Sirius Real Estate Limited Scrip Dividend Reference Price and Conversion Rate (1693Y)

TIDMSRE

RNS Number : 1693Y

Sirius Real Estate Limited

01 December 2017

1 December 2017

Sirius Real Estate Limited

("Sirius Real Estate" or the "Company")

Posting of Scrip Dividend Alternative Circular and

Scrip Dividend Reference Prices and Conversion Rates

Sirius Real Estate is pleased to confirm that the Scrip Dividend Alternative Circular and (if appropriate) a Form of Scrip Election and Form of Currency Election (Forms of Election) are being posted today to Shareholders and are available on the Company's website: www.sirius-real-estate.com.

An overview timetable of events relating to the Scrip Dividend Alternative is set out below:

For shareholders on the UK Share Register:

 
 Announcement of Interim Dividend        Monday 27 November 
                                                       2017 
----------------------------------  ----------------------- 
 Despatch the Scrip Circular              Friday 1 December 
  and Forms of Election and                            2017 
  announce the despatch on 
  RNS 
----------------------------------  ----------------------- 
 Announcement on RNS of Reference         Friday 1 December 
  Price for the New Shares                             2017 
  and the Euro to Sterling 
  Conversion Rate 
----------------------------------  ----------------------- 
 Last day to trade in order          Wednesday, 13 December 
  to be eligible for the Interim                       2017 
  Dividend 
----------------------------------  ----------------------- 
 Shares commence trading ex           Thursday, 14 December 
  the Interim Dividend on the                          2017 
  Main Market (the UK Ex-Dividend 
  Date) 
----------------------------------  ----------------------- 
 Record Date for UK Shareholders        Friday, 15 December 
                                                       2017 
----------------------------------  ----------------------- 
 Deadline by which election             5.00 p.m. (UK time) 
  to receive the Interim Dividend         Friday, 5 January 
  by way of New Shares or election                     2018 
  to receive the Interim Dividend 
  in Sterling must have been 
  received by the Registrars 
  (Election Return Date) 
----------------------------------  ----------------------- 
 Announcement on RNS of the              Friday, 12 January 
  number of New Shares issued                          2018 
----------------------------------  ----------------------- 
 Despatch share certificates           Thursday, 18 January 
  for New Shares, Interim Dividend                     2018 
  cheques and tax vouchers 
----------------------------------  ----------------------- 
 CREST accounts credited and/or          Friday, 19 January 
  updated with the Interim                             2018 
  Dividend payment in cash 
  and/or New Shares 
----------------------------------  ----------------------- 
 Admission of New Shares to              Friday, 19 January 
  the premium segment of the                           2018 
  Official List and to trading 
  on the Main Market 
----------------------------------  ----------------------- 
 

For shareholders on the South African Share Register:

 
 Announcement of Interim             Monday 27 November 2017 
  Dividend 
--------------------------------  -------------------------- 
 Despatch the Scrip Circular          Friday 1 December 2017 
  and Scrip Election Form 
  and announce the despatch 
  on SENS 
--------------------------------  -------------------------- 
 Announcement on SENS                Friday, 1 December 2017 
  of Reference Price for 
  the New Shares and the 
  Euro to Rand Conversion 
  Rate 
--------------------------------  -------------------------- 
 Last day to trade in                   Tuesday, 12 December 
  order to be eligible                                  2017 
  for the Interim Dividend 
--------------------------------  -------------------------- 
 Shares commence trading              Wednesday, 13 December 
  ex the Interim Dividend                               2017 
  on the Main Board (the 
  SA Ex-Dividend Date) 
--------------------------------  -------------------------- 
 Record Date for SA Shareholders    Friday, 15 December 2017 
--------------------------------  -------------------------- 
 Deadline by which election        12.00 noon (South African 
  to receive the Interim                               time) 
  Dividend by way of New              on Friday, 15 December 
  Shares must have been                                 2017 
  received by the Transfer 
  Secretaries (Election 
  Return Date) 
--------------------------------  -------------------------- 
 Announcement on SENS                Friday, 12 January 2018 
  of the number of New 
  Shares issued 
--------------------------------  -------------------------- 
 Despatch share certificates         Friday, 19 January 2018 
  for New Shares, Interim 
  Dividend cheques and 
  tax certificates 
--------------------------------  -------------------------- 
 Participant/broker accounts         Friday, 19 January 2018 
  credited and/or updated 
  with the Interim Dividend 
  payment in cash and/or 
  New Shares 
--------------------------------  -------------------------- 
 Listing and admission               Friday, 19 January 2018 
  of New Shares to trading 
  on the Main Board 
--------------------------------  -------------------------- 
 

Notes

The above dates and times are subject to change. Any changes will be released on RNS and SENS.

