Cash dividend/ offer of Dividend Reinvestment Plan

Sirius Real Estate Limited

03 June 2024

 

SIRIUS REAL ESTATE LIMITED

(Incorporated in Guernsey)

Company Number: 46442

JSE Share Code: SRE

LSE (GBP) Share Code: SRE

LEI: 213800NURUF5W8QSK566

ISIN Code: GG00B1W3VF54

3 June 2024

Sirius Real Estate Limited

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

Cash dividend and offer of Dividend Reinvestment Plan

The board of directors of Sirius has earlier today declared a dividend for the six-month period ended 31 March 2024 of €0.0305 per share, an increase of 2.35% on the €0.0298 per share dividend relating to the corresponding period last year. There was a 6.5% increase in the total dividend for the financial year to 31 March 2024 of €0.0605 (2023: €0.0568).

The dividend is payable on Thursday 25 July 2024 to Sirius shareholders ("Shareholders") on the share register Friday, 28 June 2024.

The Company will not be offering a scrip dividend alternative but, for those Shareholders who wish to receive their dividend in the form of shares, the Dividend Reinvestment Plan ("DRIP") will be available. This means that the net dividend after tax is effectively reinvested by acquiring additional shares in the Company. The DRIP terms and conditions of the DRIP can be found at www.signalshares.com (for Shareholders on the UK share register) and www.sirius-real-estate.com/investors/dividends/
(for Shareholders on the SA share register).

1.    Salient dates and times

Shareholders on the UK share register

Dividend declaration date	Monday, 3 June 2024
Last day to trade in order to be eligible for the cash dividend (the UK Last Day To Trade)	Wednesday, 26 June 2024
Shares commence trading ex the cash dividend (the UK Ex-Dividend Date) (the UK Ex-Dividend Date)	Thursday, 27 June 2024
Record Date for Shareholders on the UK share register ("UK Shareholders") (the UK Record Date)	Friday, 28 June 2024
Last day for receipt of DRIP elections and currency elections by UK Registrars (Link)	Monday, 1 July 2024
Payments via electronic funds transfers, dividend cheques and tax vouchers	Thursday, 25 July 2024
CREST accounts credited and/or updated with the dividend payment in cash	Thursday, 25 July 2024
Dividend payment date	Thursday, 25 July 2024
DRIP purchases settlement date (subject to market conditions and the purchase of shares in the open market)	Tuesday, 30 July 2024
DRIP results announcement	Tuesday, 13 August 2024

Shareholders on the SA share register

Dividend declaration and finalisation date	Monday, 3 June 2024
Last day to trade in order to be eligible for the cash dividend (the SA Last Day To Trade)	Tuesday, 25 June 2024
Shares commence trading ex the cash dividend (the SA Ex-Dividend Date)	Wednesday, 26 June 2024
Record date for Shareholders on the SA share register ("SA Shareholders") (the SA Record Date)	Friday, 28 June 2024
Last day for receipt of DRIP elections	Monday, 1 July 2024
Central Securities Depository Participants ("CSDPs") and broker accounts credited and/or updated with the dividend payment in cash	Thursday, 25 July 2024
Dividend payment date	Thursday, 25 July 2024
DRIP purchases settlement date (subject to market conditions and the purchase of shares in the open market)	Monday, 12 August 2024
DRIP results announcement	Tuesday, 13 August 2024

To facilitate settlement of the dividend to entitled SA Shareholders, share certificates may not be dematerialised or rematerialised between Wednesday, 26 June 2024 (the SA Ex-Dividend Date) and Friday, 28 June 2024 (the SA Record Date). No transfers of Sirius shares shall be registered in the SA share register, or between the SA share register and the UK share register, between Monday, 3 June 2024 (the Dividend Declaration Date) and Friday, 28 June 2024. All dates are inclusive.

The dividend has been declared by the board of directors of the Company in Euro, from retained earnings. UK Shareholders may choose to receive their entitlement to the dividend in cash in either Euro or Sterling. UK Shareholders who do not make a valid Sterling currency election will receive any entitlement to the cash dividend in Euro. The Sterling currency election form is available online at: www.sirius-real-estate.com/investors/dividends/ SA Shareholders will receive any entitlement to the cash dividend in SA Rand ("ZAR").

2.    Conversion Rates

The Euro to Sterling Conversion Rate (UK share register only)

For UK Shareholders who make a valid Sterling currency election, the conversion rate for the purposes of calculating the dividend for the six months ended 31 March 2024 will be a Euro to Sterling Rate of £0.85365.

On this basis, UK Shareholders who have elected to receive their entitlement to the dividend in cash in Sterling will be entitled to a gross dividend of £0.02603 (Sterling) per share. The gross dividend will be subject to tax, unless exempt.

The Euro to ZAR Conversion Rate (SA share register only)

For SA Shareholders, the conversion rate for the purposes of calculating the dividend authorised in connection with the period ended 31 March 2024 will be 20.29221 ZAR to 1 Euro.

The Euro to ZAR conversion for payment of the dividend in ZAR will be settled on Monday, 3 June 2024, using the Euro to ZAR Conversion Rate which has been fixed by the Company as at Friday, 31 May 2024. The closing market price for a share on the JSE on Friday, 31 May 2024 was R23.11.

