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Notice to Redefine International shareholders in respect of election to receive either cash or scrip dividend
REDEFINE INTERNATIONAL P.L.C.
(Incorporated in the Isle of Man)
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00B8V8G91
(“Redefine International” or the “Company”)
NOTICE TO REDEFINE INTERNATIONAL SHAREHOLDERS IN RESPECT OF AN ELECTION
TO RECEIVE EITHER A CASH DIVIDEND OR A SCRIP DIVIDEND
CASH DIVIDEND OR SCRIP DIVIDEND
Shareholders were advised today, Wednesday, 29 April 2015, that the board of directors (the “board”) of the Company
has declared an interim dividend of 1.60 pence per share (the “dividend”) in respect of the six months ended 28 February
2015 and that the board intends offering to shareholders the election to receive a scrip dividend by way of an issue of new
Redefine International shares (of the same class as existing shares) credited as fully paid up (“scrip dividend”) or a cash
dividend (“cash dividend”). The dividend will be paid as follows:
- If taken in cash, the cash dividend will comprise wholly of a property income distribution (“PID”). The PID will
be subject to a deduction of a 20 per cent UK withholding tax unless exemptions apply.
- Shareholders who make an election to receive shares will receive shares based on 0.48 pence (30%) being paid as
a PID and 1.12 pence (70%) being paid as a non-PID. As a non-PID, this will be treated as an ordinary UK
company dividend, with no withholding tax deducted.
A cash dividend will be paid to shareholders unless shareholders elect to receive the scrip dividend. Should a shareholder
elect to receive the scrip dividend, such shareholder will become entitled to a number of new Redefine International
shares, the value of which will be as near as possible to the cash dividend which they would have otherwise received. A
shareholder’s entitlement to new Redefine International shares will be calculated by multiplying the number of shares
held by that shareholder at the record date by the gross dividend per share of 1.60 pence and dividing it by the scrip
dividend reference price which will be calculated as follows:
- for Redefine International shares traded on the LSE, the average of the middle market quotations of a Redefine
International share derived from the daily Official List for the last five dealing days prior to the announcement of
the Pound Sterling to Rand conversion rate, less the amount of the dividend per Redefine International share; and
- for Redefine International shares traded on the JSE, the average of the middle market quotations of a Redefine
International share as provided by the JSE for the last five dealing days on the JSE prior to the announcement of
the Pound Sterling to Rand conversion rate, less the amount of the dividend per Redefine International share as
converted into Rand at the exchange rate.
Where UK withholding tax has to be accounted for, the calculation will be by reference to the gross amount of the
dividend per share less the current applicable withholding tax rate of 20 per cent.
The rationale for the scrip dividend is to afford shareholders the opportunity to increase their shareholding in Redefine
International and to retain flexibility with regard to the Company’s cash resources.
The cash dividend will be paid out of the Company’s distributable profits.
As at the date of this announcement, the Company had 1,451,322,973 ordinary shares of 8 pence each in issue.
A circular to Redefine International shareholders in respect of the election being offered to Redefine International
shareholders to receive either the cash dividend or the scrip dividend, together with an election form, has been posted to
shareholders on Wednesday, 29 April 2015 (the “circular”) and is available on the Company’s website at
www.redefineinternational.com. Terms defined in the circular shall bear the same meaning in this announcement.
SALIENT DATES AND TIMES
For shareholders on the UK share register
2015
Announcement of scrip dividend reference price released on RNS on or Friday, 8 May
before
Last day to trade in order to be eligible for the cash dividend or Wednesday, 20 May
alternatively the scrip dividend on
Shares commence trading ex the cash dividend or scrip dividend on Thursday, 21 May
Record date for shareholders recorded on the UK share register Friday, 22 May
Closing date for receipt of completed election forms by no later than Friday, 22 May
11:00 on
Announcement on RNS of the amount of new Redefine International Friday, 29 May
shares issued in terms of the scrip dividend
Dispatch of share certificates, payment of cash dividend, CREST Friday, 5 June
accounts credited/updated and new Redefine International shares listed
on the LSE on
Notes:
1. All dates and times quoted above are local dates and times in the United Kingdom. The above dates and times are subject to change. Any
changes will be released on RNS.
2. Redefine International shareholders are referred to the circular for information on the action required to be taken by them.
3. Shares may not be dematerialised or rematerialised, nor may transfers of shares between sub-registers in the United Kingdom and South
Africa take place between Monday, 18 May 2015 and Friday, 22 May 2015 both days inclusive.
For shareholders on the SA share register
2015
Announcement of Pounds Sterling to Rand conversion rate and scrip Friday, 8 May
dividend reference price released on SENS on or before
Last day to trade in order to be eligible for the cash dividend or Friday, 15 May
alternatively the scrip dividend on
Shares commence trading ex the cash dividend or scrip dividend on Monday, 18 May
Record date for shareholders recorded on the SA share register Friday, 22 May
Closing date for receipt of completed election forms by no later than Friday, 22 May
12:00 on
Announcement on SENS of the amount of new Redefine International Friday, 29 May
shares issued in terms of the scrip dividend
Dispatch of share certificates, payment of cash dividend, CSDP/broker Friday, 5 June
accounts credited/updated and new Redefine International shares listed
on the JSE on
Notes:
1. All dates and times quoted above are local dates and times in South Africa. The above dates and times are subject to change. Any changes
will be released on SENS.
2. Redefine International shareholders are referred to the circular for information on the action required to be taken by them.
3. Shareholders should note that new Redefine International shares should not be traded until the new Redefine International shares
are issued or reflect in their accounts with their CSDP or broker on Friday, 5 June 2015.
4. Share certificates may not be dematerialised or rematerialised nor may transfers of shares between sub-registers in the United Kingdom and
South Africa take place between Monday, 18 May 2015 and Friday, 22 May 2015 both days inclusive.
5. Shareholders on the SA share register will receive a cash dividend in South African Rand, based on the exchange rate to be obtained by the
Company on or before Friday, 8 May 2015. An announcement in this respect will be made on or before Friday, 8 May 2015.
For further information:
Redefine International P.L.C.
Michael Watters, Stephen Oakenfull Tel: +44 (0) 20 7811 0100
FTI Consulting
UK Public Relations Adviser
Dido Laurimore, Claire Turvey, Ellie Sweeney Tel: +44 (0) 20 3727 1000
FTI Consulting
SA Public Relations Adviser
Max Gebhardt Tel: + 27 (0) 11 214 2402
JSE Sponsor
Tel: + 27 (0) 11 722 3050
Java Capital
Notes to editors:
Redefine International (RDI) is a FTSE 250 income focused UK-REIT with a primary listing on the London Stock
Exchange and a secondary listing on the Johannesburg Stock Exchange.
The Group invests in large, well developed economies with established and transparent real estate markets. Within these
markets, Redefine International’s £1 billion investment portfolio provides diversified exposure to the commercial,
industrial, retail and hotel sectors.
Redefine International is focused on delivering sustainable and growing income to shareholders through investment in
income yielding assets let to high quality occupiers on long leases. Capital values are enhanced and protected by asset
management and other low capex development activities. As a UK-REIT, the Group aims to distribute the majority of its
earnings available for distribution on a semi-annual basis, providing investors with attractive income returns as well as
exposure to capital growth opportunities.
www.redefineinternational.com
29 April 2015
Date: 29/04/2015 08:19:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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