ARG announces third quarter dividend

26 February 2020

MARKET RELEASE
ARG announces increase in third quarter dividend, increases FY20
dividend guidance to 6.35cps

Argosy Property Limited (‘Argosy’ or ‘the Company’) has announced a third quarter (for the period to 31
December 2019) cash dividend for the 2020 financial year of 1.6250 cents per share. Imputation credits of
0.264161 cents per share will be attached to the dividend representing income tax paid by the
Company. Overseas investors will receive an additional supplementary dividend of 0.119871 cents per
share to offset non-resident withholding tax.
Mike Smith, Chairman of Argosy Property Limited said “The Company remains absolutely focused on
delivering sustainable dividends to shareholders. Based on current projections for the portfolio and stable
market conditions, the Board is guiding to a full year 2020 cash dividend of 6.35 cents per share. This is an
1.2% increase on the prior year. This dividend increase is consistent with our view that shareholders
continue to share in the positive outlook we see for Argosy but also allows us to maintain our momentum
towards changing to an AFFO based dividend policy.”
As Argosy is a PIE the dividend is able to be treated as excluded income for New Zealand income tax
purposes. For shareholders who choose to include the dividend in their New Zealand income tax return
the Company’s third quarter dividend of 1.6250 cents per share is made up of:
- a fully imputed dividend of 0.679273 cents per share with imputation credits of 0.264161 cents per
share attached; and
- an excluded distribution of 0.945727 cents per share.
Shareholders who treat the entire dividend as excluded income for New Zealand income tax purposes
will not be able to claim the imputation credits.
The record date for the dividend is 11 March 2020 and the payment date is 25 March 2020.
The Company’s dividend reinvestment plan (DRP) continues to be suspended and will not apply in
respect of this dividend.
An Election Notice can be obtained by contacting Computershare on (09) 488 8777.
– ENDS –


Press enquiries
Peter Mence
Chief Executive Officer
Argosy Property Limited
Telephone: 09 304 3411
Email: pmence@argosy.co.nz

Dave Fraser
Chief Financial Officer
Argosy Property Limited
Telephone: 09 304 3469
Email: dfraser@argosy.co.nz

Stephen Freundlich
Head of Investor Relations
Argosy Property Limited
Telephone: 09 304 3426
Email: sfreundlich@argosy.co.nz

---

Distribution Notice





Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Argosy Property Limited
Financial product name/description Ordinary Shares
NZX ticker code ARG
ISIN (If unknown, check on NZX
website)
NZARGE0010S7
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies
Record date 11/03/2020
Ex-Date (one business day before the
Record Date)
10/03/2020
Payment date (and allotment date for
DRP)
25/03/2020
Total monies associated with the
distribution
1

$ 13,441,788.24
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.01889161
Gross taxable amount
3
$0.00943434
Total cash distribution
4
$0.01625000
Excluded amount (applicable to listed
PIEs)
$0.00945727
Supplementary distribution amount $0.00119871
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28.00%
Imputation tax credits per financial
product
$0.00264161
Resident Withholding Tax per
financial product
N/A as unimputed position is excluded income
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
%
Start date and end date for
determining market price for DRP
[dd/mm/yyyy] [dd/mm/yyyy]
Date strike price to be announced (if
not available at this time)
[dd/mm/yyyy]
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
[dd/mm/yyyy]
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Dave Fraser
Contact person for this
announcement
Dave Fraser
Contact phone number 09 304 3469
Contact email address dfraser@argosy.co.nz
Date of release through MAP

[dd/mm/yyyy]





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.