TIDMRDI
RNS Number : 5331G
Redefine International PLC
30 May 2017
REDEFINE INTERNATIONAL P.L.C.
("Redefine International" or the "Company")
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00B8BV8G91
FINALISATION ANNOUNCEMENT IN RESPECT OF THE INTERIM DIVID
FOR
THE SIX MONTHSED 28 FEBRUARY 2017
Redefine International shareholders are referred to the
announcement released on 28 April 2017 regarding the election being
offered to Redefine International shareholders to receive the
interim dividend of 1.3 pence per share in respect of the six
months ended 28 February 2017 as either a cash dividend or a scrip
dividend by way of an issue of new Redefine International 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:
- 0.975 pence (75%) will comprise a property income distribution
("PID"). The PID will be subject to a deduction of 20% UK
withholding tax unless exemptions apply.
- 0.325 pence (25%) 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 16.332. Accordingly, the
Rand equivalent of the cash dividend of 1.3 pence is 21.23160 ZAR
cents. Of the total Rand equivalent dividend of 21.23160 ZAR cents
to be paid, whether as a cash dividend or scrip dividend:
- 15.92370 ZAR cents (75%) will comprise a PID. The PID will be
subject to a deduction of 20% UK withholding tax unless exemptions
apply.
- 5.30790 ZAR cents (25%) 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 36.201 pence, being a 2% discount to the average
closing price of Redefine International 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 R5.91235.
The salient dates for payment of the dividend published in the
announcement dated 28 April 2017 remain unchanged.
Further details on the scrip dividend are contained in the
circular issued on 28 April 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.
(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 on Shareholders
the on the
UK share register SA share register
----------------------- ------------------- -------------------
Non-PID element 0.325 pence 5.30790 ZAR cents*
----------------------- ------------------- -------------------
Plus
----------------------- ------------------- -------------------
15.92370 ZAR
PID element (gross) 0.975 pence cents
----------------------- ------------------- -------------------
**Less 20% withholding
tax 0.195 pence 3.18474 ZAR cents
----------------------- ------------------- -------------------
12.73896 ZAR
PID element (net) 0.780 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 4.24632 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 Redefine International share,
will be rounded down to the nearest whole number; and
- is equal to or greater than one half of a new Redefine
International share but less than a whole new Redefine
International share, will be rounded up to the nearest whole
number; and
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 on the
the SA share register
UK share register *
---------------------------- ------------------- -------------------
Amount of non-PID dividend
entitled to receive (per
(i) above x 100): 32.5 pence R5.30790
---------------------------- ------------------- -------------------
No. of shares entitled
to receive:
---------------------------- ------------------- -------------------
32.5 pence/36.201
Calculation: pence R5.30790/R5.91235
---------------------------- ------------------- -------------------
0.89777 0.89776
---------------------------- ------------------- -------------------
No. of new shares: 1 1
---------------------------- ------------------- -------------------
Net amount of PID dividend
entitled to receive (per
(i) above x 100): 78.0 pence R12.73896
---------------------------- ------------------- -------------------
No. of shares entitled
to receive:
---------------------------- ------------------- -------------------
78.0 pence/36.201
Calculation: pence R12.73896/R5.91235
---------------------------- ------------------- -------------------
2.15464 2.15464
---------------------------- ------------------- -------------------
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
811 739 822 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, Ellie Sweeney Tel: +44 (0) 20 3727
1000
Instinctif Partners
SA Public Relations Adviser
Frederic Cornet, Lizelle du Toit Tel: +27 (0) 11 447
3030
Java Capital
JSE Sponsor Tel: +27 (0) 11 722
3050
Note to editors:
About Redefine International
Redefine International is an income focused FTSE 250 UK Real
Estate Investment Trust (UK-REIT) committed to delivering superior
distributions to its shareholders throughout the property
cycle.
The Company's income driven total returns are underpinned by a
diversified portfolio, together with an efficient capital
structure. The continued transformation of both the corporate
structure and asset base offer a solid foundation to drive further
value. At 28 February 2017, the diversified portfolio,
independently valued at GBP1.5 billion, is focused in Europe's two
strongest economies, being the United Kingdom and Germany. The
portfolio is weighted towards well located properties across a
range of sectors, including retail, offices, distribution and
hotels, which benefit from strong demand and from which they can
capture income and value growth by attracting high calibre
occupiers on long leases. The Company's investment philosophy is to
effectively allocate recycled capital from mature assets into
sectors and locations with strong occupier fundamentals and
individual assets with realisable upside.
The secure income stream is supported by a diversified portfolio
and tenant base, with a WAULT of 7.5 years complemented by an
average debt maturity of 6.8 years of which 97% of interest costs
are either fixed or capped. The Company is focused on all aspects
impacting shareholder distributions and boasts one of the lowest
cost ratios in the industry whilst continuously driving lower cost
of debt.
Redefine International 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 Redefine International, please refer to
the Company's website www.redefineinternational.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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