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2019/04/01, 11:00:00
Johannesburg Stock Exchange - SENS NEWS DELAYED
Results of the Scrip Distribution and the Cash Alternative

Massmart Holdings Limited
(Incorporated in the Republic of South Africa)
Company registration No. 1940/014066/06
JSE Code: MSM
ISIN: ZAE 000152617
("Massmart" or the "Company")

Results of the Scrip Distribution and the Cash Alternative

Shareholders are referred to the Company´s reviewed consolidated financial results for the 52 weeks
ended 30 December 2018, published on the Stock Exchange News Service ("SENS") on Thursday, 28
February 2019, in which they were advised of the Company´s declaration of a scrip distribution of
fully-paid Massmart ordinary shares of R0.01 each ("the Scrip Distribution") to ordinary shareholders
("Shareholders") recorded in the register of the Company at the close of business on the Record Date,
being Friday, 29 March 2019 ("the Record Date").

Shareholders not electing to receive the Cash Dividend in respect of all or part of their shareholding were
entitled to receive that number of Scrip Distribution Shares determined in the ratio of 1.57392 Scrip
Distribution Shares for every 100 ordinary shares held on the Record Date.

Where a Shareholder´s entitlement to Scrip Distribution Shares, calculated in accordance with the above
ratio, gave rise to a fraction of a new ordinary share, such fraction of a new ordinary share was rounded
down to the nearest whole number, resulting in allocations of whole ordinary shares and a cash payment
for the fraction. The applicable cash payment was determined with reference to the VWAP of an ordinary
Massmart share traded on the JSE on Wednesday, 27 March 2019, (being the day on which an ordinary
Massmart share began trading `ex´ the entitlement to receive the Scrip Distribution or the Cash Dividend
alternative), discounted by 10%. The applicable cash payment was announced on SENS on
Thursday, 28 March 2019.

In terms of the Scrip Distribution, 1,959,667 new ordinary shares were issued today to Shareholders who
did not elect to receive the Cash Dividend in respect of all or part of their shareholding, resulting in a
capitalisation of the distributable retained profits of the Company of R174,324,451.00.

 Shareholders recorded in the register of the Company at the close of business on the Record Date
holding 92,661,677 ordinary shares elected to receive the gross Cash Dividend of 140 cents per ordinary
share, resulting in a total gross Cash Dividend of R129,726,347.80 which was paid out of the distributable
retained profits of the Company.

Any Scrip Distribution Shares which will be issued to certificated shareholders will be held in
uncertificated form through the Strate system by Computershare Nominees Proprietary Limited
(the “Computershare Nominee”) on their behalf.

A beneficial entitlement to Scrip Distribution shares held in uncertificated form through the Strate system
by the Computershare Nominee, represented through the entry of the Strate system on Massmart’s
register and recorded in a sub-register maintained by the Computershare Nominee, unless the relevant
Massmart Shareholder has arranged for their Scrip Distribution shares to be held through the Strate
system prior to the Record Date, being Friday 29 March 2019, by appointing their own CSDP or
appropriately authorised broker in South Africa. Any Scrip Distribution shares which will be issued to
certificated shareholders, will be held in uncertificated form through the Strate system by the
Computershare Nominee on their behalf.

Cash Dividend payments will be made by electronic funds transfer into the personal bank accounts of
Certificated Shareholders today.
Dematerialised Shareholders’ CSDP/broker accounts have been credited and updated today for the Scrip
Dividend Shares and/or the Cash Dividend alternative.



1 April 2019

Sponsor
J.P. Morgan Equities South Africa (Pty) Ltd

Date: 01/04/2019 11:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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