Redefine International PLC Finalisation of Second Interim Dividend (5481O)

TIDMRDI

RNS Number : 5481O

Redefine International PLC

08 November 2016

REDEFINE INTERNATIONAL P.L.C.

("Redefine International" or the "Company")

(Registered number 010534V)

LSE share code: RDI

JSE share code: RPL

ISIN: IM00B8BV8G91

FINALISATION ANNOUNCEMENT IN RESPECT OF THE SECOND INTERIM DIVIDEND FOR THE YEAR ENDED 31 AUGUST 2016

Redefine International shareholders are referred to the announcement released on 27 October 2016 wherein they were advised that that the board of directors of the Company (the "board") had approved a second interim dividend of 1.575 pence per share in respect of the year ended 31 August 2016 and that the board intends offering shareholders a cash dividend or the election to receive 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 1.575 pence to be paid, whether as a cash dividend or scrip dividend:

- 1.103 pence (70%) will comprise a property income distribution ("PID"). The PID will be subject to a deduction of 20% UK withholding tax unless exemptions apply.

- 0.473 pence (30%) 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 16.6271. Accordingly, the Rand equivalent of the cash dividend of 1.575 pence is 26.18768 ZAR cents. Of the total Rand equivalent dividend of 26.18768 ZAR cents to be paid, whether as a cash dividend or scrip dividend:

- 18.33138 ZAR cents (70%) will comprise a PID. The PID will be subject to a deduction of 20% UK withholding tax unless exemptions apply.

- 7.85630 ZAR cents (30%) 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 38.948 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 R6.47592.

The salient dates for payment of the dividend published in the announcement dated 27 October 2016 remain unchanged.

Further details on the scrip dividend are contained in the circular issued on 27 October 2016 (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      Shareholders on 
                                            the                  the 
                              UK share register    SA share register 
--------------------------  -------------------  ------------------- 
 Non-PID element                    0.473 pence    7.85630 ZAR cents 
--------------------------  -------------------  ------------------- 
 Plus 
--------------------------  -------------------  ------------------- 
 PID element (gross)                1.103 pence   18.33138 ZAR cents 
--------------------------  -------------------  ------------------- 
 *Less 20% withholding tax          0.221 pence    3.66628 ZAR cents 
--------------------------  -------------------  ------------------- 
 PID element (net)                  0.882 pence   14.66510 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;

- 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 
                                           Shareholders on                  the 
                                                       the    SA share register 
                                         UK share register                    * 
-------------------------------------  -------------------  ------------------- 
 Amount of non-PID dividend entitled 
  to receive (per (i) above x 100):             47.3 pence             R7.85630 
-------------------------------------  -------------------  ------------------- 
 No. of shares entitled to receive: 
-------------------------------------  -------------------  ------------------- 
                                         47.3 pence/38.948 
 Calculation:                                        pence    R7.85630/R6.47592 
-------------------------------------  -------------------  ------------------- 
                                                   1.21444              1.21316 
-------------------------------------  -------------------  ------------------- 
 No. of new shares:                                      1                    1 
-------------------------------------  -------------------  ------------------- 
 
 Net amount of PID dividend entitled 
  to receive 
  (per (i) above x 100):                        88.2 pence            R14.66510 
-------------------------------------  -------------------  ------------------- 
 No. of shares entitled to receive: 
-------------------------------------  -------------------  ------------------- 
                                         88.2 pence/38.948 
 Calculation:                                        pence   R14.66510/R6.47592 
-------------------------------------  -------------------  ------------------- 
                                                   2.26456              2.26456 
-------------------------------------  -------------------  ------------------- 
 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 shareholders on the South African share register, 5% of the 20% UK withholding tax deducted, in respect of the PID element of the cash dividend, is claimable from the 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/investor-relations/real-estate-investment-trust/.

The number of shares in issue as at the declaration date was 1 794 598 650 ordinary shares of 8 pence each.

For further information:

Redefine International P.L.C.

Donald Grant Tel: [phone]

FTI Consulting

UK Public Relations Adviser

Dido Laurimore, Claire Turvey, Ellie Sweeney Tel: [phone]

FTI Consulting

SA Public Relations Adviser

Max Gebhardt Tel: + 27 (0) 11 214 2402

JSE Sponsor

Java Capital Tel: + 27 (0) 11 722 3050

Redefine International is an opportunistic, income focused FTSE 250 UK Real Estate Investment Trust (UK-REIT) committed to delivering superior distributions to its shareholders throughout the property cycle. Our income driven total returns are underpinned by a diversified portfolio, together with an efficient capital structure.

The property portfolio, independently valued at GBP1.5 billion, is focused in Europe's two strongest economies, being the United Kingdom and Germany. The portfolio is weighted towards well-located properties across retail, commercial and hotel sectors, which benefit from strong demand and from which we believe we can capture income and value growth by attracting high calibre occupiers on long leases.

We hold a primary listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange and are included within the FTSE 250 and EPRA indices.

www.redefineinternational.com

This information is provided by RNS

The company news service from the London Stock Exchange

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November 08, 2016 02:01 ET (07:01 GMT)