TIDMRDI
RNS Number : 8873W
Redefine International PLC
20 November 2017
REDEFINE INTERNATIONAL P.L.C.
("RDI" or the "Company")
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00B8BV8G91
LEI: 2138006NHZUMMRYQ1745
FINALISATION ANNOUNCEMENT IN RESPECT OF THE SECOND INTERIM
DIVID
FOR THE YEARED 31 AUGUST 2017
Redefine International P.L.C. shareholders are referred to the
announcement released on 27 October 2017 regarding the election
being offered to RDI shareholders to receive the second interim
dividend of 1.3 pence per share in respect of the year ended 31
August 2017 as either a cash dividend or a scrip dividend by way of
an issue of new RDI shares (of the same class as existing shares)
credited as fully paid up ("scrip dividend").
The Company is now pleased to announce as follows:
(i) Of the total UK dividend of 1.3 pence to be paid, whether as
a cash dividend or scrip dividend:
- 0.910 pence (70%) will comprise a property income distribution
("PID"). The PID will be subject to a deduction of 20% UK
withholding tax unless exemptions apply.
- 0.390 pence (30%) will comprise a non-PID. As a non-PID, this
will be treated as an ordinary UK company dividend, with no
withholding tax deducted.
(ii) The GBP to Rand conversion rate is 18.75000. Accordingly,
the Rand equivalent of the cash dividend of 1.3 pence is 24.37500
ZAR cents. Of the total Rand equivalent dividend of 24.37500 ZAR
cents to be paid, whether as a cash dividend or scrip dividend:
- 17.06250 ZAR cents (70%) will comprise a PID. The PID will be
subject to a deduction of 20% UK withholding tax unless exemptions
apply.
- 7.31250 ZAR cents (30%) will comprise a non-PID. As a non-PID,
this will be treated as an ordinary UK company dividend, with no
withholding tax deducted.
(iii) The scrip dividend reference price applicable to the scrip
dividend is 35.920 pence, being the average closing price of RDI
shares traded on the LSE over a period of five days (less the
amount of the cash dividend).
(iv) For shareholders on the South African share register who
elect to participate in the scrip dividend, the scrip reference
price equivalent is R6.73500.
The salient dates for payment of the dividend published in the
announcement dated 27 October 2017 remain unchanged.
Further details on the scrip dividend are contained in the
circular issued on 27 October 2017 (the "circular"), and the
related election form, copies of which are available at
www.redefineinternational.com. Terms defined in the circular shall
bear the same meaning in this announcement.
Shareholders not electing to receive the scrip dividend will,
without any action on their part, be deemed to have elected to
receive the cash dividend. It should be noted that where a
shareholder recorded on the UK share register has previously
elected to receive a scrip dividend and now wishes to receive the
cash dividend, such shareholder must revoke their existing Mandate
by notice in writing to Link Market Services; failing which such
shareholder will receive the scrip dividend.
(i) Shareholders receiving the cash dividend
Shareholders who do not make an election to receive shares will
receive a cash dividend calculated as follows:
Shareholders Shareholders
on the on the
UK share register SA share register
--------------------- ------------------- -------------------
7.31250 ZAR
Non-PID element 0.390 pence cents*
--------------------- ------------------- -------------------
Plus
--------------------- ------------------- -------------------
17.06250 ZAR
PID element (gross) 0.910 pence cents
--------------------- ------------------- -------------------
Less 20% withholding 3.41250 ZAR
tax** 0.182 pence cents
--------------------- ------------------- -------------------
13.65000 ZAR
PID element (net) 0.728 pence cents
--------------------- ------------------- -------------------
* South African dividends tax at the rate of 20 per cent will
apply to cash non-PIDs paid by the Company, unless the beneficial
owner of the dividend is exempt from dividends tax (e.g. if the
beneficial owner is a South African company or a non-South African
resident). Since no withholding tax is suffered in the UK on cash
non-PIDs, no rebate can be claimed. The relevant regulated
intermediary will therefore be required to deduct 20 per cent tax
on all cash non-PID's paid to persons who are not exempt from
dividends tax in South Africa, and pay this to the South African
Revenue Service on the beneficial owner's behalf. The non-PID
element payable to shareholders on the SA share register net of
this 20 per cent dividends tax is 5.85000 ZAR cents.
** Certain categories of UK shareholders may apply for
exemption, in which case the PID element will be paid gross.
