Southern View Finance Ltd – Declaration and payment of a cash dividend in respect of Class B shares

Hamilton, Bermuda – 16 September, 2015 – In a filing with the Bermuda Stock Exchange (“BSX”), Southern View Finance Ltd. (the “Company” or “SVF”; Ticker: SVF.BH) has announced the declaration and payment of a cash dividend in respect of Class B shares. The filing is stated:            

On 21 January 2015 (“Resolution Date”) the board of directors resolved to declare and pay dividends to the Class B Shareholders in an amount of R 0.3659 per Class B share, amounting in aggregate to R 5,123,392, in respect of the 12 month period ended 30 June 2014 (“2014 Dividend”).  At an exchange rate of 1US$: R11.5175 prevailing on 21 January 2015, this equates to a dividend of US$0.03177395857 per Class B share amounting in aggregate to USD444 835.42. The record date for B Shareholders to receive the 2014 Dividend was Friday, 23 January 2015. The 2014 Dividend was paid to B Shareholders in South African Rand (“ZAR”) by electronic funds transfer on 29 January 2015 (“2014 Dividend Payment Date”).  The board confirms that the provisions of section 54(1) of the Bermuda Companies Act 1981 (the “Act”) and the Company’s bye-laws were complied with at all relevant times in connection with the declaration and payment of the 2014 Dividend.

Also on the Resolution Date the board of directors further resolved to declare and pay interim dividends to the Class B Shareholders in an amount of R 1.1172 per Class B share, amounting in aggregate to R 15,641,051, in respect of the 6 month period ended 31 December 2014 (“2015 Interim Dividend”).  At an exchange rate of 1US$: R11.4761 prevailing on 4 February 2015, this equates to a dividend of US$0.09735170714 per Class B share amounting in aggregate to USD1 362 923.90. The record date for B Shareholders to receive the 2015 Dividend was Friday, 6 February 2015. The 2015 Interim Dividend was paid to B Shareholders in ZAR by electronic funds transfer on 12 February 2015 (“2015 Dividend Payment Date”). The board further confirms that the provisions of section 54(1) of the Act and the Company’s bye-laws were complied with at all relevant times in connection with the declaration and payment of the 2015 Interim Dividend.

As at the Resolution Date, the 2014 Dividend Payment Date, the 2015 Dividend Payment Date and at the date of this announcement, SVF has 14,000,000 Class B shares in issue.  No class B shares were traded in the period between the Resolution Date and the 2015 Dividend Payment Date.

Both the 2014 Dividend and the 2015 Interim Dividend constituted a “foreign dividend” as defined in section 1 of the Income Tax Act, 58 of 1962 (“SA ITA”) and were dividends for purposes of the dividends tax (“DT”), as the shares were listed on the JSE.

Each B Shareholder is a South African company. An exemption from DT is provided for in the SA ITA in respect of foreign dividends paid to a South African company, to the extent that it is paid in respect of listed shares, provided certain administrative procedures are complied with.  The SA ITA further provides for an exemption from income tax in respect of foreign dividends received or accrued in respect of listed shares. The Company recommends that class B shareholders consult their tax advisors on the tax consequences of the foreign dividend.

SVF has a primary listing on the Bermuda Stock Exchange and a secondary listing on the JSE Limited’s Alternative Exchange.

16 September 2015

Hamilton / Johannesburg

BSX sponsor: Global Custody and Clearing Limited

JSE sponsor: KPMG Services (Proprietary) Limited

SOUTHERN VIEW FINANCE LIMITED

(Incorporated in Bermuda with registration number 47305)

Class A share codes:   BSX: SVF.BH            JSE: SVF       

ISIN: BMG829251013

Class B share codes:   BSX: SVFB.BH         JSE: SVFB     

ISIN: BMG829251195

("SVF" or "the Company")