RDI REIT PLC Results of Dividend Election (6993Y)

TIDMRDI

RNS Number : 6993Y

RDI REIT PLC

07 December 2017

RDI REIT P.L.C.

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

(Registered number 010534V)

LSE share code: RDI

JSE share code: RPL

ISIN: IM00B8BV8G91

LEI: 2138006NHZUMMRYQ1745

Results of Dividend Election

RDI shareholders are referred to the announcement released on 27 October 2017 regarding the election being offered to receive the second interim dividend of 1.3 pence per share in respect of the year ended 31 August 2017 as either a cash dividend or a scrip dividend by way of an issue of new RDI shares (of the same class as existing shares) credited as fully paid up ("Scrip Dividend").

The Company is pleased to announce that election forms for 512,886,592 ordinary shares of 8 pence each in the Company ("Ordinary Shares") have been received, representing a 27.2 per cent take up by shareholders, for which 16,218,190 Scrip Dividend shares are to be issued, being 0.9 per cent of the current issued share capital of the Company.

An application will be made for the Scrip Dividend shares, which will rank pari passu in all respects with the Company's existing issued Ordinary Shares, to be admitted to the Premium Segment of the Official List of the United Kingdom Listing Authority, to trading on the London Stock Exchange's Main Market for listed securities and to be listed on the JSE ("Admission"). It is expected that Admission will occur on Monday, 18 December 2017.

This announcement is being made ahead of the proposed schedule, prior to Admission.

Following Admission, the total number of voting rights will be 1,905,132,887. No Ordinary Shares are held in treasury. The figure of 1,905,132,887 Ordinary Shares may then be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the UK Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Withholding tax information for shareholders on the South African register

Further to the finalisation announcement released on Monday, 20 November 2017, shareholders on the South African ("SA") register are advised that an additional 5% withholding tax will have been deducted by the relevant regulated intermediary on the PID element of the cash dividend paid to persons who are not exempt from dividends tax in South Africa, which will be paid to the South African Revenue Service on the beneficial shareholder's behalf.

Shareholders who did not elect to receive the Scrip Dividend will accordingly receive a cash dividend calculated as follows:

 
                               Shareholders on the 
                                 SA share register 
----------------------------  -------------------- 
 Non-PID element                7.31250 ZAR cents* 
----------------------------  -------------------- 
 Plus 
----------------------------  -------------------- 
 PID element (gross)            17.06250 ZAR cents 
----------------------------  -------------------- 
 Less 20% UK withholding tax     3.41250 ZAR cents 
----------------------------  -------------------- 
 Less 5% SA withholding tax      0.85313 ZAR cents 
----------------------------  -------------------- 
 PID element (net)              12.79687 ZAR cents 
----------------------------  -------------------- 
 

*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-PID's 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 5.85000 ZAR cents.

On application by the shareholder, assuming the shareholder is the beneficial owner of the dividend and is a South African resident for purposes of the South African - 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.

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:

RDI REIT P.L.C.

Donald Grant Tel: [phone]

FTI Consulting

UK Public Relations Adviser

Dido Laurimore, Claire Turvey, Ellie Sweeney Tel: [phone]

Instinctif Partners

SA Public Relations Adviser

Frederic Cornet, Lizelle du Toit Tel: + 27 (0) 11 447 3030

JSE Sponsor

Java Capital Tel: + 27 (0) 11 722 3050

Note to editors:

About RDI

RDI is a FTSE 250 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 39% indexed and has a WAULT of 7.4 years to first break (8.5 years to expiry). This is complemented by an average debt maturity of 7.3 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. All figures as at 31 August 2017.

The Company owns properties independently valued at GBP1.5bn in the United Kingdom and Germany, Europe's two largest and most transparent property markets. RDI invests in assets with strong property fundamentals spread across UK shopping centres, UK retail parks, UK offices, UK logistics, UK hotels and German retail.

RDI holds a primary listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange and is included within the FTSE 250, EPRA and GPR indices.

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

This information is provided by RNS

The company news service from the London Stock Exchange

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December 07, 2017 07:30 ET (12:30 GMT)