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Announcement of dividend reinvestment price and confirmation of finalisation information
REDEFINE PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/018591/06)
JSE share code: RDF ISIN: ZAE000190252
(Approved as a REIT by the JSE)
(“Redefine” or the “company”)
THIS ANNOUNCEMENT IS NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES OR TO ANY U.S. PERSON (AS DEFINED IN
REGULATION S UNDER THE U.S. SECURITIES ACT (AS DEFINED BELOW)). THE
DISTRIBUTION OF THIS ANNOUNCEMENT MAY BE RESTRICTED BY LAW IN CERTAIN
JURISDICTIONS AND PERSONS INTO WHOSE POSSESSION ANY DOCUMENT OR OTHER
INFORMATION REFERRED TO HEREIN COMES, SHOULD INFORM THEMSELVES ABOUT
AND OBSERVE ANY SUCH RESTRICTION. ANY FAILURE TO COMPLY WITH THESE
RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF ANY SUCH
JURISDICTION.
ANNOUNCEMENT OF DIVIDEND REINVESTMENT PRICE AND CONFIRMATION OF FINALISATION INFORMATION
Further to the declaration of a cash dividend of 60.11921 cents per share (the “cash dividend”) with
an election to reinvest the cash dividend in return for Redefine shares (the “share re-investment
alternative”), announced on SENS on 12 November 2021 (the “declaration announcement”),
Redefine shareholders are advised that the price per share, as determined on Tuesday, 23
November 2021, applicable to Redefine shareholders electing the share re-investment alternative
and recorded in the register on Friday, 3 December 2021 (the “record date”), is R4.35 per share
(the “reinvestment price”).
The reinvestment price is equal to a 4.16% discount to the to the ten-day weighted average traded
price (less the cash dividend accrued over the dividend cycle calculated on a daily basis) and a
3.00% discount to the closing spot price (less the cash dividend accrued over the dividend cycle
calculated on a daily basis) of Redefine shares on the JSE at 22 November 2021.
The ratio of the number of shares to which a shareholder is entitled pursuant to share re-investment
alternative is 13.80736 shares for every 100 shares held on the record date by South African
resident shareholders exempt from dividend tax and 11.04588 shares for every 100 shares held on
the record date by non-resident shareholders subject to dividend tax at 20%.
Where a shareholder’s entitlement to the shares in relation to the share re-investment alternative,
calculated with reference to the above share ratio, gives rise to an entitlement to a fraction of a new
share, such fraction will be rounded down to the nearest whole number with the cash balance of the
dividend being retained by the shareholder.
Dividend withholding tax (“dividend tax”) implications
Dividend tax implications for South African resident shareholders
Dividends received from a Real Estate Investment Trust (“REIT”) are exempt from dividend tax in
the hands of South African resident shareholders provided that the shareholders have provided the
requisite declaration as to residence as detailed in paragraph 5 of the circular to Redefine
shareholders dated and posted on Friday, 12 November 2021 (the “circular”). South African
resident shareholders, who have submitted the requisite documentation and are exempt from
dividend tax, will accordingly receive a net dividend of 60.11921 cents per share.
Dividend tax implications for non-resident shareholders
Dividends received from a REIT by a non-resident shareholder will be subject to dividend tax at
20%, unless the rate is reduced in terms of any applicable agreement for the avoidance of double
taxation (“DTA”) between South Africa and the country of residence of the non-resident shareholder.
A reduced dividend withholding rate in terms of the applicable DTA may only be relied upon if the
non-resident shareholder has provided the requisite documentation as detailed in paragraph 5 of
the circular. Non-resident shareholders who have submitted the requisite documentation and
assuming that a dividend tax rate of 20% is applicable, will accordingly receive a net dividend of
48.09537 cents per share.
Due to the fact that the cash dividend or share re-investment alternative may have tax implications
for resident and non-resident shareholders, shareholders are encouraged to consult their
professional advisors should they be in any doubt as to the appropriate action to take.
Illustrative example on the application of rounding and the impact of dividend tax
The application of the rounding principle of rounding down to the nearest whole number and the
impact of dividend tax on shareholders has been illustrated by way of the example below:
South African Non-resident
resident shareholders
shareholders subject to
exempt from dividend tax at
dividend tax 20%
Dividend per share (cents) 60.11921 60.11921
Dividend tax per share (cents) - (12.02384)
Total net dividend per share (cents) 60.11921 48.09537
Number of shares held 100 100
Reinvestment price (R) 4.35 4.35
Total amount available for reinvestment (cents) 60.11921 48.09537
Number of shares issued in terms of share re-investment 13.80736 11.04588
alternative
Total amount payable for shares acquired in terms of the 56.60 47.90
share re-investment alternative (R)
Balance of distribution paid to shareholder (R) 3.51534 0.19979
Trading of Redefine shares
Shareholders are advised that, as per the published timetable, the last date to trade is Tuesday,
30 November 2021 and the shares will trade ex-dividend from Wednesday, 1 December 2021.
Shareholders electing the share re-investment alternative are alerted to the fact that the new shares
will be listed on LDT + 3 and that these new shares can only be traded on LDT + 3 being Friday, 3
December since settlement of the shares will be three days after the record date, being Wednesday,
8 December 2021, which differs from the conventional one day after record date settlement process.
Shareholders are reminded that the last day to elect to receive the share re-investment alternative
is 12:00 (South African time) on Friday, 3 December 2021. No action is required if you wish to
receive the cash dividend.
The salient dates, timetable and all other information relating to the dividend (including the tax
implications) and share re-investment alternative disclosed in the declaration announcement remain
unchanged.
Disclaimer
This announcement does not constitute or form part of an offer to sell securities, or the solicitation
of any offer to buy or subscribe for any securities, to or from any person in the United States (or to,
or for the account or benefit of, any such person or any U.S. person) or in any other jurisdiction in
which, or to or from any other person to or from whom, such offer or solicitation is unlawful. The
securities referred to in this announcement have not been and will not be registered under the US
Securities Act of 1933, as amended (the “US Securities Act”), and may not be offered or sold in
the United States or to, or for the account or benefit of, U.S. persons absent registration with the
United States Securities and Exchange Commission or an exemption from registration. There will
be no public offer of the securities in the United States.
23 November 2021
Corporate advisor and sponsor
Java Capital
Date: 23-11-2021 10:55:00
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