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RDI REIT PLC  -  RDI   

Declaration of a Cash Dividend

Released 07:05 25-Oct-2018

RNS Number : 1077F
RDI REIT PLC
25 October 2018
 

RDI REIT P.L.C.

("RDI" or the "Company" or the "Group")

(Registration number 010534V)

(formerly; Redefine International P.L.C.)

LSE share code: RDI

JSE share code: RPL

ISIN: IM00B8BV8G91

LEI: 2138006NHZUMMRYQ1745

 

DECLARATION OF A CASH DIVIDEND

 

On Thursday, 25 October 2018, it was announced that the board of directors of the Company has approved a second interim dividend (the "cash dividend") of 1.35 pence per share in respect of the year ended 31 August 2018.

 

Of the total dividend of 1.35 pence to be paid:

 

-        1.08 pence (80%) will comprise a property income distribution ("PID"). The PID will be subject to a deduction of 20% UK withholding tax unless exemptions apply.

-        0.27 pence (20%) will comprise a non-PID. As a non-PID, this will be treated as an ordinary UK company dividend, with no withholding tax deducted.

 

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, 20 November 2018 (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 1 900 449 536 ordinary shares of 8 pence each in issue.

 

SALIENT DATES AND TIMES

 

For shareholders on the UK share register

 


2018



Announcement of cash dividend on RNS

Thursday, 25 October

 

Announcement of the conversation rate on or before

 

 

Tuesday, 20 November

Last day to trade in order to be eligible for the cash dividend

Wednesday, 28 November



Shares commence trading ex the cash dividend

Thursday, 29 November



Record date for shareholders recorded on the UK share register

Friday, 30 November



Payment of the cash dividend

           Tuesday, 18 December



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, 20 November 2018 and Friday, 30 November 2018, both dates inclusive.

3.         Shares may not be dematerialised or rematerialised between Thursday, 29 November 2018 and Friday, 30 November 2018, both dates inclusive.

 

 

For shareholders on the SA share register

 


2018



Announcement of cash dividend on SENS

Thursday, 25 October

 

Announcement of the conversation rate on or before

 

 

             Tuesday, 20 November

Last day to trade in order to be eligible for the cash dividend

Tuesday, 27 November



Shares commence trading ex the cash dividend

Wednesday, 28 November



Record date for shareholders recorded on the SA share register

Friday, 30 November



Payment of the cash dividend

           Tuesday, 18 December



Notes:

1.         All dates quoted above are local dates in South Africa. The above dates are subject to change. Any changes will be announced on SENS.

2.         No transfer of shares between sub-registers in the UK and South Africa may take place between Tuesday, 20 November 2018 and Friday, 30 November 2018, both dates inclusive.

3.         Shares may not be dematerialised or rematerialised between Wednesday, 28 November 2018 and Friday, 30 November 2018, both dates inclusive.

 

 

CASH DIVIDEND TAX IMPLICATIONS

 

Shareholders on the SA share register

Cash PIDs

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.

 

Cash non-PIDs

SA dividends tax at the rate of 20% 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 an SA company or a non-SA 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% 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. To the extent that no withholding or income tax is suffered on the cash non-PID in the UK, no rebate against the dividends tax can be claimed.

 

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, Ellie Sweeney

Tel: +44 (0) 20 3727 1000

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 27.0% indexed and has a WAULT of 7.0 years to first break (8.4 years to expiry).  This is complemented by an average debt maturity of 6.7 years of which over 95% 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 £1.6bn 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 31 August 2018


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Declaration of a Cash Dividend - RNS