Globalworth Real Estate Inv Ltd Interim Dividend & Scrip Alternative (4858S)

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RNS Number : 4858S

Globalworth Real Estate Inv Ltd

09 March 2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION.

FOR IMMEDIATE RELEASE

9 March 2023

Globalworth Real Estate Investments Limited

("Globalworth" or the "Company")

Interim Dividend Payment and Scrip Dividend Alternative

The Company is pleased to announce that its Board of Directors has approved the payment of an interim dividend in respect of the six month period ended 31 December 2022 of 15 cents per ordinary share (the "Interim Dividend"), which will be paid (or CREST accounts credited) in accordance with the timetable set out below.

At the extraordinary general meeting of the Company held on 8 March 2023, a resolution was passed to grant the Board of Directors the authority to offer a scrip dividend alternative to shareholders. The Company is pleased to announce that its Board of Directors intends to offer a scrip dividend alternative to the Interim Dividend (the "Scrip Dividend Alternative") so that Qualifying Shareholders can elect to receive new ordinary shares in the Company (the "Scrip Dividend Shares") instead of cash in respect of all or part of their entitlement to the Interim Dividend.

The Company will today publish a shareholder circular in relation to the Scrip Dividend Alternative (the "Scrip Dividend Circular") and a form of election to be completed by certain non-CREST Qualifying Shareholders who wish to elect to receive the Scrip Dividend Alternative (the "Scrip Mandate Form"). The Scrip Dividend Circular will include a letter from the Board of Directors setting out further information on the Scrip Dividend Alternative, including how Qualifying Shareholders can elect to receive the Scrip Dividend Alternative and certain UK tax consequences of electing to receive the Scrip Dividend Alternative. The Scrip Dividend Circular and the Scrip Mandate Form will be available on the Company's website at https://www.globalworth.com/investor-relations/corporate-documents/ .

Qualifying Shareholders who validly elect to receive the Scrip Dividend Alternative will become entitled to a number of Scrip Dividend Shares in respect of their entitlement to the Interim Dividend that is based on a price per Scrip Dividend Share calculated on the basis of a discount of 20% to the average of the middle market quotations for the Company's shares as derived from the Daily Official List (or any other publication of a recognised investment exchange showing quotations for the Company's shares) on the five consecutive dealing days from and including the Ex-Dividend Date (the "Reference Price"). The Reference Price is expected to be announced on 23 March 2023.

The Company has received irrevocable undertakings from Zakiono Enterprises Ltd and Growthpoint Properties Ltd, who together hold approximately 90% of the current issued share capital of the Company (excluding shares held in treasury), to elect to receive the Scrip Dividend Alternative in respect of all of their shares and their full entitlement to the Interim Dividend.

The Scrip Dividend Circular should be read in full before electing to receive the Scrip Dividend Alternative. This announcement is not a summary of the Scrip Dividend Circular and should not be regarded as a substitute for reading the Scrip Dividend Circular in full.

All capitalised terms used in this announcement shall, unless otherwise defined, have the meanings given to them in the Scrip Dividend Circular.

IMPORTANT DATES AND TIMES

 
                                                            2023 
 Ex-Dividend Date                                       16 March 
 Record Date                                     5.00 p.m. on 17 
                                                           March 
 Announcement of the Reference Price             7.00 a.m. on 23 
                                                           March 
 Final time and date to elect to receive         5.00 p.m. on 31 
  the Scrip Dividend Alternative                           March 
 Cash Dividend: Payment to CREST shareholders           11 April 
 Cash Dividend: Payment to certificated                 13 April 
  shareholders 
 Scrip Dividend Alternative: Posting of                 18 April 
  share certificates for new Scrip Dividend 
  Shares to certificated shareholders 
 Scrip Dividend Alternative: Crediting new              18 April 
  Scrip Dividend Shares to accounts of CREST 
  shareholders 
 Expected date for issuance and admission               18 April 
  of new Scrip Dividend Shares to trading 
  on AIM 
 

The above times and/or dates may be subject to change and, in the event of such change, the revised times and/or dates will be notified to shareholders by an announcement through a regulatory information service.

For further information visit www.globalworth.com or contact:

 
 Enquiries 
 Stamatis Sapkas                         Tel: [phone] 
  Chief Financial Officer 
 Panmure Gordon (Nominated Adviser and   Tel: [phone] 
  Broker) 
  Dominic Morley 
 

About Globalworth / Note to Editors :

Globalworth is a listed real estate company active in Central and Eastern Europe, quoted on the AIM-segment of the London Stock Exchange. It has become the pre-eminent office investor in the CEE real estate market through its market-leading positions both in Poland and Romania. Globalworth acquires, develops and directly manages high-quality office and industrial real estate assets in prime locations, generating rental income from high quality tenants from around the globe. Managed by over 260 professionals across Cyprus, Guernsey, Poland and Romania, a combined value of its portfolio is EUR3.2 billion, as at 31 December 2022. Approximately 96.4% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of over 690 national and multinational corporates. In Poland, Globalworth is present in Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice, while in Romania its assets span Bucharest, Timisoara, Constanta, Pitesti, Arad, Oradea and Targu Mures.

For more information, please visit www.globalworth.com and follow us on Facebook, Instagram and LinkedIn.

Excluded Territories

The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable legal or regulatory requirements. In particular, the ability of persons who are not resident in the United Kingdom or who are subject to the laws of another jurisdiction to elect to receive the Scrip Dividend Alternative may be affected by the laws of the relevant jurisdictions in which they are located or to which they are subject. Any failure to comply with applicable legal or regulatory requirements of any jurisdiction may constitute a violation of securities laws in that jurisdiction.

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March 09, 2023 10:10 ET (15:10 GMT)