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Finalisation announcement in respect of the second interim dividend for the year ended 31 August 2017
REDEFINE INTERNATIONAL P.L.C.
(Incorporated in the Isle of Man)
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00B8BV8G91
LEI: 2138006NHZUMMRYQ1745
(“RDI” or the “Company”)
FINALISATION ANNOUNCEMENT IN RESPECT OF THE SECOND INTERIM DIVIDEND FOR THE YEAR ENDED 31 AUGUST 2017
Redefine International P.L.C. shareholders are referred to the announcement released on 27 October 2017 regarding the
election being offered to RDI shareholders 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 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:
- 0.910 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.
- 0.390 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 18.75000. Accordingly, the Rand equivalent of the cash dividend of
1.3 pence is 24.37500 ZAR cents. Of the total Rand equivalent dividend of 24.37500 ZAR cents to be paid,
whether as a cash dividend or scrip dividend:
- 17.06250 ZAR cents (70%) will comprise a PID. The PID will be subject to a deduction of 20% UK
withholding tax unless exemptions apply.
- 7.31250 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 35.920 pence, being the average
closing price of RDI 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 R6.73500.
The salient dates for payment of the dividend published in the announcement dated 27 October 2017 remain unchanged.
Further details on the scrip dividend are contained in the circular issued on 27 October 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.
Shareholders not electing to receive the scrip dividend will, without any action on their part, be deemed to have elected
to receive the cash dividend. It should be noted that where a shareholder recorded on the UK share register has previously
elected to receive a scrip dividend and now wishes to receive the cash dividend, such shareholder must revoke their
existing Mandate by notice in writing to Link Market Services; failing which such shareholder will receive the scrip
dividend.
(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 the Shareholders on the
UK share register SA share register
Non-PID element 0.390 pence 7.31250 ZAR cents*
Plus
PID element (gross) 0.910 pence 17.06250 ZAR cents
Less 20% withholding tax** 0.182 pence 3.41250 ZAR cents
PID element (net) 0.728 pence 13.65000 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.
** 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 RDI share, will be rounded down to the nearest whole number; and
- is equal to or greater than one half of a new RDI share but less than a whole new RDI share, will
be rounded up to the nearest whole number.
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 the Shareholders on the
UK share register SA share register*
Amount of non-PID dividend entitled to
receive (per (i) above x 100): 39.0 pence R7.31250
No. of shares entitled to receive:
Calculation: 39.0 pence/35.920 pence R7.31250/R6.73500
1.08575 1.08575
No. of new shares: 1 1
Net amount of PID dividend entitled to
receive
(per (i) above x 100): 72.8 pence R13.65000
No. of shares entitled to receive:
Calculation: 72.8 pence/35.920 pence R13.65000/R6.73500
2.02673 2.02673
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 1 886 418 067 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
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 £1.5bn 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.redefineinternational.com.
20 November 2017
JSE sponsor
Java Capital
Date: 20/11/2017 09:02:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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