Second Interim Dividend

RNS Number : 8440Q

Schroder Eur Real Est Inv Trust PLC

24 June 2020

 

24 June 2020

SECOND INTERIM DIVIDEND

Schroder European Real Estate Investment Trust plc (the "Company") announces its second interim dividend for the year ending 30 September 2020.  In light of the ongoing market uncertainty, the Board has reduced the next quarterly dividend to 0.925 euro cents per share, equating to 50% of the target dividend level.

In implementing the dividend strategy, the Board has considered the rent collection and cash position of the Company, alongside market conditions, current asset management activity and the longer term sustainable rental income from the portfolio. By retaining additional cash at this time, the Company will be better positioned to withstand the impact of Covid-19 on the portfolio. The dividend will be kept under close review as clarity improves around the extent of the impacts of Covid-19, including on future rental receipts, property values and asset management initiatives.

The interim dividend payment will be made on Friday, 31 July 2020 to shareholders on the register on the record date of Friday, 17 July 2020.  In South Africa, the last day to trade will be Tuesday, 14 July 2020 and the ex-dividend date will be Wednesday, 15 July 2020. In the UK, the last day to trade will be Wednesday, 15 July 2020 and the ex-dividend date will be Thursday, 16 July 2020.

The interim dividend will be paid in sterling to shareholders on the UK register and rand to shareholders on the South African register. The exchange rate for determining the interim dividend paid in rand will be confirmed by way of an announcement on Monday, 29 June 2020. UK shareholders are able to make an election to receive dividends in euro. The form for applying for such election can be obtained from the Company's UK registrars (Equiniti Limited) and any such election must be received by the Company no later than Friday, 17 July 2020. The exchange rate for determining the interim dividend paid in sterling will be confirmed following the election cut off date by way of an announcement on Monday, 20 July 2020.  Conversion to rand will take place on Wednesday, 1 July 2020.

Shares cannot be moved between the South African register and the UK register between Monday, 29 June 2020 and Monday, 27 July 2020, both days inclusive. Shares may not be dematerialised or rematerialised in South Africa between Wednesday, 15 July 2020 and Friday, 17 July 2020, both days inclusive.

The Company has a total of 133,734,686 shares in issue on the date of this announcement.  The dividend will be distributed by the Company (UK tax registration number 21696 04839) and is regarded as a foreign dividend for shareholders on the South African register.  In respect of South African shareholders, dividend tax will be withheld from the amount of the dividend noted above at the rate of 20% unless the shareholder qualifies for the exemption.  Further dividend tax information for South African shareholders will be included in the exchange rate announcement to be made on Monday, 29 June 2020.

Enquiries:

Duncan Owen/Jeff O'Dwyer

Schroder Real Estate Investment Management Limited  Tel: [phone]

Ria Vavakis

Schroder Investment Management Limited  Tel: [phone]

Dido Laurimore / Ellie Sweeney / Richard Gotla    

FTI Consulting                                                                                Tel: [phone]

 

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