TIDMRDI
RNS Number : 6993Y
RDI REIT PLC
07 December 2017
RDI REIT P.L.C.
("RDI" or the "Company" or the "Group")
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00B8BV8G91
LEI: 2138006NHZUMMRYQ1745
Results of Dividend Election
RDI shareholders are referred to the announcement released on 27
October 2017 regarding the election being offered 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 pleased to announce that election forms for
512,886,592 ordinary shares of 8 pence each in the Company
("Ordinary Shares") have been received, representing a 27.2 per
cent take up by shareholders, for which 16,218,190 Scrip Dividend
shares are to be issued, being 0.9 per cent of the current issued
share capital of the Company.
An application will be made for the Scrip Dividend shares, which
will rank pari passu in all respects with the Company's existing
issued Ordinary Shares, to be admitted to the Premium Segment of
the Official List of the United Kingdom Listing Authority, to
trading on the London Stock Exchange's Main Market for listed
securities and to be listed on the JSE ("Admission"). It is
expected that Admission will occur on Monday, 18 December 2017.
This announcement is being made ahead of the proposed schedule,
prior to Admission.
Following Admission, the total number of voting rights will be
1,905,132,887. No Ordinary Shares are held in treasury. The figure
of 1,905,132,887 Ordinary Shares may then be used by shareholders
in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest
in, or a change in their interest in, the share capital of the
Company under the UK Financial Conduct Authority's Disclosure
Guidance and Transparency Rules.
Withholding tax information for shareholders on the South
African register
Further to the finalisation announcement released on Monday, 20
November 2017, shareholders on the South African ("SA") register
are advised that an additional 5% withholding tax will have been
deducted by the relevant regulated intermediary on the PID element
of the cash dividend paid to persons who are not exempt from
dividends tax in South Africa, which will be paid to the South
African Revenue Service on the beneficial shareholder's behalf.
Shareholders who did not elect to receive the Scrip Dividend
will accordingly receive a cash dividend calculated as follows:
Shareholders on the
SA share register
---------------------------- --------------------
Non-PID element 7.31250 ZAR cents*
---------------------------- --------------------
Plus
---------------------------- --------------------
PID element (gross) 17.06250 ZAR cents
---------------------------- --------------------
Less 20% UK withholding tax 3.41250 ZAR cents
---------------------------- --------------------
Less 5% SA withholding tax 0.85313 ZAR cents
---------------------------- --------------------
PID element (net) 12.79687 ZAR 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.
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.rdireit.com/investors/real-estate-investment-trust.
For further information:
RDI REIT 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
JSE Sponsor
Java Capital 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.rdireit.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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