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Finalisation announcement in respect of the interim dividend for the six months ended 28 February 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
(“Redefine International” or the “Company”)
FINALISATION ANNOUNCEMENT IN RESPECT OF THE INTERIM DIVIDEND FOR THE SIX MONTHS ENDED 28 FEBRUARY 2017
Redefine International shareholders are referred to the announcement released on 28 April 2017 regarding the election
being offered to Redefine International shareholders to receive the interim dividend of 1.3 pence per share in respect
of the six months ended 28 February 2017 as either a 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 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:
- 0.975 pence (75%) will comprise a property income distribution (“PID”). The PID will be subject
to a deduction of 20% UK withholding tax unless exemptions apply.
- 0.325 pence (25%) 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 16.332. Accordingly, the Rand equivalent of the cash dividend of
1.3 pence is 21.23160 ZAR cents. Of the total Rand equivalent dividend of 21.23160 ZAR cents to be
paid, whether as a cash dividend or scrip dividend:
- 15.92370 ZAR cents (75%) will comprise a PID. The PID will be subject to a deduction of 20%
UK withholding tax unless exemptions apply.
- 5.30790 ZAR cents (25%) 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 36.201 pence, being a 2% discount
to the average closing price of Redefine International 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 R5.91235.
The salient dates for payment of the dividend published in the announcement dated 28 April 2017 remain unchanged.
Further details on the scrip dividend are contained in the circular issued on 28 April 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.
(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 0.325 pence 5.30790 ZAR cents*
Plus
PID element (gross) 0.975 pence 15.92370 ZAR cents
**Less 20% withholding tax 0.195 pence 3.18474 ZAR cents
PID element (net) 0.780 pence 12.73896 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
4.24632 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 Redefine International share, will be rounded down to the nearest
whole number; and
- 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, 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): 32.5 pence R5.30790
No. of shares entitled to receive:
Calculation: 32.5 pence/36.201 pence R5.30790/R5.91235
0.89777 0.89776
No. of new shares: 1 1
Net amount of PID dividend entitled to receive
(per (i) above x 100): 78.0 pence R12.73896
No. of shares entitled to receive:
Calculation: 78.0 pence/36.201 pence R12.73896/R5.91235
2.15464 2.15464
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 1 811 739 822 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
About Redefine International
Redefine International is an income focused FTSE 250 UK Real Estate Investment Trust (UK-REIT) committed to delivering
superior distributions to its shareholders throughout the property cycle.
The Company’s income driven total returns are underpinned by a diversified portfolio, together with an efficient capital structure.
The continued transformation of both the corporate structure and asset base offer a solid foundation to drive further value. At
28 February 2017, the diversified portfolio, independently valued at £1.5 billion, is focused in Europe’s two strongest economies,
being the United Kingdom and Germany. The portfolio is weighted towards well located properties across a range of sectors,
including retail, offices, distribution and hotels, which benefit from strong demand and from which they can capture income and
value growth by attracting high calibre occupiers on long leases. The Company’s investment philosophy is to effectively allocate
recycled capital from mature assets into sectors and locations with strong occupier fundamentals and individual assets with
realisable upside.
The secure income stream is supported by a diversified portfolio and tenant base, with a WAULT of 7.5 years complemented by
an average debt maturity of 6.8 years of which 97% of interest costs are either fixed or capped. The Company is focused on all
aspects impacting shareholder distributions and boasts one of the lowest cost ratios in the industry whilst continuously driving
lower cost of debt.
Redefine International 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 Redefine International, please refer to the Company’s website www.redefineinternational.com.
30 May 2017
JSE sponsor
Java Capital
Date: 30/05/2017 10:49:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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