RDI REIT PLC Finalisation Announcement for Cash Dividend (7975H)

TIDMRDI

RNS Number : 7975H

RDI REIT PLC

20 November 2018

RDI REIT P.L.C.

("RDI" or the "Company")

(Registered number 010534V)

LSE share code: RDI

JSE share code: RPL

ISIN: IM00B8BV8G91

LEI: 2138006NHZUMMRYQ1745

FINALISATION ANNOUNCEMENT IN RESPECT OF THE CASH DIVIDEND

FOR THE YEAR ENDED 31 AUGUST 2018

RDI shareholders are referred to the announcement released on 25 October 2018 regarding the second interim dividend of 1.35 pence per share in respect of the year ended 31 August 2018 (the "cash dividend").

Shareholders are advised that the GBP to Rand conversion rate is 18.01500. Accordingly, the Rand equivalent of the cash dividend of 1.35 pence is 24.32025 ZAR cents.

Shareholders will receive the cash dividend calculated as follows:

 
                                                      Shareholders on 
                             Shareholders on the                  the 
                               UK share register    SA share register 
 Non-PID element                            0.27             4.86405* 
                            --------------------  ------------------- 
 Plus 
                            --------------------  ------------------- 
 PID element (gross)                        1.08             19.45620 
                            --------------------  ------------------- 
 Less 20% UK withholding 
  tax**                                    0.216              3.89124 
                            --------------------  ------------------- 
 PID element (net of 20%)                  0.864             15.56496 
                            --------------------  ------------------- 
 Less 5% SA withholding 
  tax***                                     N/A              0.97281 
                            --------------------  ------------------- 
 PID element (net of 25%)                    N/A             14.59215 
                            --------------------  ------------------- 
 

* South African dividends tax at the rate of 20 per cent will apply to cash non-PIDs paid by the Company, unless the beneficial owner of the dividend is exempt from dividends tax (e.g. if the beneficial owner is a South African company or a non-South African resident). Since no withholding tax is suffered in the UK on cash non-PIDs, no rebate can be claimed. The relevant regulated intermediary will therefore be required to deduct 20 per cent tax on all cash non-PIDs paid to persons who are not exempt from dividends tax in South Africa and pay this to the South African Revenue Service on the beneficial owner's behalf. The non-PID element payable to shareholders on the SA share register net of this 20 per cent dividends tax is 3.89124 ZAR cents.

**Certain categories of UK shareholders may apply for exemption, in which case the PID element will be paid gross.

***A 5% rebate is reclaimable from the UK's HM Revenue & Customs, resulting in an effective UK withholding tax rate of 15%. Therefore, an additional 5% South African withholding tax is to be deducted by the relevant regulated intermediary on all cash PIDs paid to persons who are not exempt from dividends tax in South Africa and paid to the South African Revenue Service on the beneficial owner's behalf. As a result, the initial withholding tax rate on cash PIDs for non-exempt South African shareholders will be 25%.

The cash dividend will be paid out of the Company's distributable profits.

The salient dates for payment of the cash dividend published in the announcement dated 25 October 2018, remain unchanged.

As at the date of this announcement, the Company has 1 900 449 536 ordinary shares of 8 pence each in issue.

For further information:

 
RDI REIT P.L.C. 
Mike Watters, Donald Grant      Tel: [phone] 
FTI Consulting 
UK Public Relations Adviser 
Dido Laurimore, Claire Turvey,  Tel: [phone] 
 Ellie Sweeney 
Instinctif Partners 
SA Public Relations Adviser 
Frederic Cornet                  Tel: [phone] 
JSE Sponsor 
Java Capital                    Tel: + 27 (0) 11 722 3050 
 

Note to editors:

About RDI

RDI is a UK Real Estate Investment Trust (UK-REIT) committed to becoming the UK's leading income focused REIT. The Company's income-led business model and strategic priorities are designed to offer shareholders superior, sustainable and growing income returns, with a target growth in underlying earnings per share of 3%-5% across the medium term.

Income sustainability is underpinned by a diversified portfolio and tenant base, with no overreliance on any one sector or tenant, together with an efficient capital structure. The secure and growing income stream is 27.0% indexed and has a WAULT of 7.0 years to first break (8.4 years to expiry). This is complemented by an average debt maturity of 6.7 years of which over 95% of interest costs are either fixed or capped. The Company is focused on all aspects impacting shareholder distributions and reports one of the lowest cost ratios in the industry whilst maintaining a low cost of debt.

The Company owns properties independently valued at GBP1.6bn in the United Kingdom and Germany, Europe's two largest, liquid and transparent property markets. RDI invests in assets with strong property fundamentals spread across UK offices (including London serviced offices), UK logistics, UK shopping centres, UK retail parks, UK hotels and German retail. RDI is well placed to take advantage of the increasing occupier requirement for real estate owners to become high quality service providers, given its scalable operational platforms and nearly a third of the portfolio invested in hotels and London serviced offices.

RDI holds a primary listing on the London Stock Exchange and a secondary listing on the JSE and is included within the EPRA, GPR, JSE All Property and JSE Tradeable Property indices.

For more information on RDI, please refer to the Company's website www.rdireit.com

All figures as at 31 August 2018.

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November 20, 2018 02:01 ET (07:01 GMT)