TIDMRDI
RNS Number : 1205X
RDI REIT PLC
25 April 2019
RDI REIT P.L.C.
("RDI" or the "Company" or the "Group")
(Registration number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00BH3JLY32
LEI: 2138006NHZUMMRYQ1745
DECLARATION OF A CASH DIVIDEND
The board of directors of the Company has approved a first
interim dividend (the "cash dividend") of 4.00 pence per share in
respect of the six months ended 28 February 2019.
The dividend will be paid as a property income distribution
("PID") and subject to a deduction of 20% UK withholding tax unless
exemptions apply.
Shareholders on the South African ("SA") share register will
receive the cash dividend in Rand, based on a GBP to Rand
conversion rate to be announced on or before Tuesday, 28 May 2019
(the "conversion rate").
The cash dividend will be paid out of the Company's
distributable profits.
As at the date of this announcement, the Company has 380 089 923
ordinary shares of 40 pence each in issue.
SALIENT DATES AND TIMES
For shareholders on the UK share register
2019
------------------------------------------------------ ------------------
Announcement of the conversation rate on or before Tuesday, 28 May
Last day to trade in order to be eligible for the Wednesday, 5 June
cash dividend
Shares commence trading ex the cash dividend Thursday, 6 June
Record date for shareholders recorded on the UK share Friday, 7 June
register
Payment of the cash dividend Tuesday, 25 June
Notes:
1. All dates quoted above are local dates in the UK. The above
dates are subject to change. Any changes will be announced on
RNS.
2. No transfer of shares between sub-registers in the UK and
South Africa may take place between Tuesday, 28 May 2019 and
Friday, 7 June 2019, both dates inclusive.
3. Shares may not be dematerialised or rematerialised between
Wednesday, 5 June 2019 and Friday, 7 June 2019, both dates
inclusive.
For shareholders on the SA share register
2019
------------------------------------------------------ ------------------
Announcement of the conversation rate on or before Tuesday, 28 May
Last day to trade in order to be eligible for the Tuesday, 4 June
cash dividend
Shares commence trading ex the cash dividend Wednesday, 5 June
Record date for shareholders recorded on the SA share Friday, 7 June
register
Payment of the cash dividend Tuesday, 25 June
Notes:
4. All dates quoted above are local dates in South Africa. The
above dates are subject to change. Any changes will be announced on
SENS.
5. No transfer of shares between sub-registers in the UK and
South Africa may take place between Tuesday, 28 May 2019 and
Friday, 7 June 2019, both dates inclusive.
6. Shares may not be dematerialised or rematerialised between
Wednesday, 5 June 2019 and Friday, 7 June 2019, both dates
inclusive.
CASH DIVIDEND TAX IMPLICATIONS
Shareholders on the SA share register
Cash Property Income Distributions
A 20% UK withholding tax will be deducted from cash PIDs. On
application by the shareholder, assuming the shareholder is the
beneficial owner of the dividend and is SA resident for purposes of
the SA - 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.
SA dividends tax, at the rate of 20%, will apply to cash PIDs
payable by the Company unless the beneficial owner of the dividend
is exempt from dividends tax. Assuming that the shareholder is
resident in South Africa and has the right, in terms of the double
tax agreement between South Africa and the UK, to claim the 5%
rebate from HMRC in respect of UK withholding tax, dividends tax at
a reduced rate of 5% should be withheld. Where the shareholder is
resident in the UK and has no right, in terms of the double tax
agreement between South Africa and the UK, to claim the 5% rebate
from HMRC in respect of the UK withholding tax, no additional
dividends tax should be withheld (assuming that the shareholder is
liable for UK tax on the dividend at the rate of at least 20%).
Cash dividends paid to SA resident companies should be exempt from
the dividends tax, subject to certain administrative
requirements.
UK taxation
The receipt of the cash dividend may have tax implications for
shareholders who are resident in the UK or other countries and such
shareholders are advised to obtain appropriate advice from their
professional advisors in this regard.
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, please contact:
RDI REIT P.L.C.
Mike Watters, Donald Grant Tel: +44 (0) 20 7811 0100
FTI Consulting
UK Public Relations Adviser
Dido Laurimore, Claire Turvey, Tel: +44 (0) 20 3727 1000
Ellie Sweeney
Instinctif Partners
SA Public Relations Adviser
Frederic Cornet Tel: +27 (0) 11 447 3030
JSE Sponsor
Java Capital Tel: + 27 (0) 11 722 3050
About RDI
RDI is a 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 26.7% indexed and has a WAULT of 6.5 years
to first break (8.1 years to expiry). This is complemented by an
average debt maturity of 7.1 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.
The Company owns properties independently valued at GBP1.6bn in
the United Kingdom and Germany, Europe's two largest, liquid and
transparent property markets. RDI invests in assets with strong
property fundamentals spread across UK offices (including London
serviced offices), UK logistics, UK shopping centres, UK retail
parks, UK hotels and German retail. RDI is well placed to take
advantage of the increasing occupier requirement for real estate
owners to become high quality service providers, given its scalable
operational platforms and nearly a third of the portfolio invested
in hotels and London serviced offices.
RDI holds a primary listing on the London Stock Exchange and a
secondary listing on the JSE and is included within the EPRA, GPR,
JSE All Property and JSE Tradeable Property indices.
For more information on RDI, please refer to the Company's
website www.rdireit.com
All figures as at 28 February 2019
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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