on 3 May 2022 confirming
that all outstanding conditions precedent to the Scheme have been fulfilled and the Scheme is now wholly unconditional.
Capitalised terms in this announcement bear the same meaning as in the Scheme Circular.
As set out in the Scheme Circular, the consideration payable to the Scheme Participants in terms of the Scheme is
2.4 DIB shares for every DIA share in issue. Where the Scheme Consideration results in the Scheme Participant
becoming entitled to a fraction of a DIB Share, such fractional entitlement will be rounded down to the nearest whole
number, resulting in allocations of whole shares and a cash payment for the fraction.
Scheme Participants are advised that in accordance with the JSE Listings Requirements, the value of a DIB Share to be
utilised in determining the fractional cash payment due to Scheme Participants is R3.60754 being the volume weighted
average traded price of a DIB Share on the JSE on Wednesday, 1 June 2022, discounted by 10%.
By way of example:
Assuming that a Scheme Participant holds 101 Scheme Shares at the close of business on the record date for
implementation of the Scheme, being Friday, 3 June 2022, such Scheme Participant will be entitled to 242.4 DIB Shares
in terms of the Scheme. However, applying the rounding principle detailed above, the shareholder will, following the
implementation of the Scheme, receive 242 DIB Shares and receive a cash payment in respect of the fractional
entitlement of R1.44302, being R3.60754 x 0.4.
The tax treatment of the fractional cash payment is dependent on the individual circumstances and the jurisdiction
applicable to Scheme Participants. It is recommended that Scheme Participants who are uncertain about the tax treatment
of the receipt of the fractional cash payment should seek appropriate advice in this regard.
RESPONSIBILITY STATEMENT
The Independent Board accepts responsibility for the information contained in this announcement and certifies that, to
the best of its knowledge and belief, the information contained in this announcement relating to Dipula is true and this
announcement does not omit anything that is likely to affect the import of such information.
2 June 2022
Corporate advisor and sponsor
Java Capital
Date: 02-06-2022 01:15:00
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