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Audited Results for the year ended 28 February 2023 and Declaration of a Cash Dividend
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”)
SHORT-FORM ANNOUNCEMENT:
AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2023 AND DECLARATION OF A CASH DIVIDEND
Afine was incorporated as a private shelf company on 12 November 2020 under the name “Domanolor
Proprietary Limited”, which was acquired by the founder and which name was changed to “Afine
Investments Proprietary Limited” on 10 March 2021. The Company was converted to a public company on
11 May 2021.
The Company was incorporated as the holding company for the purpose of listing on AltX. As at the year
end, the Group’s property portfolio had a gross asset value of approximately R363 million.
The Company holds a portfolio of income generating immovable properties focused primarily in the
petroleum sector, strategically located in four of South Africa's nine provinces.
Afine’s key financial performance indicators for the year ended 28 February 2023 are shown below:
Audited Audited
Year ended Year ended Change
Figures in Rand 28 February 2023 28 February 2022 %
Revenue 43 589 477 33 596 937 29.74%
Distributable earnings 28 665 306 37 762 501 -24.09%
Basic and diluted earnings
per share (cents) 44.18 469.06 -90.58%
Headline earnings per share
(cents) 38.79 46.23 -16.09%
Dividend per share (cents) 43.83 25.00 75.20%
Net asset value per share 3.62 3.55 1.97%
This short-form announcement is the responsibility of the directors of the Company. It contains only a
summary of the information in the full announcement (“Full Announcement”) and does not contain full or
complete details. The Full Announcement is available for viewing on the Company’s website at
https://www.afineinvestments.com/sens-announcements and may also be inspected by investors and/or
shareholders at the registered office of the Company and the offices of the designated advisor, at no
charge, during normal business hours. In addition, electronic copies of the Full Announcement may be
requested and obtained, at no charge, from the Company’s company secretary by sending an email to
sonmari@petroland.co.za.
Any investment decisions by investors and/or shareholders should be based on consideration of the Full
Announcement as a whole, a link to which has been published on SENS and is available at
https://senspdf.jse.co.za/documents/2023/JSE/ISSE/ANIE/ANIAR23.pdf.
The content of this announcement is derived from audited information, but is not itself audited. The
Company has based this short-form announcement on the annual financial statements for the year ended
28 February 2023, which have been audited by the Company’s auditor, PKF Pretoria Incorporated, who
expressed an unmodified conclusion thereon.
CASH DIVIDEND DECLARATION
The Board is pleased to declare a cash dividend (final dividend distribution) (Dividend Number 4) of 20.6 cents
per ordinary share, which together with the interim dividend payment, amounts to 100.9% of distributable profit
at the end of the 2023 financial year. The dividend is declared out of distributable reserves of the Group.
As the Company has REIT status, 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”). The dividend on the shares will be deemed to be a dividend, for South African tax
purposes, in terms of section 25BB of the Income Tax Act.
Afine’s tax reference number is 901 493 3296. The number of ordinary shares which will be eligible for the
dividend at the declaration date is 72 536 585.
The salient dates for the dividend will be as follows:
2023
Last date to trade “cum? dividend Tuesday, 20 June
Shares commence trading ”ex” dividend Wednesday, 21 June
Record date (date on which shareholders are recorded in share register) Friday, 23 June
Payment date Monday, 26 June
Shareholders may not dematerialise or rematerialise their share certificates between Wednesday, 21 June
2023 and Friday, 23 June 2023, both dates inclusive.
TAX IMPLICATIONS
South African tax residents
The dividend received by or accrued to South African tax residents must be included in the gross income of
such shareholders and will not be exempt from income tax (in terms of the exclusion to the general dividend
exception, contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax Act) because it is a dividend
distributed by a REIT.
The dividend is exempt from dividend withholding tax in the hands of South African tax resident shareholders,
provided that the South African resident shareholders provide the following forms to the CSDP or broker in
respect of uncertificated shares, or to the Company, in respect of certificated shares:
a) a declaration that the dividend is exempt from dividend tax; and
b) a written undertaking to inform the CSDP, broker or the Company, should the circumstances affecting
the exemption change or the beneficial owner cease to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service.
Shareholders are advised to contact their CSDP, broker or the Company to arrange for the abovementioned
documents to be submitted prior to payment of the dividend, if such documents have not already been
submitted.
Non-resident Shareholders
Dividends received by non-resident shareholders will not be taxable as income and instead will be treated as
an ordinary dividend which is exempt from income tax in terms of the general dividend exemption in section
10(1)(k)(i) of the Income Tax Act. Since 1 January 2014, any dividend received by a non-resident from a REIT
will be subject to dividend withholding tax at 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 shareholder concerned. Assuming dividend withholding tax will be withheld at a rate of 20%, the net
dividend amount due to non-resident shareholders is 16.48 cents per share.
A reduced dividend withholding rate in terms of the applicable DTA may only be relied on if the non-resident
shareholder has provided the following form to their CSDP or broker in respect of uncertificated shares, or the
Company, in respect of certificated shares:
a) a declaration that the dividend is subject to a reduced rate as a result of the application of DTA; and
b) a written undertaking to inform their CSDP, broker or the Company, 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 Commissioner for the South African Revenue Service.
Non-resident shareholders are advised to contact their CSDP, broker or the Company to arrange for the
abovementioned documents to be submitted prior to payment of the dividend, if such documents have not
already been submitted.
BY ORDER OF THE BOARD
Cape Town
31 May 2023
Registered office: Unit 4602, Greenways, Strand, 7140
Company secretary: Mrs S Vosloo
Designated advisor: AcaciaCap Advisors Proprietary Limited, 20 Stirrup Lane, Woodmead Office Park,
Woodmead, 2191
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 31-05-2023 05:41:00
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