Sirius Real Estate Limited Scrip Dividend Reference Price and Conversion Rate (8330Q)

TIDMSRE

RNS Number : 8330Q

Sirius Real Estate Limited

08 June 2018

8 June 2018

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) forms of election have today been posted 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 Final Dividend                Monday, 4 June 2018 
 Despatch the Scrip Circular and Form          Friday, 8 June 2018 
  of Election and announce the despatch 
  on RNS 
                                              ------------------------------- 
 Announcement of Reference Price for           Friday, 8 June 2018 
  the New Shares and the Euro to Sterling 
  Conversion Rate released on RNS 
                                              ------------------------------- 
 Last day to trade in order to be              Wednesday, 11 July 2018 
  eligible for the cash dividend or 
  alternatively the scrip dividend 
                                              ------------------------------- 
 Shares commence trading ex the cash           Thursday, 12 July 2018 
  dividend or scrip dividend (the UK 
  Ex-Dividend Date) 
                                              ------------------------------- 
 Record Date for UK Shareholders               Friday, 13 July 2018 
                                              ------------------------------- 
 Deadline by which election to receive         5.00 p.m. (UK time) on Friday, 
  the New Shares or election to receive         27 July 2018 
  dividend entitlements in Sterling 
  must have been received by the Registrars 
  (Election Return Date) 
                                              ------------------------------- 
 Announcement on RNS of the number             Friday, 10 August 2018 
  of New Shares issued 
                                              ------------------------------- 
 Despatch scrip dividend share certificates,   Thursday, 16 August 2018 
  Final Dividend cheques and tax vouchers 
                                              ------------------------------- 
 CREST accounts credited and/or updated        Friday, 17 August 2018 
  with the Final Dividend payment in 
  cash and/or New Shares 
                                              ------------------------------- 
 Admission of New Shares to the premium        Friday, 17 August 2018 
  segment of the Official List and 
  to trading on Main Market 
                                              ------------------------------- 
 Final Dividend Payment Date                   Friday, 17 August 2018 
                                              ------------------------------- 
 

For shareholders on the South African Share Register:

 
 Announcement of Final Dividend                 Monday, 4 June 2018 
 Despatch the Scrip Circular and Form           Friday, 8 June 2018 
  of Election 
                                               -------------------------------- 
 Announcement of Reference Price for            Friday, 8 June 2018 
  the New Shares and the Euro to Rand 
  Conversion Rate released on SENS 
                                               -------------------------------- 
 Last day to trade in order to be               Tuesday, 10 July 2018 
  eligible for the cash dividend or 
  alternatively the scrip dividend 
                                               -------------------------------- 
 Shares commence trading ex the cash            Wednesday, 11 July 2018 
  dividend or scrip dividend (the SA 
  Ex-Dividend Date) 
                                               -------------------------------- 
 Record Date for SA Shareholders                Friday, 13 July 2018 
                                               -------------------------------- 
 Deadline by which election to receive          12.00 noon (South African time) 
  the New Shares must have been received         on Friday, 13 July 2018 
  by the Transfer Secretaries (Election 
  Return Date) 
                                               -------------------------------- 
 Announcement on SENS of the number             Friday, 10 August 2018 
  of New Shares to be issued 
                                               -------------------------------- 
 Participant/broker accounts credited           Friday, 17 August 2018 
  and/or updated with the Final Dividend 
  payment in cash and/or New Shares 
                                               -------------------------------- 
 Despatch scrip dividend share certificates,    Friday, 17 August 2018 
  Final Dividend cheques and tax certificates 
                                               -------------------------------- 
 Listing and admission of New Shares            Friday, 17 August 2018 
  to trading on the JSE 
                                               -------------------------------- 
 Final Dividend Payment Date                    Friday, 17 August 2018 
                                               -------------------------------- 
 

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, 11 July 2018 and Friday, 13 July 2018, nor may transfers of shares between sub-registers in the United Kingdom and South Africa take place between Friday, 8 June 2018 and Friday, 13 July 2018, both days inclusive

