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Short-form announcement: Summarised audited group results for the year ended 31 August 2019
REDEFINE PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/018591/06)
JSE share code: RDF ISIN: ZAE000190252
Debt company code: BIRDF
(Approved as a REIT by the JSE)
(“Redefine” or “the company” or “the group”)
SHORT-FORM ANNOUNCEMENT: SUMMARISED AUDITED GROUP RESULTS FOR THE YEAR ENDED 31 AUGUST 2019
HIGHLIGHTS
- Deployed R6.9 billion into property assets
- Interest rates hedged on 87.3% of total debt
- Tenant retention rate at 93.3%
- Employee engagement score of 87%
- 74 Green star rated buildings
FINANCIAL RESULTS
31 August 31 August %
2019 2018 change
Revenue (R'million) 8 791 8 441 4.1
Continued and discontinued earnings per share
Basic earnings per share (cents) 61.76 123.07 (49.8)
Headline earnings per share (cents) 39.53 68.87 (42.6)
Distribution per share (cents) 101.00 97.10 4.0
Dividend per share (cents) 97.32 97.10 0.2
Net asset value per share (excluding deferred taxation
and non-controlling interest) (cents) 1 047.44 1 083.25 (3.3)
DECLARATION OF A CASH DIVIDEND
As we recalibrate to an environment of scarce and costly capital and in pursuit of maintaining a
sustainable capital structure the Board has resolved to introduce a dividend pay-out ratio policy. The
policy is aimed at reserving sufficient cash from our distributable income to fund near term
operational capital expenditure requirements while being cognisant of not creating unintended tax
leakage for shareholders. The Board has declared a dividend of 48.13000 cents per share for the
six months ended 31 August 2019. This represents a pay-out ratio of 92.9% or a retention amount
of R200 million in cash.
In accordance with Redefine's status as a REIT, shareholders are advised that the dividend meets
the requirements of a "qualifying distribution" for the purposes of section 25BB of the Income Tax
Act, No. 58 of 1962 (Income Tax Act). The distribution on the shares will be deemed to be a dividend
for South African tax purposes, in terms of section 25BB of the Income Tax Act.
The dividend received by or accrued to South African tax residents must be included in the gross
income of such shareholders and will not be exempt from income tax (in terms of the exclusion to
the general dividend exemption, contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax
Act) because it is a dividend distributed by a REIT. This dividend is, however, exempt from dividend
withholding tax in the hands of South African tax resident shareholders, provided that the South
African resident shareholders provided the following forms to their Central Securities Depository
Participant (CSDP) or broker, as the case may be, in respect of uncertificated shares, or the
company, in respect of certificated shares:
(a) a declaration that the dividend is exempt from dividends tax; and
(b) a written undertaking to inform the CSDP, broker or the company, as the case may be, should
the circumstances affecting the exemption change or the beneficial owner cease to be the
beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service.
Shareholders are advised to contact their CSDP, broker or the company, as the case may be, to
arrange for the abovementioned documents to be submitted prior to payment of the dividend, if such
documents have not already been submitted.
Dividends received by non-resident shareholders will not be taxable as income and instead will be
treated as an ordinary dividend which is exempt from income tax in terms of the general dividend
exemption in section 10(1)(k)(i) of the Income Tax Act. Assuming dividend withholding tax will be
withheld at a rate of 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
shareholder), the net dividend amount due to non-resident shareholders is 38.50400 cents per
share.
A reduced dividend withholding rate in terms of the applicable DTA, may only be relied upon if the
non-resident shareholder has provided the following forms to their CSDP or broker, as the case may
be, in respect of uncertificated shares, or the company, in respect of certificated shares:
(a) a declaration that the distribution is subject to a reduced rate as a result of the application of a
DTA; and
(b) a written undertaking to inform their CSDP, broker or the company, as the case may be, should
the circumstances affecting the reduced rate change, or the beneficial owner cease to be the
beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service. Non-
resident shareholders are advised to contact their CSDP, broker or the company, as the case may
be, to arrange for the abovementioned documents to be submitted prior to payment of the
distribution if such documents have not already been submitted, if applicable.
The dividend is payable to Redefine's shareholders in accordance with the timetable set out below:
Last date to trade cum dividend: Tuesday, 19 November 2019
Shares trade ex dividend: Wednesday, 20 November 2019
Record date: Friday, 22 November 2019
Payment date: Monday, 25 November 2019
Shareholders may not dematerialise or rematerialise their shares between Wednesday,
20 November 2019 and Friday, 22 November 2019, both days inclusive. Payment of the dividend
will be made to shareholders on Monday, 25 November 2019. In respect of dematerialised
shareholders, the dividend will be transferred to the CSDP accounts/broker accounts on Monday,
25 November 2019. Certificated shareholders' dividend payments will be deposited on or about
Monday, 25 November 2019.
Shares in issue at the date of declaration of dividend: 5 793 183 210
Redefine's income tax reference number: 917/852/484/0
By order of the board
Redefine Properties Limited
4 November 2019
Executive directors:
AJ Konig (Chief executive officer)
LC Kok (Financial director)
Independent non-executive directors:
SM Pityana (Chairman)
ASP Dambuza
B Mathews (Lead Independent)
D Naidoo
LJ Sennelo
M Barkhuysen
NB Langa-Royds
Non-executive director:
HK Mehta
Registered office:
Rosebank Towers, Office Level 5,
19 Biermann Avenue,
Rosebank 2196
PO Box 1731,
Parklands 2121
Telephone +27 11 283 0000
Transfer secretaries:
Computershare Investor Services Proprietary Limited
Company secretary:
B Baker
Independent auditors:
PricewaterhouseCoopers Inc
Sponsor:
Java Capital
http://www.redefine.co.za
The contents of this short-form announcement are the responsibility of the board of directors of
Redefine. These are extracts from the audited group results for the year ended 31 August 2019 and
do not contain full or complete details of the financial results. Any investment decisions made by
investors and/or shareholders should be based on consideration of the full announcement as a
whole and shareholders are encouraged to review the full announcement which is available on the
JSE website https://senspdf.jse.co.za/documents/2019/JSE/isse/RDF/FY2019.pdf
and on Redefine's website. The full announcement is also available for inspection at the registered
office of Redefine or at the office of our sponsor, Java Capital, 6A Sandown Valley Crescent,
Sandown, Sandton 2196 at no charge during normal business hours from Monday, 4 November
2019 to Monday, 11 November 2019. Copies of the full announcement may be requested via email
to BronwynB@redefine.co.za or sponsor@javacapital.co.za.
Date: 04/11/2019 08:00:00
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