R.E.A. Holdings plc: Further re preference dividend (990695)

 
 R.E.A. Holdings plc (RE.) 
R.E.A. Holdings plc: Further re preference dividend 
 
06-March-2020 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
                                R.E.A. Holdings plc ("REA" or the "company") 
 
                                 Further announcement re preference dividend 
 
It was announced in the trading update issued by the company on 7 February 
2020 that, subject to certain criteria being met, the directors planned 
progressively to catch up the arrears of dividend on the 9 per cent 
cumulative preference shares of GBP1 each in the capital of the company with 
an initial payment of one per cent per preference share at the end of March 
2020. Among the criteria to be met was a requirement that substantially all 
the 8.75 per cent guaranteed sterling notes 2020 issued by the company's 
wholly owned subsidiary REA Finance B.V. (the "sterling notes") were 
successfully refinanced. 
 
As announced concurrently with this announcement, the company is today 
sending a circular to the holders of the sterling notes to inform them of 
proposals to extend the date for repayment of the sterling notes from 31 
August 2020 to 31 August 2025 (the "sterling note proposals"). The sterling 
note proposals require the sanction of an extraordinary resolution of the 
holders of the sterling notes. Accordingly, a meeting of the holders of the 
sterling notes has been convened for 31 March 2020. If the requisite 
extraordinary resolution is passed, it is expected that the sterling note 
proposals will become effective on 1 April 2020. The company considers that, 
upon the sterling note proposals becoming effective, the sterling notes will 
have been "successfully refinanced" as noted above as a criterion for the 
proposals as regards the payment of dividends in respect of the company's 
preference shares. 
 
Normal market practice requires that the company gives four weeks' notice of 
payment of a dividend. In recognition of this timing requirement, and 
subject to the sterling note proposals becoming effective and to the other 
previously announced criteria for the proposals as regards the payment of 
dividends in respect of the company's preference shares being met, the 
directors plan to declare the proposed dividend of one per cent per 
preference share as soon as the sterling note proposals have become 
effective for payment of such dividend approximately four weeks later (that 
is, on or around 29 April 2020). 
 
Enquiries: 
 
R.E.A Holdings plc 
 
Tel: [phone] 
 
ISIN:          GB0002349065 
Category Code: FUR - . 
TIDM:          RE. 
LEI Code:      213800YXL94R94RYG150 
Sequence No.:  50649 
EQS News ID:   990695 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

March 06, 2020 02:00 ET (07:00 GMT)