Scrip Dividend Reference Price and Conversion Rate

RNS Number : 1693Y

Sirius Real Estate Limited

01 December 2017

 

1 December 2017

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) a Form of Scrip Election and Form of Currency Election (Forms of Election) are being posted today 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 Interim Dividend	Monday 27 November 2017
Despatch the Scrip Circular and Forms of Election and announce the despatch on RNS	Friday 1 December 2017
Announcement on RNS of Reference Price for the New Shares and the Euro to Sterling Conversion Rate	Friday 1 December 2017
Last day to trade in order to be eligible for the Interim Dividend	Wednesday, 13 December 2017
Shares commence trading ex the Interim Dividend on the Main Market (the UK Ex-Dividend Date)	Thursday, 14 December 2017
Record Date for UK Shareholders	Friday, 15 December 2017
Deadline by which election to receive the Interim Dividend by way of New Shares or election to receive the Interim Dividend in Sterling must have been received by the Registrars (Election Return Date)	5.00 p.m. (UK time) Friday, 5 January 2018
Announcement on RNS of the number of New Shares issued	Friday, 12 January 2018
Despatch share certificates for New Shares, Interim Dividend cheques and tax vouchers	Thursday, 18 January 2018
CREST accounts credited and/or updated with the Interim Dividend payment in cash and/or New Shares	Friday, 19 January 2018
Admission of New Shares to the premium segment of the Official List and to trading on the Main Market	Friday, 19 January 2018

For shareholders on the South African Share Register:

Announcement of Interim Dividend	Monday 27 November 2017
Despatch the Scrip Circular and Scrip Election Form and announce the despatch on SENS	Friday 1 December 2017
Announcement on SENS of Reference Price for the New Shares and the Euro to Rand Conversion Rate	Friday, 1 December 2017
Last day to trade in order to be eligible for the Interim Dividend	Tuesday, 12 December 2017
Shares commence trading ex the Interim Dividend on the Main Board (the SA Ex-Dividend Date)	Wednesday, 13 December 2017
Record Date for SA Shareholders	Friday, 15 December 2017
Deadline by which election to receive the Interim Dividend by way of New Shares must have been received by the Transfer Secretaries (Election Return Date)	12.00 noon (South African time) on Friday, 15 December 2017
Announcement on SENS of the number of New Shares issued	Friday, 12 January 2018
Despatch share certificates for New Shares, Interim Dividend cheques and tax certificates	Friday, 19 January 2018
Participant/broker accounts credited and/or updated with the Interim Dividend payment in cash and/or New Shares	Friday, 19 January 2018
Listing and admission of New Shares to trading on the Main Board	Friday, 19 January 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, 13 December 2017 and Friday, 15 December 2017 on the UK Share Register or the SA Share Register, on these days inclusive nor may transfers of shares between the UK Share Register and the SA Share Register take place between Friday, 1 December 2017 and Friday, 15 December 2017, both days inclusive.

The Interim Dividend has been declared in Euro. Shareholders on the UK Share Register may elect to receive their entitlement to the Interim Dividend in cash in either Euro or Sterling.  Shareholders on the UK Share Register that do not make a valid Sterling currency election will receive any entitlement to the cash dividend in Euro.  Shareholders on the 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:                                £0.619768 (Sterling)

Shareholders on the SA Share Register:                                R11.72357 (Rand)

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

Shareholders on the UK Share Register are entitled to receive an Interim Dividend of €0.0156 per Ordinary Share.  However they may elect to receive their Interim Dividend in Sterling.

For Shareholders on the UK Share Register that make a valid Sterling currency election, the Euro to Sterling Conversion Rate is £0.88024 (Sterling) to €1 (Euro).On this basis, Shareholders on the UK Share Register who elect to receive their entitlement to the Interim Dividend in cash in Sterling will receive a gross dividend of £0.01373 (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 Interim Dividend authorised in Rand (SA Share Register only)

The Euro to Rand Conversion Rate is R16.2892 (Rand) to €1 (Euro).

On this basis, Shareholders on the SA Share Register will receive a gross dividend of R0.25411 (Rand) per Ordinary Share, which they may take in cash or, if they elect to do so by way of the Scrip Dividend Alternative, in New Shares.

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 45.13396 Ordinary Shares held

Shareholders on the SA Share Register:                            1 New Share for every 46.13544 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 R0.20329 (Rand) per Ordinary Share.  The Company had 926,728,565 Ordinary Shares in issue (comprising 574,892 shares held in treasury and 926,153,673 shares with voting rights) on Monday, 27 November 2017, 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. The receipt of the cash dividend should be regarded as a foreign dividend in the hands of South African tax resident shareholders.

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

The distribution of the Scrip Dividend Alternative Circular 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, the Scrip Dividend Alternative Circular may not be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. Persons into whose possession the Scrip Dividend Alternative Circular 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.

LEI code: 213800NURUF5W8QSK566

Enquiries

For further information, please contact:  Sirius Real Estate	[phone]
Andrew Coombs, CEO Alistair Marks, CFO
Novella	[phone]
Tim Robertson Toby Andrews

 

END

 

 

MSCUGGBWPUPMGWG