RDI REIT PLC Declaration of a Cash Dividend (1205X)

TIDMRDI

RNS Number : 1205X

RDI REIT PLC

25 April 2019

RDI REIT P.L.C.

("RDI" or the "Company" or the "Group")

(Registration number 010534V)

LSE share code: RDI

JSE share code: RPL

ISIN: IM00BH3JLY32

LEI: 2138006NHZUMMRYQ1745

DECLARATION OF A CASH DIVIDEND

The board of directors of the Company has approved a first interim dividend (the "cash dividend") of 4.00 pence per share in respect of the six months ended 28 February 2019.

The dividend will be paid as a property income distribution ("PID") and subject to a deduction of 20% UK withholding tax unless exemptions apply.

Shareholders on the South African ("SA") share register will receive the cash dividend in Rand, based on a GBP to Rand conversion rate to be announced on or before Tuesday, 28 May 2019 (the "conversion rate").

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

As at the date of this announcement, the Company has 380 089 923 ordinary shares of 40 pence each in issue.

SALIENT DATES AND TIMES

For shareholders on the UK share register

 
                                                                      2019 
------------------------------------------------------  ------------------ 
 
 Announcement of the conversation rate on or before        Tuesday, 28 May 
 
 Last day to trade in order to be eligible for the       Wednesday, 5 June 
  cash dividend 
 
 Shares commence trading ex the cash dividend             Thursday, 6 June 
 
 Record date for shareholders recorded on the UK share      Friday, 7 June 
  register 
 
 Payment of the cash dividend                             Tuesday, 25 June 
 
 

Notes:

1. All dates quoted above are local dates in the UK. The above dates are subject to change. Any changes will be announced on RNS.

2. No transfer of shares between sub-registers in the UK and South Africa may take place between Tuesday, 28 May 2019 and Friday, 7 June 2019, both dates inclusive.

3. Shares may not be dematerialised or rematerialised between Wednesday, 5 June 2019 and Friday, 7 June 2019, both dates inclusive.

For shareholders on the SA share register

 
                                                                      2019 
------------------------------------------------------  ------------------ 
 
 Announcement of the conversation rate on or before        Tuesday, 28 May 
 Last day to trade in order to be eligible for the         Tuesday, 4 June 
  cash dividend 
 
 Shares commence trading ex the cash dividend            Wednesday, 5 June 
 
 Record date for shareholders recorded on the SA share      Friday, 7 June 
  register 
 
 Payment of the cash dividend                             Tuesday, 25 June 
 
 

Notes:

4. All dates quoted above are local dates in South Africa. The above dates are subject to change. Any changes will be announced on SENS.

5. No transfer of shares between sub-registers in the UK and South Africa may take place between Tuesday, 28 May 2019 and Friday, 7 June 2019, both dates inclusive.

6. Shares may not be dematerialised or rematerialised between Wednesday, 5 June 2019 and Friday, 7 June 2019, both dates inclusive.

CASH DIVIDEND TAX IMPLICATIONS

Shareholders on the SA share register

Cash Property Income Distributions

A 20% UK withholding tax will be deducted from cash PIDs. On application by the shareholder, assuming the shareholder is the beneficial owner of the dividend and is SA resident for purposes of the SA - UK double tax agreement, a 5% rebate is claimable from 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.

SA dividends tax, at the rate of 20%, will apply to cash PIDs payable by the Company unless the beneficial owner of the dividend is exempt from dividends tax. Assuming that the shareholder is resident in South Africa and has the right, in terms of the double tax agreement between South Africa and the UK, to claim the 5% rebate from HMRC in respect of UK withholding tax, dividends tax at a reduced rate of 5% should be withheld. Where the shareholder is resident in the UK and has no right, in terms of the double tax agreement between South Africa and the UK, to claim the 5% rebate from HMRC in respect of the UK withholding tax, no additional dividends tax should be withheld (assuming that the shareholder is liable for UK tax on the dividend at the rate of at least 20%). Cash dividends paid to SA resident companies should be exempt from the dividends tax, subject to certain administrative requirements.

UK taxation

The receipt of the cash dividend may have tax implications for shareholders who are resident in the UK or other countries and such shareholders are advised to obtain appropriate advice from their professional advisors in this regard.

For information on PIDs and refund claims, including claim forms and guidance on how to complete them, visit http://www.rdireit.com/investors/real-estate-investment-trust.

For further information, please contact:

 
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 
 

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 26.7% indexed and has a WAULT of 6.5 years to first break (8.1 years to expiry). This is complemented by an average debt maturity of 7.1 years of which over 90% 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 28 February 2019

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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April 25, 2019 07:25 ET (11:25 GMT)