R.E.A. Holdings plc: Further re preference dividend (990695)
March 06 2020 - 1:00AM
UK Regulatory
R.E.A. Holdings plc (RE.)
R.E.A. Holdings plc: Further re preference dividend
06-March-2020 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
R.E.A. Holdings plc ("REA" or the "company")
Further announcement re preference dividend
It was announced in the trading update issued by the company on 7 February
2020 that, subject to certain criteria being met, the directors planned
progressively to catch up the arrears of dividend on the 9 per cent
cumulative preference shares of GBP1 each in the capital of the company with
an initial payment of one per cent per preference share at the end of March
2020. Among the criteria to be met was a requirement that substantially all
the 8.75 per cent guaranteed sterling notes 2020 issued by the company's
wholly owned subsidiary REA Finance B.V. (the "sterling notes") were
successfully refinanced.
As announced concurrently with this announcement, the company is today
sending a circular to the holders of the sterling notes to inform them of
proposals to extend the date for repayment of the sterling notes from 31
August 2020 to 31 August 2025 (the "sterling note proposals"). The sterling
note proposals require the sanction of an extraordinary resolution of the
holders of the sterling notes. Accordingly, a meeting of the holders of the
sterling notes has been convened for 31 March 2020. If the requisite
extraordinary resolution is passed, it is expected that the sterling note
proposals will become effective on 1 April 2020. The company considers that,
upon the sterling note proposals becoming effective, the sterling notes will
have been "successfully refinanced" as noted above as a criterion for the
proposals as regards the payment of dividends in respect of the company's
preference shares.
Normal market practice requires that the company gives four weeks' notice of
payment of a dividend. In recognition of this timing requirement, and
subject to the sterling note proposals becoming effective and to the other
previously announced criteria for the proposals as regards the payment of
dividends in respect of the company's preference shares being met, the
directors plan to declare the proposed dividend of one per cent per
preference share as soon as the sterling note proposals have become
effective for payment of such dividend approximately four weeks later (that
is, on or around 29 April 2020).
Enquiries:
R.E.A Holdings plc
Tel: 020 7436 7877
ISIN: GB0002349065
Category Code: FUR - .
TIDM: RE.
LEI Code: 213800YXL94R94RYG150
Sequence No.: 50649
EQS News ID: 990695
End of Announcement EQS News Service
(END) Dow Jones Newswires
March 06, 2020 02:00 ET (07:00 GMT)
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