On this basis, SA Shareholders will receive a gross dividend of 61.89124 (ZAR cents) per share. The gross dividend will be subject to tax, unless exempt.

3.    Dividend Reinvestment Plan

UK Shareholders

UK Shareholders who wish to participate in the DRIP should complete an application form online at: www.signalshares.com. Please note that for any future offers of the DRIP, those shareholders who hold their shares on the UK principal register and have participated in the DRIP, need not complete a DRIP election form for each dividend as such forms provide an ongoing authority to participate in the DRIP until cancelled in writing or online at www.signalshares.com.

SA Shareholders

As at the date of this announcement, all SA Shareholders hold their shares in a dematerialised form through the Strate system. Such shareholders who wish to participate in the DRIP should contact their CSDP or broker. SA Shareholders who rematerialise their share certificate(s) will not be eligible to participate in the DRIP.

Certificated shareholders or dematerialised shareholders who have rematerialised their share certificate(s), who wish to participate in the DRIP are required to dematerialise their share certificate(s) and transfer their shares into a CSDP. Should you hold registered share certificates and wish to dematerialise your share certificates in order to participate in the DRIP, please contact Computershare on [phone] (overseas) or call 086 1100 933 between 08:30 to 17:00 SAST on business days, for the procedure to be followed.

For further details, please see the DRIP terms and conditions, which could be found at www.sirius-real-estate.com/investors/dividends/. 

4.    Property Income Distribution ("PID"), non-PID and taxation

Shareholders are advised that the cash dividend declared will be paid as a 100% non-PID.

Shareholders will thus be paid as follows:

	UK Shareholders (GBP pence)	UK Shareholders (Euro cents)	SA Shareholders (ZAR cents)
Non-PID (gross)	2.60363	3.050	61.89124
*less 20% SA withholding tax	-	-	(12.37825)
Non-PID payable (net SA only)	-	-	49.51299

* Non-PID - taxed as a normal dividend in SA

Additional information on the tax implication for Shareholders can be found at www.sirius-real-estate.com/investors/dividends/

Shareholders who are in any doubt about their tax position, or who are subject to tax in a jurisdiction other than the UK or SA, should consult their own appropriate independent professional adviser without delay.

Non-residents would have to submit a declaration and written undertaking in the prescribed form to the relevant regulated intermediary for the exemption to apply. The declaration and written undertaking must be submitted before the due date for the payment of the dividend.

5.    General information

On Monday, 3 June 2024, being the declaration date of the dividend, the Company had in issue 1,348,140,369 ordinary shares and there were no shares held in treasury. 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 dividend is being paid from the UK.

6.    Exchange Control Regulations

The following is intended only as a guide and is therefore not a comprehensive statement of the Exchange Control Regulations of South Africa issued under the South African Currency and Exchanges Act, No. 9 of 1933, as amended ("Exchange Control Regulations"), applicable to SA Shareholders.

Shareholders who are in any doubt as to the appropriate course of action to take should consult their professional advisors.

Any shares acquired via the DRIP are not freely transferable from South Africa and must be dealt with in the terms of the Exchange Control Regulations.

Shareholders who hold shares on the SA share register can only receive reinvested shares on that register.

Non-resident Shareholders and emigrants who elect to receive:

1.    The cash dividend

As the cash dividend will be paid out of the Company's distributable profits, such dividends are freely transferable from South Africa. For emigrants, the election of the cash dividend by emigrants must be made through an authorised dealer in foreign exchange controlling the Shareholder's emigrant capital account.

2.    Reinvested shares via the DRIP

 Only dematerialised Shareholders may participate in the DRIP and all aspects relating to the Exchange Control Regulations will be managed by their CSDP or broker, as follows:

(A)          Non-residents

Reinvested shares will be credited to their CSDP or broker accounts and a "Non-Resident" annotation will appear in the CSDP or broker register. Dividend payments will be credited directly to the bank accounts nominated for them by their CSDP or broker.

(B)          Emigrants

Based on shares controlled in terms of the Exchange Control Regulations, reinvested shares will be controlled and form part of the emigrant's remaining assets and be reflected in the capital account held with the Authorised Dealer controlling these assets. In particular, it will be the CSDP of the Authorised Dealer or the CSDP contracted by the Authorised Dealer that will be responsible to implement the election and a "Non-Resident" annotation will appear in the CSDP. These shares will thus form part of the remaining assets of the emigrant. However, it should be noted that it was indicated by the South African Reserve Bank in Exchange Control Circular 3/2023, that remaining funds in South Africa may be transferred from South Africa up to R10 million, subject to the emigrant obtaining the relevant tax TCS clearance from the South African Revenue Service.

In terms of the Exchange Control Regulations of South Africa:

1.    any share certificates that might be issued to non-resident shareholders will be endorsed 'Non-Resident';

2.    any new share certificates issued based on emigrants' shares controlled in terms of the Exchange Control Regulations, will be forwarded to the Authorised Dealer controlling their remaining assets. Such share certificates will be endorsed 'Non-Resident'; and

3.    dividend and residual cash payments are freely transferable from South Africa.

For further information: Sirius Real Estate Andrew Coombs, CEO Chris Bowman, CFO	[phone]
FTI Consulting (financial PR) Richard Sunderland Talia Shirion [e-mail]	[phone]
JSE Sponsor PSG Capital

 

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