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Finalisation Announcement in respect of The Second Interim Dividend For The Year Ended 31 August 2015
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”)
FINALISATION ANNOUNCEMENT IN RESPECT OF THE SECOND INTERIM DIVIDEND FOR THE
YEAR ENDED 31 AUGUST 2015
Redefine International shareholders are referred to the announcement released on 30 October 2015 wherein
shareholders were advised that the board of directors (“the board”) of the Company had declared a second interim
dividend of 1.65 pence per share (the “dividend”) in respect of the year ended 31 August 2015 and that the board
intended to offer to shareholders the election to receive either a cash dividend (“cash dividend”) or 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”).
The total dividend to be paid, whether as a cash dividend or scrip dividend, will be paid as follows:
- 0.330 pence (20%) will comprise a property income distribution (“PID”). The PID will be subject to a
deduction of a 20% UK withholding tax unless exemptions apply.
- 1.320 pence (80%) will comprise a non-PID. As a non-PID, this will be treated as an ordinary UK company
dividend, with no withholding tax deducted.
The Company is now pleased to announce the scrip dividend reference price applicable to the scrip dividend and, for
shareholders on the SA share register, the exchange rate applicable to the cash dividend. The salient dates for payment
of the dividend published in the announcement dated 30 October 2015 remain unchanged.
Further details on the scrip dividend are contained in the circular which was posted on 30 October 2015 (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.
(i) Shareholders receiving the cash dividend
The Company confirms that the South African Rand exchange rate for the dividend will be 21.32550 ZAR to
1 GBP. Shareholders who do not make an election to receive shares will receive a cash dividend per share
which will be paid as follows:
Shareholders on the Shareholders on the
UK share register SA share register
Non-PID element 1.320 pence 28.14966 ZAR cents
Plus/or
PID element (gross) 0.330 pence 7.03742 ZAR cents
*Less 20% withholding tax 0.066 pence 1.40748 ZAR cents
PID element (net) 0.264 pence 5.62994 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
(a) Dividend equivalent values:
Shareholders who make an election to receive the scrip dividend instead of the cash dividend will receive
shares with a value equivalent to a dividend per share as follows:
Shareholders on the Shareholders on the
UK share register SA share register
Non-PID element 1.352 pence 28.83208 ZAR cents
Plus/or
PID element (gross) 0.338 pence 7.20802 ZAR cents
*Less 20% withholding tax 0.068 pence 1.44160 ZAR cents
PID element (net) 0.270 pence 5.76642 ZAR cents
* Certain categories of UK shareholders may apply for exemption, in which case the PID element will be paid gross.
(b) Share entitlement: Shareholders on the UK share register:
For Redefine International shares traded on the LSE, the scrip dividend reference price is calculated as a
2.5% discount on 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 5 November 2015, less the amount of the
dividend per Redefine International share. Accordingly the scrip dividend reference price applicable to
shareholders on the UK share register is 52.365 pence. The scrip dividend share allocation will be as
follows:
PID element
Non-PID element (Gross) PID element (Net)
No. of shares required to be held for one
new Redefine International share 38.73151 154.92604 193.94444
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 Redefine International share, will be rounded down to the nearest
whole number;
- is equal to or greater than one half of a new Redefine International share but less than a whole
new Redefine International share, will be rounded up to the nearest whole number; and
- 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.
(c) Share entitlement: Shareholders on the South Africa share register:
For Redefine International shares traded on the JSE, the scrip dividend reference price will be calculated
as a 2.5% discount on 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 5 November 2015, less the amount
of the dividend per Redefine International share as converted into Rand at the exchange rate of 21.32550
ZAR to 1 GBP. Accordingly the scrip dividend reference price applicable to shareholders on the SA share
register is 1,115.11793 ZAR cents. The scrip dividend share allocation will be as follows:
PID element
Non-PID element (Gross) PID element (Net)
No. of shares required to be held for one
new Redefine International share 38.67629 154.70517 193.38132
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 Redefine International share, will be rounded down to the nearest
whole number;
- is equal to or greater than one half of a new Redefine International share but less than a whole
new Redefine International share, will be rounded up to the nearest whole number; and
- 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 of the above, 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 (a) above x 100): 135.2 pence R28.83208
No. of shares entitled to receive:
Calculation: 135.2 pence/52.365 pence R28.83208/R11.15118
No. of new shares: 3 3
Amount of PID dividend entitled to receive (per
(a) above x 100): 27.0 pence R5.76642
No. of shares entitled to receive:
Calculation: 27.0 pence/52.365 pence R5.76642/R11.15118
No. of new shares: 1 1
(iii) Notes for shareholders on the SA share register
On application by shareholders on the SA share register, 5% of the 20% UK withholding tax deducted, in
respect of the PID element of the cash dividend, is claimable from the 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.
The information given in section (i) and (ii) above, as applicable, will assist with applications for refunds. For
information on PIDs and refund claims, including claim forms and guidance on how to complete them, visit
http://www.redefineinternational.com/investor-relations/real-estate-investment-trust/.
The number of shares in issue as at the declaration date was 1,474,331,331 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
FTI Consulting
SA Public Relations Adviser
Max Gebhardt Tel: + 27 (0) 11 214 2402
JSE Sponsor
Java Capital Tel: + 27 (0) 11 722 3050
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’s investment portfolio is diversified across the retail, commercial and hotel sectors in the UK and Germany
with an aggregate value in excess of £1.3 billion.
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
5 November 2015
JSE sponsor
Java Capital
Date: 05/11/2015 05:28:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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