The Final Dividend has been declared in Euro and Shareholders on the UK Register who wish to receive their entitlement to the Final Dividend fully in cash in Euro need take no further action, unless they have previously made a valid Sterling currency election (in which case they will need to revoke this election). Shareholders on the UK Share Register may, however, elect to receive their entitlement to the Final Dividend fully in cash in Sterling. Shareholders that elect to receive part of their entitlement in New Shares will receive any balance of their entitlement in cash in Sterling. Shareholders on the South African Share Register (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:                GBP0.64994 (Sterling) 
   Shareholders on the SA Share Register:                R11.01770 (Rand) 

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

Shareholders on the UK Share Register may elect to receive their entitlement to the Final Dividend fully in cash in either Euro or Sterling. For Shareholders on the UK Share Register that make a valid Sterling currency election, the conversion rate for the purposes of calculating the Final Dividend authorised in connection with the year ended 31 March 2018 payable to Shareholders on the UK Share Register will be 0.87873 GBP to 1 Euro.

On this basis, Shareholders on the UK Share Register who have elected to receive their entitlement to the Final Dividend fully in cash in Sterling will receive a gross dividend of GBP0.01406 (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 Final Dividend authorised in Rand (SA Share Register only)

The conversion rate for the purposes of calculating the Final Dividend authorised in connection with the year ended 31 March 2018 payable to Shareholders on the SA Share Register will be 15.05 Rand to 1 Euro.

On this basis, Shareholders on the SA Share Register will receive a gross dividend of R0.24080 (Rand) per Ordinary Share, which they may take in cash or in New Shares by electing to do so by way of the Scrip Dividend Alternative.

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 46.22723 Ordinary Shares held

Shareholders on the SA Share Register: 1 New Share for every 45.75457 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 R0.19264 (Rand) per Ordinary Share. The Company had 991,904,506 Ordinary Shares in issue (comprising 574,892 shares held in treasury and 991,329,614 shares with voting rights) on Monday, 4 June 2018 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. Receipt of the cash dividend is likely to be regarded as a foreign dividend in the hands of South African tax resident shareholders.

As set out in the Scrip Circular, South African tax resident shareholders who have elected to receive the dividend in scrip form should not be subject to income tax on receipt of New Shares or dividend withholding tax. 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.

This announcement is not an offer of securities for sale in any jurisdiction. The distribution of this announcement and the Scrip Circular (and any accompanying documents) 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, neither this announcement nor the Scrip Circular (nor the accompanying documents) may be distributed or published in, into or within any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. Persons into whose possession this announcement or the Scrip Circular (or the accompanying documents) 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.

Prices and values of, and income from, shares may go down as well as up and an investor may not get back the amount invested. It should be noted that past performance is no guide to future performance. Persons needing advice should consult an independent financial adviser.

LEI code: 213800NURUF5W8QSK566

Enquiries:

 
 Sirius Real Estate     [phone] 
 Andrew Coombs, CEO 
 Alistair Marks, CFO 
 Novella                [phone] 
 Tim Robertson 
 Toby Andrews 
 

Background to Sirius Real Estate:

Sirius is a property company listed on the Main Market and premium segment of the London Stock Exchange and the Main Board of the Johannesburg Stock Exchange. It is a leading operator of branded business parks, providing conventional space and flexible workspace in Germany. The Company's core strategy is the acquisition of industrial and office business parks at attractive yields, the integration of these business parks into its network of sites under the Company's own name as well as offering a range of branded products within those sites, and the reconfiguration and upgrade of existing and vacant space to appeal to the local market through intensive asset management and investment. The Company's strategy aims to deliver attractive returns for shareholders by increasing rental income and improving cost recoveries and capital values, as well as by enhancing those returns through financing its assets on favourable terms. Once sites are mature and net income and values have been optimised, the Company may take the opportunity to refinance the sites to release capital for investment in new sites or consider the disposal of sites in order to recycle equity into assets which present greater opportunity for the asset management skills of the Company's team.

For more information, please visit: www.sirius-real-estate.com.

Images of the Sirius property portfolio are available from: https://www.flickr.com/photos/sirius_re/.

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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June 08, 2018 10:45 ET (14:45 GMT)