Rdi Reit P.l.c Share Discussion Threads

[billy5] 06/12/2014 08:49

Any idea why I got £408 instead of £510 on 30k?

There has never been tax deductions on any of my other shares.

[eithin] 05/12/2014 15:51

Divi paid today Full 1.7p no with holding tax deducted (Mine)

[grollfam] 05/12/2014 15:48

Next time takes shares and there is no deductions

[billy5] 05/12/2014 12:51

Got the divi.

Did everybody know 20% was deducted, I must have forgotten!

[eithin] 29/10/2014 08:15

Redefine Ups Dividend As Distributable Earnings Rise Strongly

[johnroger] 18/7/2014 13:04

Hi Cerrito

Despite the co sec comments Selftrade cannot claim dividends gross as the shares are held in their nominee account. However the tax is reclaimable at the end of the tax year by the Sipp managers. Need to take the cash rather than scrip as I am in drawdown.
IC said this recently about the premium over Nav
Share tip summary

Given the renaissance in demand for regional property assets, Redefine's share price premium over forecast net asset value looks justified. It's also worth pointing out that at 6.2 per cent rising to 6.4 per cent in 2015, the prospective dividend yield is one of the highest in the sector. So, with rental income and property values both set to grow, together with the dividend, shares in Redefine present a compelling case for growth and income seekers. Buy.

[cerrito] 18/7/2014 11:21

Not sure if there is anything much to get people buying or selling in today's IMS.
Confirmed to me what I have been hearing elsewhere-signs that the strong property market in London is beginning to trickle down to other parts of the UK and ex London office market buoyed by office to residential conversions.

Interested in their comments on German real estate market given my holdings in TRV and IERE, who say that there is a polarization between prime and good quality secondary assets which are doing much better than tertiary assets-reflected in RDI's comments that core assets doing well. Not sure if Schloss Centre in Berlin is up,middle or down market but E36k for a 807 sg ft retail unit seemed rather low.
Interested given their sales of property loans that Lloyds have not sold Zeta-probably reflects low coverage ratio of 55% and fact that secured on offices let to HMG.
Based on what I have read today not sure if I expect a big change in the next NAV figure.
The one big question mark in their financials is the line Foreign Exchange Gain/Loss; note in the first half of this year it was £2.4m gain compared to total pre tax profits of £2,-albeit after the £22.8m write down and in the last year was £4m + profit. This gain in the first half as even after saying they had taken a hit given AUD weakness affecting the Cromwell valuation.
I do not see myself buy or selling at the moment-but as always unclear as to why it trades at such a premium over NAV

[cerrito] 18/7/2014 10:41

Thanks JohnRoger for making me focus on this especially as I have my RDI in a SIPP and this is the first time that I have had a tax deduction.
As I had a lot on in May/June I missed the significance of the following in the May 9 RNS and I hope I will remember next time to take the scrip alternative
quote
Redefine International shareholders are referred to the announcement released on 30 April 2014 wherein shareholders were advised that the board of directors ("the board") of the Company had declared an interim dividend of 1.50 pence per share (the "dividend") in respect of the six months ended 28 February 2014 and that the board intended offering to shareholders 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") or a cash dividend ("cash dividend"). The dividend will be paid as follows:

· If taken in cash, the cash dividend will comprise a property income distribution ("PID") element of 0.43 pence per share and a non-PID element of 1.07 pence per share. The PID will be subject to a deduction of a 20 per cent UK withholding tax unless exemptions apply. The non-PID element will be treated as an ordinary UK company dividend, with no withholding tax deducted.

· Shareholders who make an election to receive shares will receive shares based on the full 1.50 pence being paid as a non-PID. As a non-PID, this will be treated as an ordinary UK company dividend, with no withholding tax deducted.

[johnroger] 14/7/2014 13:13

Hi Gary, thank you for your interest.

I have had a comprehensive response from the co sec copied below so have asked my SIPP manager to apply for payments to be made gross. SLI is worth looking at but no thread exists for FCRE that I can find



Thank you for your email and apologies for the delay in replying.

If your shares are held in a SIPP, the Manager/custodian (whose name would appear on our share register) can apply for the dividend to be paid gross.

