Posting of Scrip Circular and Reference Price

RNS Number : 5866Z

Sirius Real Estate Limited

27 May 2016

 

Sirius Real Estate Limited

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

Posting of Scrip Dividend Alternative Circular and

Scrip Dividend Reference Price and Exchange Rate

Sirius Real Estate is pleased to confirm that the Scrip Dividend Alternative Circular and (if appropriate) a Form 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 Register:

Announcement of Final Dividend	23 May 2016
Despatch the Scrip Circular and Form of Election	27 May 2016
Announcement of Reference Price for the Scrip Dividend Shares released on RNS	27 May 2016
Last day to trade in order to be eligible for the cash dividend or alternatively the Scrip Dividend	15 June 2016
Shares commence trading ex the cash dividend or Scrip Dividend	16 June 2016
Record Date for UK Shareholders	17 June 2016
Deadline by which election to receive the Scrip Dividend Shares must have been received by the Registrars (Election Return Date)	5.00 p.m. (UK time) on 01 July 2016
Announcement on RNS of the number of New Shares issued	11 July 2016
Despatch Scrip Dividend share certificates, Final Dividend cheques and tax vouchers	14 July 2016
CREST accounts credited and/or updated with the Final Dividend payment in cash and/or Scrip Dividend Shares	15 July 2016
Admission of Scrip Dividend Shares to trading on AIM	15 July 2016
Final Dividend Payment Date	15 July 2016

For shareholders on the South African Register

Announcement of Final Dividend	23 May 2016
Despatch the Scrip Circular and Form of Election	27 May 2016
Announcement of Reference Price for the Scrip Dividend Shares and the Euro to Rand Conversion Rate released on SENS	27 May 2016
Last day to trade in order to be eligible for the cash dividend or alternatively the Scrip Dividend	09 June 2016
Shares commence trading ex the cash dividend or Scrip Dividend	10 June 2016
Record Date for SA Shareholders	17 June 2016
Deadline by which election to receive the Scrip Dividend Shares must have been received by the Transfer Secretaries (Election Return Date)	12.00 noon (South African time) on 17 June 2016
Announcement on SENS of the number of New Shares issued	11 July 2016
CSDP/broker accounts credited and/or updated with the Final Dividend payment in cash and/or Scrip Dividend Shares	15 July 2016
Despatch Scrip Dividend Share certificates, Final Dividend cheques and tax vouchers	15 July 2016
Admission of Scrip Dividend Shares to trading on JSE	15 July 2016
Final Dividend Payment Date	15 July 2016

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 nor may transfers of shares between sub-registers in the United Kingdom and South Africa take place between 27 May 2016 and 17 June 2016, both days inclusive.

As set out in the Scrip Dividend Alternative Circular, Sirius Real Estate today announces the Scrip Dividend Reference Prices and the Conversion Rate for the purposes of converting the Final Dividend declared in connection with the year ended 31 March 2016 from Euros into Rand (for Shareholders on the SA Share Register).

The Scrip Dividend Reference Prices are as follows:

Shareholders on the UK Share Register:                                48.22 cents (Euro)

Shareholders on the SA Share Register:                                830.45839 cents (Rand)

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

Shareholders on the UK Share Register:                           1 New Share for every 37.09231 Ordinary Shares held

Shareholders on the SA Share Register:                            1 New Share for every 36.84113 Ordinary Shares held

The Conversion Rate

The Conversion Rate (which will also be the Euro to Rand Conversion Rate in the Scrip Dividend Alternative Circular) for the purposes of calculating the Final Dividend declared in connection with the year ended 31 March 2016 payable to Shareholders on the SA Share Register will be 17.3397 Rand to 1 Euro. For purposes of South African shareholders the Scrip Dividend is regarded as a foreign dividend.

On this basis, Shareholders on the SA Share Register will receive a dividend of 22.54161 cents (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.

In accordance with the Listings Requirements of the JSE, the Company confirms that any cash dividend received by SA Shareholders who are not exempt from dividend withholding tax of 15%, is expected to be 19.16037 cents (Rand) per Ordinary Share.  As set out in the Scrip Dividend Alternative Circular, South African 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.

Enquiries:

Sirius Real Estate                         

Andrew Coombs, CEO                                                                                   [phone]

Alistair Marks, CFO

Peel Hunt - Nomad and Joint Broker

Capel Irwin                                                                                                         [phone]

George Huntley

PSG Capital - JSE Sponsor

David Tosi                                                                                                           [phone]

Willie Honeyball

Canaccord Genuity Limited - Joint Broker

Bruce Garrow                                                                                                   [phone]                                                                                      

Chris Connors

Mark Whitmore 

Novella                                     

Tim Robertson                                                                                                  [phone]           

Ben Heath   

 

END

 

 

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