(ii) Shareholders who elect to receive shares
The number of shares to be allocated will be calculated by
dividing the total value of the dividend otherwise receivable by
the shareholder by the scrip dividend reference price. Any
fractional entitlement which:
- is less than one half of a new RDI share, will be rounded down
to the nearest whole number; and
- is equal to or greater than one half of a new RDI share but
less than a whole new RDI share, will be rounded up to the nearest
whole number.
No fractions of scrip dividend shares will be issued, nor will
any residual entitlements be carried forward to any future scrip
dividend issue, and any amount of dividend not represented by scrip
dividend shares will not be paid or payable to the relevant
shareholders in respect of that dividend, but will be retained by
the Company.
By way of illustration, the scrip dividend share calculation
will be as follows for a shareholder who holds 100 shares:
Shareholders
Shareholders on the
on the SA share register
UK share register *
------------------------ ------------------- -------------------
Amount of non-PID
dividend entitled
to receive (per
(i) above x 100): 39.0 pence R7.31250
------------------------ ------------------- -------------------
No. of shares entitled
to receive:
------------------------ ------------------- -------------------
39.0 pence/35.920
Calculation: pence R7.31250/R6.73500
------------------------ ------------------- -------------------
1.08575 1.08575
------------------------ ------------------- -------------------
No. of new shares: 1 1
------------------------ ------------------- -------------------
Net amount of PID
dividend entitled
to receive
(per (i) above x
100): 72.8 pence R13.65000
------------------------ ------------------- -------------------
No. of shares entitled
to receive:
------------------------ ------------------- -------------------
72.8 pence/35.920
Calculation: pence R13.65000/R6.73500
------------------------ ------------------- -------------------
2.02673 2.02673
------------------------ ------------------- -------------------
No. of new shares: 2 2
------------------------ ------------------- -------------------
* R is the equivalent of 100 ZAR cents.
(iii) Notes for shareholders on the South African share register
On application by the shareholder, assuming the shareholder is
the beneficial owner of the dividend and is a South African
resident for purposes of the South African - UK double tax
agreement, a 5% rebate is claimable from UK's HM Revenue &
Customs ("HMRC"), resulting in an effective UK withholding tax rate
of 15%. The Company will account to HMRC in Pounds Sterling for the
total UK withholding tax deducted. Settlement of any claims for
refund will be calculated and settled in Pounds Sterling by
HMRC.
For information on PIDs and refund claims, including claim forms
and guidance on how to complete them, visit
http://www.redefineinternational.com/investors/real-estate-investment-trust.
The number of shares in issue as at the declaration date was 1
886 418 067 ordinary shares of 8 pence each.
For further information:
Redefine International P.L.C.
Donald Grant Tel: +44 (0) 20
7811 0100
FTI Consulting
UK Public Relations Adviser
Dido Laurimore, Claire Turvey, Tel: +44 (0) 20
Ellie Sweeney 3727 1000
Instinctif Partners
SA Public Relations Adviser
Frederic Cornet, Lizelle du Tel: +27 (0) 11
Toit 447 3030
Java Capital
JSE Sponsor Tel: +27 (0) 11
722 3050
Note to editors:
About RDI
RDI is a FTSE 250 UK Real Estate Investment Trust (UK-REIT)
committed to becoming the UK's leading income focused REIT. The
Company's income-led business model and strategic priorities are
designed to offer shareholders superior, sustainable and growing
income returns, with a target growth in underlying earnings per
share of 3%-5% across the medium term.
Income sustainability is underpinned by a diversified portfolio
and tenant base, with no overreliance on any one sector or tenant,
together with an efficient capital structure. The secure and
growing income stream is 39% indexed and has a WAULT of 7.4 years
to first break (8.5 years to expiry). This is complemented by an
average debt maturity of 7.3 years of which over 90% of interest
costs are either fixed or capped. The Company is focused on all
aspects impacting shareholder distributions and reports one of the
lowest cost ratios in the industry whilst maintaining a low cost of
debt. All figures as at 31 August 2017.
The Company owns properties independently valued at GBP1.5bn in
the United Kingdom and Germany, Europe's two largest and most
transparent property markets. RDI invests in assets with strong
property fundamentals spread across UK shopping centres, UK retail
parks, UK offices, UK logistics, UK hotels and German retail.
RDI holds a primary listing on the London Stock Exchange and a
secondary listing on the Johannesburg Stock Exchange and is
included within the FTSE 250, EPRA and GPR indices.
For more information on RDI, please refer to the Company's
website www.redefineinternational.com.
20 November 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
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