TIDMRDI
RNS Number : 5481O
Redefine International PLC
08 November 2016
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 SECOND INTERIM
DIVIDEND FOR THE YEAR ENDED 31 AUGUST 2016
Redefine International shareholders are referred to the
announcement released on 27 October 2016 wherein they were advised
that that the board of directors of the Company (the "board") had
approved a second interim dividend of 1.575 pence per share in
respect of the year ended 31 August 2016 and that the board intends
offering shareholders a cash dividend or the election to receive 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 1.575 pence to be paid, whether
as a cash dividend or scrip dividend:
- 1.103 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.
- 0.473 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 16.6271. Accordingly,
the Rand equivalent of the cash dividend of 1.575 pence is 26.18768
ZAR cents. Of the total Rand equivalent dividend of 26.18768 ZAR
cents to be paid, whether as a cash dividend or scrip dividend:
- 18.33138 ZAR cents (70%) will comprise a PID. The PID will be
subject to a deduction of 20% UK withholding tax unless exemptions
apply.
- 7.85630 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 38.948 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 R6.47592.
The salient dates for payment of the dividend published in the
announcement dated 27 October 2016 remain unchanged.
Further details on the scrip dividend are contained in the
circular issued on 27 October 2016 (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 on
the the
UK share register SA share register
-------------------------- ------------------- -------------------
Non-PID element 0.473 pence 7.85630 ZAR cents
-------------------------- ------------------- -------------------
Plus
-------------------------- ------------------- -------------------
PID element (gross) 1.103 pence 18.33138 ZAR cents
-------------------------- ------------------- -------------------
*Less 20% withholding tax 0.221 pence 3.66628 ZAR cents
-------------------------- ------------------- -------------------
PID element (net) 0.882 pence 14.66510 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;
- 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 on
Shareholders on the
the SA share register
UK share register *
------------------------------------- ------------------- -------------------
Amount of non-PID dividend entitled
to receive (per (i) above x 100): 47.3 pence R7.85630
------------------------------------- ------------------- -------------------
No. of shares entitled to receive:
------------------------------------- ------------------- -------------------
47.3 pence/38.948
Calculation: pence R7.85630/R6.47592
------------------------------------- ------------------- -------------------
1.21444 1.21316
------------------------------------- ------------------- -------------------
No. of new shares: 1 1
------------------------------------- ------------------- -------------------
Net amount of PID dividend entitled
to receive
(per (i) above x 100): 88.2 pence R14.66510
------------------------------------- ------------------- -------------------
No. of shares entitled to receive:
------------------------------------- ------------------- -------------------
88.2 pence/38.948
Calculation: pence R14.66510/R6.47592
------------------------------------- ------------------- -------------------
2.26456 2.26456
------------------------------------- ------------------- -------------------
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 shareholders on the South African share
register, 5% of the 20% UK withholding tax deducted, in respect of
the PID element of the cash dividend, is claimable from the 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/investor-relations/real-estate-investment-trust/.
The number of shares in issue as at the declaration date was 1
794 598 650 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
FTI Consulting
SA Public Relations Adviser
Max Gebhardt Tel: + 27 (0) 11 214 2402
JSE Sponsor
Java Capital Tel: + 27 (0) 11 722 3050
Redefine International is an opportunistic, income focused FTSE
250 UK Real Estate Investment Trust (UK-REIT) committed to
delivering superior distributions to its shareholders throughout
the property cycle. Our income driven total returns are underpinned
by a diversified portfolio, together with an efficient capital
structure.
The property 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 retail, commercial and hotel sectors, which
benefit from strong demand and from which we believe we can capture
income and value growth by attracting high calibre occupiers on
long leases.
We hold a primary listing on the London Stock Exchange and a
secondary listing on the Johannesburg Stock Exchange and are
included within the FTSE 250 and EPRA indices.
www.redefineinternational.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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