Share certificates may not be dematerialised or rematerialised between Wednesday, 13 December 2017 and Friday, 15 December 2017 on the UK Share Register or the SA Share Register, on these days inclusive nor may transfers of shares between the UK Share Register and the SA Share Register take place between Friday, 1 December 2017 and Friday, 15 December 2017, both days inclusive.

The Interim Dividend has been declared in Euro. Shareholders on the UK Share Register may elect to receive their entitlement to the Interim Dividend in cash in either Euro or Sterling. Shareholders on the UK Share Register that do not make a valid Sterling currency election will receive any entitlement to the cash dividend in Euro. Shareholders on the SA Share Register will receive any entitlement to the cash dividend in Rand.

As set out in the Scrip Dividend Alternative Circular, Sirius Real Estate today announces the posting of the Scrip Dividend Alternative Circular and accompanying forms, as well as the Scrip Dividend Reference Prices and the Euro to Rand Conversion Rate and the Euro to Sterling Conversion Rate for the purposes set out in the Scrip Dividend Alternative Circular.

The Scrip Dividend Reference Prices are as follows:

   Shareholders on the UK Share Register:                                GBP0.619768 (Sterling) 
   Shareholders on the SA Share Register:                                R11.72357 (Rand) 

The Euro to Sterling Conversion Rate and the Interim Dividend authorised in Sterling (UK Share Register only)

Shareholders on the UK Share Register are entitled to receive an Interim Dividend of EUR0.0156 per Ordinary Share. However they may elect to receive their Interim Dividend in Sterling.

For Shareholders on the UK Share Register that make a valid Sterling currency election, the Euro to Sterling Conversion Rate is GBP0.88024 (Sterling) to EUR1 (Euro).On this basis, Shareholders on the UK Share Register who elect to receive their entitlement to the Interim Dividend in cash in Sterling will receive a gross dividend of GBP0.01373 (Sterling) per Ordinary Share.

Alternatively Shareholders on the UK Share Register may elect to receive New Shares by way of the Scrip Dividend Alternative.

The Euro to Rand Conversion Rate and the Interim Dividend authorised in Rand (SA Share Register only)

The Euro to Rand Conversion Rate is R16.2892 (Rand) to EUR1 (Euro).

On this basis, Shareholders on the SA Share Register will receive a gross dividend of R0.25411 (Rand) per Ordinary Share, which they may take in cash or, if they elect to do so by way of the Scrip Dividend Alternative, in New Shares.

The number of New Shares which Shareholders electing to take the Scrip Dividend Alternative will receive are as follows:

Shareholders on the UK Share Register: 1 New Share for every 45.13396 Ordinary Shares held

Shareholders on the SA Share Register: 1 New Share for every 46.13544 Ordinary Shares held

Information for Shareholders on the SA Share Register

In accordance with the Listings Requirements of the JSE, the Company confirms that the net cash dividend received by SA Shareholders who are not exempt from dividend withholding tax of 20%, is expected to be R0.20329 (Rand) per Ordinary Share. The Company had 926,728,565 Ordinary Shares in issue (comprising 574,892 shares held in treasury and 926,153,673 shares with voting rights) on Monday, 27 November 2017, the authorisation date of the dividend. The Company is incorporated in Guernsey with Company number 46442 and its tax registration number in Guernsey is 1EC.956 and its UK tax number is GB 203993015. The receipt of the cash dividend should be regarded as a foreign dividend in the hands of South African tax resident shareholders.

As set out in the Scrip Dividend Alternative Circular, South African tax resident shareholders who have elected to receive the dividend in the form of New Shares should not be subject to income tax on receipt of New Shares or dividend withholding tax. The receipt of New Shares should not be regarded as a foreign dividend in the hands of South African tax resident shareholders.

The above should not be construed as tax advice and shareholders are advised to seek their own tax advice from an independent tax adviser regarding the tax consequences of electing to receive New Shares or a full cash dividend, or should they be in any doubt as to the appropriate election to be made.

Further Information

Terms used but not defined herein have the same meaning given to them as set out in the Scrip Dividend Alternative Circular.

The distribution of the Scrip Dividend Alternative Circular in certain jurisdictions (including the United States of America, Canada, Japan, New Zealand or Australia or their respective territories or possessions (subject to applicable exemptions)) other than the United Kingdom, South Africa and Guernsey may be restricted by law. Accordingly, the Scrip Dividend Alternative Circular may not be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. Persons into whose possession the Scrip Dividend Alternative Circular comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

LEI code: 213800NURUF5W8QSK566

Enquiries

 
 
  For further information, please 
  contact: 
  Sirius Real Estate                  [phone] 
Andrew Coombs, CEO 
 Alistair Marks, CFO 
 
 
                                    [phone] 
Novella                              7008 
Tim Robertson 
 Toby Andrews 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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December 01, 2017 10:00 ET (15:00 GMT)