If you have not already seen the related links on our web-site, please refer to these below. We have set out all the necessary implications for all shareholders following our recent REIT conversion. I attach the pdf linked document for your convenience, please see bottom of page 1 and top of page 2, the necessary forms can be found at:-

hxxp://www.redefineinternational.com/investor-relations/real-estate-investment-trust/

There is also a full circular which has been sent to all shareholders, which is available in the following link, named "Circular relating to receiving a cash or Scrip dividend dated 30 April 2014"

hxxp://www.redefineinternational.com/investor-relations/financial-reports/


If you need any further information or help, please feel free to contact me again.


Many thanks and kind regards

Lisa
LISA HIBBERD
Company Secretary



30 Charles II Street, London SW1Y 4AE
Telephone [phone] | Facsimile [phone]
Email [e-mail]
www.redefineinternational.com

[garycook] 12/7/2014 08:06

Hi John,Phoned London office yesterday,they sent me an email,if you want a copy email me at [e-mail]. I understand it they will take a 20% with holding tax at there decretion?,something to do with PIDS.So I purchased FCRE and SLI instead,both yielding 6%,having sold SREI and UKCM,because of reduction in Dividend to 4.5%.RDI Net is 4.75%.If you buy FCRE or SLI,you get 30% more Dividend than RDI,It works out at around 134 pounds more Divi on 10,000 pounds worth.

[johnroger] 11/7/2014 16:02

Hi GARY

Have emailed Lisa Hibberd the co sec for an explanation will advise if I get a response

[garycook] 11/7/2014 09:48

Phoned Peel Hunt the joint broker with Investec in London,and was told that it depends on the property that they own and where.???

[garycook] 10/7/2014 15:03

RDI in registered in the Isle of Man,so why is there a 20% Tax deduction.I hold a number of shares eg.CGL,FCRE,FLG,GLIF,GVC,HSD,SLI,SREI.never had tax taken on there Dividends

[johnroger] 03/7/2014 14:45

The June 5th dividend was paid at the rate of 1.07p per share net and an additional payment of .043p a share subject to a 20% tax deduction. Anyone with an explanation for this? Will future payments be subject to 20% tax? Held in my SIPP account but rather reduces the income attraction.

[scottishfield] 18/6/2014 11:35

possibly a good buy (not goodbye) point around here imo

[eeza] 14/3/2014 19:36

The IC article.

Redefine International PLC

Thu 13 March 2014
A A A

Recommendation type: Income
Jonas Crosland

A lot can change in six months, and for property group Redefine International (RDI), most of the changes have been for the good. Of primary importance is the shift in investor demand to beyond the confines of the expensive London property market and into secondary assets situated elsewhere. The obvious reason for this is that yield compression in London to 3-4 per cent makes it sensible to look at quality regional assets offering double this.

Happily, Redefine is now better-placed to take advantage of the trend, having spent a long time restructuring itself, which includes becoming a real-estate investment trust (Reit) in December last year, achieving a dual listing on the Johannesburg Stock Exchange, and launching an American Depository Receipt programme (ADR) to accommodate overseas investment demand for UK real estate.

As demand pushes up property prices, management expects half-year figures towards the end of April to see an encouraging revaluation of the portfolio, which, according to broker Peel Hunt, is 56 per cent located in the UK by value, 29 per cent in Europe and 14 per cent through a holding in an Australian company. Together with the restructuring, this is expected to reduce the loan-to-value rate from 82 per cent in August 2012 and 57 per cent last August to nearer the 50 per cent target.

And to take advantage of the uptick in regional valuations, the group has been working its portfolio hard by recycling capital into income-generating investments. Redefine bought a lot of property during the financial crises and is now set to benefit as some of the return on these investments is crystallised. Most recently, two adjoining sites in Harrow were sold to Redrow Homes (RDW) for £13.8m, which works out at a 12.4 per cent premium to book value, and the group has also secured a share of sales revenue above an agreed aggregate threshold. More sales can be expected, too, assuming an acceptable rate of return on book value.

Redefine has also been busy adding selected properties to the portfolio. For example, the group spent £84m on the 305,000 sq ft Weston Favell enclosed shopping centre on the edge of Northampton, reflecting a net initial yield of 7.5 per cent. Crucially, the centre is anchored by one of the largest Tesco supermarkets in the UK, occupying just under half the retail space, and with a 14-year unexpired lease.

And there are signs of an improvement in rents, too, with a rental review uplift at Newington House in Southwark, for example, resulting in a 5 per cent rise in rent to £807,520 a year.

