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Declaration of a cash dividend
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")
DECLARATION OF A CASH DIVIDEND
On Thursday, 25 October 2018, it was announced that the board of directors of the Company has
approved a second interim dividend (the "cash dividend") of 1.35 pence per share in respect of the year
ended 31 August 2018.
Of the total dividend of 1.35 pence to be paid:
- 1.08 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.
- 0.27 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.
Shareholders on the South African ("SA") share register will receive the cash dividend in Rand, based
on a GBP to Rand conversion rate to be announced on or before Tuesday, 20 November 2018 (the
"conversion rate").
The cash dividend will be paid out of the Company's distributable profits.
As at the date of this announcement, the Company has 1 900 449 536 ordinary shares of 8 pence
each in issue.
SALIENT DATES AND TIMES
For shareholders on the UK share register
2018
Announcement of cash dividend on RNS Thursday, 25 October
Announcement of the conversation rate on or before Tuesday, 20 November
Last day to trade in order to be eligible for the cash dividend Wednesday, 28 November
Shares commence trading ex the cash dividend Thursday, 29 November
Record date for shareholders recorded on the UK share register Friday, 30 November
Payment of the cash dividend Tuesday, 18 December
Notes:
1. All dates quoted above are local dates in the UK. The above dates are subject to change. Any
changes will be announced on RNS.
2. No transfer of shares between sub-registers in the UK and South Africa may take place between
Tuesday, 20 November 2018 and Friday, 30 November 2018, both dates inclusive.
3. Shares may not be dematerialised or rematerialised between Thursday, 29 November 2018 and
Friday, 30 November 2018, both dates inclusive.
For shareholders on the SA share register
2018
Announcement of cash dividend on SENS Thursday, 25 October
Announcement of the conversation rate on or before Tuesday, 20 November
Last day to trade in order to be eligible for the cash dividend Tuesday, 27 November
Shares commence trading ex the cash dividend Wednesday, 28 November
Record date for shareholders recorded on the SA share register Friday, 30 November
Payment of the cash dividend Tuesday, 18 December
Notes:
1. All dates quoted above are local dates in South Africa. The above dates are subject to change. Any
changes will be announced on SENS.
2. No transfer of shares between sub-registers in the UK and South Africa may take place between
Tuesday, 20 November 2018 and Friday, 30 November 2018, both dates inclusive.
3. Shares may not be dematerialised or rematerialised between Wednesday, 28 November 2018 and
Friday, 30 November 2018, both dates inclusive.
CASH DIVIDEND TAX IMPLICATIONS
Shareholders on the SA share register
Cash PIDs
A 20% UK withholding tax will be deducted from cash PIDs. On application by the shareholder, assuming
the shareholder is the beneficial owner of the dividend and is SA resident for purposes of the SA – 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.
SA dividends tax, at the rate of 20%, will apply to cash PIDs payable by the Company unless the
beneficial owner of the dividend is exempt from dividends tax. Assuming that the shareholder is resident
in South Africa and has the right, in terms of the double tax agreement between South Africa and the
UK, to claim the 5% rebate from HMRC in respect of UK withholding tax, dividends tax at a reduced rate
of 5% should be withheld. Where the shareholder is resident in the UK and has no right, in terms of the
double tax agreement between South Africa and the UK, to claim the 5% rebate from HMRC in respect
of the UK withholding tax, no additional dividends tax should be withheld (assuming that the shareholder
is liable for UK tax on the dividend at the rate of at least 20%). Cash dividends paid to SA resident
companies should be exempt from the dividends tax, subject to certain administrative requirements.
Cash non-PIDs
SA dividends tax at the rate of 20% 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 an SA
company or a non-SA 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% 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. To the extent that no
withholding or income tax is suffered on the cash non-PID in the UK, no rebate against the dividends tax
can be claimed.
UK taxation
The receipt of the cash dividend may have tax implications for shareholders who are resident in the UK
or other countries and such shareholders are advised to obtain appropriate advice from their professional
advisors in this regard.
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.
For further information, please contact:
RDI REIT P.L.C.
Mike Watters, Donald Grant Tel: +44 (0) 20 7811 0100
FTI Consulting
UK Public Relations Adviser
Dido Laurimore, Claire Turvey, Ellie Tel: +44 (0) 20 3727 1000
Sweeney
Instinctif Partners
SA Public Relations Adviser
Frederic Cornet Tel: +27 (0) 11 447 3030
JSE Sponsor
Java Capital Tel: + 27 (0) 11 722 3050
25 October 2018
About RDI
RDI is a 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 27.0% indexed and has a WAULT of 7.0 years to first break (8.4 years to expiry). This is
complemented by an average debt maturity of 6.7 years of which over 95% 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 JSE and is
included within the 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 31 August 2018
Date: 25/10/2018 08:05:00 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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