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RDI REIT PLC - Declaration of a cash dividend

Release Date: 25/04/2019 13:25
Code(s): RPL     PDF:  
Wrap Text
Declaration of a cash dividend

RDI REIT P.L.C.
("RDI" or the "Company")
(Incorporated in the Isle of Man)
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00BH3JLY32
LEI: 2138006NHZUMMRYQ1745


DECLARATION OF A CASH DIVIDEND


The board of directors of the Company has approved a first interim dividend (the "cash dividend") of 
4.00 pence per share in respect of the six months ended 28 February 2019.

The dividend will be paid as a property income distribution ("PID") and subject to a deduction of 20% UK
withholding tax unless exemptions apply.

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, 28 May 2019 (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 380 089 923 ordinary shares of 40 pence each in
issue.

SALIENT DATES AND TIMES

For shareholders on the UK share register

                                                                                                    2019

Announcement of the conversation rate on or before                                       Tuesday, 28 May

Last day to trade in order to be eligible for the cash dividend                        Wednesday, 5 June

Shares commence trading ex the cash dividend                                            Thursday, 6 June

Record date for shareholders recorded on the UK share register                            Friday, 7 June

Payment of the cash dividend                                                            Tuesday, 25 June

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,
     28 May 2019 and Friday, 7 June 2019, both dates inclusive.
3.   Shares may not be dematerialised or rematerialised between Wednesday, 5 June 2019 and Friday,
     7 June 2019, both dates inclusive.

For shareholders on the SA share register

                                                                                                    2019

Announcement of the conversation rate on or before                                       Tuesday, 28 May

Last day to trade in order to be eligible for the cash dividend                          Tuesday, 4 June

Shares commence trading ex the cash dividend                                           Wednesday, 5 June

Record date for shareholders recorded on the SA share register                            Friday, 7 June

Payment of the cash dividend                                                            Tuesday, 25 June

Notes:
4.   All dates quoted above are local dates in South Africa. The above dates are subject to change. Any
     changes will be announced on SENS.
5.   No transfer of shares between sub-registers in the UK and South Africa may take place between Tuesday,
     28 May 2019 and Friday, 7 June 2019, both dates inclusive.
6.   Shares may not be dematerialised or rematerialised between Wednesday, 5 June 2019 and Friday,
     7 June 2019, both dates inclusive.

CASH DIVIDEND TAX IMPLICATIONS

Shareholders on the SA share register

Cash Property Income Distributions

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.

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 Sweeney                                      Tel: +44 (0) 20 3727 1000

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 April 2019

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
26.7% indexed and has a WAULT of 6.5 years to first break (8.1 years to expiry). This is complemented by
an average debt maturity of 7.1 years of which over 90% 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 28 February 2019

Date: 25/04/2019 01:25:00 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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