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Finalisation announcement in respect of the interim dividend for the six months ended 28 February 2018
RDI REIT P.L.C.
(formerly Redefine International P.L.C.)
(Incorporated in the Isle of Man)
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
LEI: 2138006NHZUMMRYQ1745
ISIN: IM00B8BV8G91
(“RDI” or the “Company”)
FINALISATION ANNOUNCEMENT IN RESPECT OF THE INTERIM DIVIDEND FOR THE SIX MONTHS ENDED 28 FEBRUARY 2018
RDI shareholders are referred to the announcement released on 21 May 2018 regarding the election being
offered to receive the interim dividend of 1.35 pence per share in respect of the six months ended
28 February 2018 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 dividend of 1.35 pence to be paid, whether as a cash dividend or scrip dividend:
- 1.080 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.
- 0.270 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.
(ii) The GBP to Rand conversion rate is 16.64500. Accordingly, the Rand equivalent of the cash
dividend of 1.35 pence is 22.47075 ZAR cents. Of the total Rand equivalent dividend of 22.47075
ZAR cents to be paid, whether as a cash dividend or scrip dividend:
- 17.97660 ZAR cents (80%) will comprise a PID. The PID will be subject to a deduction of
20% UK withholding tax unless exemptions apply.
- 4.49415 ZAR cents (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.
(iii) The scrip dividend reference price applicable to the scrip dividend is 35.400 pence, being the
average closing price of RDI shares traded on the LSE over the last 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 R5.89233.
The salient dates for payment of the dividend published in the announcement dated 21 May 2018 remain
unchanged.
Further details on the scrip dividend are contained in the circular issued on 21 May 2018 (the “circular”), and
the related election form, copies of which are available at www.rdireit.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 0.270 pence 4.49415 ZAR cents*
Plus
PID element (gross) 1.080 pence 17.97660 ZAR cents
Less 20% UK withholding tax** 0.216 pence 3.59532 ZAR cents
PID element (net of 20%) 0.864 pence 14.38128 ZAR cents
Less 5% SA withholding tax*** N/A 0.89883 ZAR cents
PID element (net of 25%) N/A 13.48245 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 3.59532 ZAR cents.
** Certain categories of UK shareholders may apply for exemption, in which case the PID element will be
paid gross.
*** A 5% rebate is reclaimable from the UK’s HM Revenue & Customs, resulting in an effective UK
withholding tax rate of 15%. Therefore, an additional 5% South African withholding tax is to be deducted
by the relevant regulated intermediary on all cash PIDs paid to persons who are not exempt from
dividends tax in South Africa, and paid to the South African Revenue Service on the beneficial owner’s
behalf. As a result, the initial withholding tax rate on cash PIDs for non-exempt South African
shareholders will be 25%.
(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): 27.0 pence R4.49415
No. of shares entitled to receive:
Calculation: 27.0 pence/35.400 pence R4.49415/R5.89233
0.76271 0.76271
No. of new shares: 1 1
Net amount of PID dividend entitled to receive
(per (i) above x 100): 86.4 pence R14.38128
No. of shares entitled to receive:
Calculation: 86.4 pence/35.400 pence R14.38128 /R5.89233
2.44068 2.44068
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.rdireit.com/investors/real-estate-investment-trust.
As at the date of this announcement, the Company had 1,897,735,128 ordinary shares of 8 pence each in
issue.
For further information:
RDI REIT P.L.C.
Mike Watters, Stephen Oakenfull, 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
Java Capital
JSE Sponsor 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 25.9%
indexed and has a WAULT of 6.8 years to first break (8.2 years to expiry). This is complemented by an
average debt maturity of 7.0 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 £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 Johannesburg Stock
Exchange and is included within the FTSE 250, 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 2018
29 May 2018
Date: 29/05/2018 11:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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