Interim Dividend & Scrip Alternative

Globalworth Real Estate Inv Ltd

30 August 2024

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION.

FOR IMMEDIATE RELEASE

30 August 2024

Globalworth Real Estate Investments Limited

("Globalworth" or the "Company")

Interim Dividend Payment and Scrip Dividend Alternative

The Company is pleased to announce that its Board of Directors has approved the payment of an interim dividend in respect of the six month period ended 30 June 2024 of 10 cents per ordinary share (the "Interim Dividend"), which will be paid (or CREST accounts credited) in accordance with the timetable set out below.

At an extraordinary general meeting of the Company held on 8 March 2023, a resolution was passed to grant the Board of Directors the authority to offer shareholders the opportunity to elect to receive scrip dividends as an alternative to a cash dividend. The Company announces that its Board of Directors intends to offer a scrip dividend alternative to the Interim Dividend (the "Scrip Dividend Alternative") so that Qualifying Shareholders can elect to receive new ordinary shares in the Company (the "Scrip Dividend Shares") instead of cash in respect of all or part of their entitlement to the Interim Dividend.

The Company will today publish a shareholder circular in relation to the Scrip Dividend Alternative (the "Scrip Dividend Circular") and a form of election to be completed by certain non-CREST Qualifying Shareholders who wish to elect to receive the Scrip Dividend Alternative (the "Scrip Mandate Form"). The Scrip Dividend Circular will include a letter from the Board of Directors setting out further information on the Scrip Dividend Alternative, including how Qualifying Shareholders can elect to receive the Scrip Dividend Alternative and certain UK tax consequences of electing to receive the Scrip Dividend Alternative. The Scrip Dividend Circular and the Scrip Mandate Form will be available on the Company's website at https://www.globalworth.com/investor-relations/corporate-documents/.

Qualifying Shareholders who validly elect to receive the Scrip Dividend Alternative will become entitled to a number of Scrip Dividend Shares in respect of their entitlement to the Interim Dividend that is based on a price per Scrip Dividend Share calculated on the basis of a discount of 20% to the average of the middle market quotations for the Company's shares as derived from the Daily Official List (or any other publication of a recognised investment exchange showing quotations for the Company's shares) on the five consecutive dealing days from and including the Ex-Dividend Date (the "Reference Price"). The Reference Price is expected to be announced on 19 September 2024.

The Board is offering the Scrip Dividend Alternative in order for the Company to comply with the Dividend Restrictions. As indicated in the Bond Listing Particulars, each of the Company's significant shareholders, Zakiono Enterprises Ltd, CPI Property Group S.A. and Growthpoint Properties Ltd, has provided an irrevocable undertaking to the Company pursuant to which each such shareholder will elect to receive a scrip dividend in respect of their entire holdings of shares and their full entitlement to any dividend proposed in these circumstances.  Zakiono Enterprises Ltd, CPI Property Group S.A. and Growthpoint Properties Ltd together hold approximately 92.5% of the current issued share capital of the Company (excluding shares held in treasury).

The Scrip Dividend Circular should be read in full before electing to receive the Scrip Dividend Alternative. This announcement is not a summary of the Scrip Dividend Circular and should not be regarded as a substitute for reading the Scrip Dividend Circular in full.

All capitalised terms used in this announcement shall, unless otherwise defined, have the meanings given to them in the Scrip Dividend Circular.

IMPORTANT DATES AND TIMES

	2024
Ex-Dividend Date	12 September
Record Date	5.00 p.m. on 13 September
Announcement of the Reference Price	7.00 a.m. on 19 September
Final time and date to elect to receive the Scrip Dividend Alternative	5.00 p.m. on 27 September
Cash Dividend: Payment to CREST shareholders	18 October
Cash Dividend: Payment to certificated shareholders	18 October
Scrip Dividend Alternative: Posting of share certificates for new Scrip Dividend Shares to certificated shareholders	18 October
Scrip Dividend Alternative: Crediting new Scrip Dividend Shares to accounts of CREST shareholders	18 October
Expected date for issuance and admission of new Scrip Dividend Shares to trading on AIM	18 October

The above times and/or dates may be subject to change and, in the event of such change, the revised times and/or dates will be notified to shareholders by an announcement through a regulatory information service.

For further information visit www.globalworth.com or contact:

Enquiries 

Rashid Mukhtar Group CFO	Tel: [phone]
Panmure Liberum (Nominated Adviser and Broker) Atholl Tweedie	Tel: [phone]

About Globalworth / Note to Editors: 

Globalworth is a listed real estate company active in Central and Eastern Europe, quoted on the AIM-segment of the London Stock Exchange. It has become the pre-eminent office investor in the CEE real estate market through its market-leading positions both in Poland and Romania. Globalworth acquires, develops and directly manages high-quality office and industrial real estate assets in prime locations, generating rental income from high quality tenants from around the globe. Managed by over 250 professionals across Cyprus, Guernsey, Poland and Romania the combined value of its portfolio is €2.7 billion, as at 30 June 2024. Approximately 97.3% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of over 650 national and multinational corporates. In Poland Globalworth is present in Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice, while in Romania its assets span Bucharest, Constanta, Targu Mures and Craiova.

For more information, please visit www.globalworth.com and follow us on Facebook, Instagram and LinkedIn.

Excluded Territories

The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable legal or regulatory requirements. In particular, the ability of persons who are not resident in the United Kingdom or who are subject to the laws of another jurisdiction to elect to receive the Scrip Dividend Alternative may be affected by the laws of the relevant jurisdictions in which they are located or to which they are subject. Any failure to comply with applicable legal or regulatory requirements of any jurisdiction may constitute a violation of securities laws in that jurisdiction.

 

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