REDEFINE INTERNATIONAL (RDI)
ORD PRICE: 50.25p MARKET VALUE: £638m
TOUCH: 50-50.25p 12-MONTH HIGH: 61p LOW: 34p
FORWARD DIVIDEND YIELD: 6.4% TRADING PROPERTIES: £57.3m
FORWARD PREMIUM TO NAV: 14% NET DEBT: 221%
INVESTMENT PROPERTIES: £644m

Year to 31 Aug Adjusted net asset value (p) Net operating income (£m) Earnings per share (p) Dividend per share (p)

2012 39 83.0 4.4 4.4
2013 39 62.8 3.1 3.1
2014* 40 70.5 3.2 3.1
2015* 42 73.9 3.3 3.2
% change +5 +5 +3 +3

Normal market size: 5,000

Matched bargain trading

Beta: 0.39

*Peel Hunt forecasts

Rental income is also expected to rise as more refurbishments start to contribute to the bottom line. At St Georges in Harrow, the final refurbishment is expected to be completed by Easter this year, while a 50,000 sq ft extension at Birchwood in Warrington has now been completed. However, while consumer sentiment is clearly improving, footfall remains in decline, and Redefine believes a full recovery will not return until consumers experience real wage growth.

The company also has a stake in Australian-based Cromwell Property, and while its performance has been solid enough, Redefine's exposure is unhedged, and the Australian dollar has declined by nearly 6 per cent since last August. Sensibly, Redefine sold a further 8.46m shares in December, taking its stake down to 13.2 per cent. Group net asset value in the short term could also come under pressure from weakness in the euro, with the group's shopping centres and government-let offices in Germany and the Netherlands accounting for around 16 per cent of gross rental income.

Group finances have been boosted by a placing at 47.5p last month, expanded due to strong demand from 7.5 per cent to 9.9 per cent of the share capital, raising £54.7m before expenses and priced at a 6.4 per cent discount.

Share tip summary

Given the renaissance in demand for regional property assets, Redefine's share price premium over forecast net asset value looks justified. It's also worth pointing out that at 6.2 per cent rising to 6.4 per cent in 2015, the prospective dividend yield is one of the highest in the sector. So, with rental income and property values both set to grow, together with the dividend, shares in Redefine present a compelling case for growth and income seekers. Buy.

[dashton42] 13/3/2014 17:48

Tipped in Investors Chronicle today. For those with access:

[jacks13] 21/2/2014 17:36

Use of Proceeds:
* Proposed acquisition of minority interests within the existing portfolio (equating to GBP6 million).
* Redevelopment and asset management opportunities associated with the Group's retail portfolio in Germany (equating to GBP10 million).
* Support the early extension of 2016 debt maturities at lower LTVs and lock-in current interest rates.
* Repaying a GBP20 million working capital debt facility in the short term, saving the Company an interest charge of approximately 6 per cent. per annum.
* Fund potential acquisition opportunities in the U.K. and Germany.

[cerrito] 20/2/2014 17:23

Not a happy camper. No wonder the offer today was a sellout and they got the max permitted away given the 47.5p price although do take some cold comfort that I assume that the shares were issued at a premium to NAV-I note that the Jan 17 IMS had no NAV number and the last NAV we have is the Aug 30 one of 38.66p
Did not see this coming especially as they had pre thisoplacing quite a comfortable financial position...I guess if I had made it to the AGM I could have asked the question.

[hawaly] 07/2/2014 17:58

Sometimes I think it is as simple as that, supply and demand.

The yield is attractive but there is also a chance that the stock could be promoted to the FTSE250 in March if the price retraces its recent highs. This in turn could lead to further gains as tracker funds start to buy in.

The price had fallen below the 50 day SMA which has provided support since April of last year:

[grollfam] 07/2/2014 16:54

More buyers than sellers ?

[red army] 07/2/2014 16:38

Must be some interest as up 10%

[gscrawler] 07/2/2014 01:45

South Africa currency problems.
Australian dollar too!

[puku] 06/2/2014 12:39

anybody know why the big drop then trickle down of the share price on a daily basis - 60 p to 48.5p ?? As Barr says seems a no-brainer

[baracuda2] 30/1/2014 08:10

with a 6% dividend its a no brainer!!!