Wrap Text
ASHT40 - Distribution Announcement
Ashburton Management Company RF Proprietary Limited
Ashburton Top 40 ETF
A portfolio in the Ashburton Collective Investment Scheme in Securities Exchange Traded Funds (“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” or the “ETF” or the “fund”)
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
ETF securities for the quarter ended 30 September 2021.
The aggregate distribution will amount to 131.28236 cents per Ashburton Top 40 ETF security and is
constituted as follows:
Dividend (64N > Other
Alpha Code: ASHT40 Dividend Dividend Interest Total
DTA) Income
Foreign SA
Distribution Source type Local Foreign SA Listed Local Local
Listed
Net Distribution Reinvested No No No No No
Source of Funds (Country Code) ZA Table 1 CH ZA
Subject to Foreign Withholding tax No No Yes No No
Gross Foreign Rate (cents per
54.44105 13.01975
unit)
Foreign Tax % withheld at source 35%
Foreign Tax amount per unit 4.55691
DTA with Source Country Table 1
Foreign Tax Reclaim % 20%
Portfolio/Management Cost
Interest Expense
Other costs
Gross ZA Distribution (Cents per
61.62197 54.44105 8.46284 0.12774 6.62877 131.28236
unit)
Gross Local Rate (cents per unit) 61.62197 54.44105 13.01975 0.12774 6.62877
SA Withholding Tax % 20% 20% 5%
SA Withholding Tax amount per unit 12.32439 10.88821 0.65099
Local Net Rate 49.29757 43.55284 7.81185 0.12774 6.62877 107.41877
Foreign Dividends Breakdown by Source:
Table 1
Tax withheld at Source
Country ISO Code Split (%) DTA rate
Great Britain GB 78% 0%
Switzerland CH 19% 35% 15%
Isle of Man IM 2% 0%
Luxembourg LU 1% 0%
*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%.
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 2021 by the ETF to holders of Ashburton Top 40 ETF securities:
Last day to trade “cum” distribution: Tuesday, 19 October 2021
Securities trade “ex” distribution: Wednesday, 20 October 2021
Record date: Friday, 22 October 2021
Payment date: Monday, 25 October 2021
Creations or redemptions from the fund will not be allowed during the period from 19 October 2021
to 22 October 2021, 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; or
• 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 Income Tax Act No.58 of 1962 (“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 Act, 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 34 451 693 Ashburton Top 40 securities in issue. The total dividend amount payable is
R 45,228,994.34.
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 2021
Johannesburg
Debt Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Date: 14-10-2021 05:25:00
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