REG - Globalworth Real Est - Interim Dividend & Scrip Alternative

Globalworth Real Estate InvestmentsAnnouncement

30/08/2024 07:15

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RNS Number : 2311C  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/
(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         18 October
 Dividend Shares to certificated shareholders
 Scrip Dividend Alternative: Crediting new Scrip Dividend Shares to accounts of  18 October
 CREST shareholders
 Expected date for issuance and admission of new Scrip Dividend Shares to        18 October
 trading on AIM

 

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
(http://www.globalworth.com/) or contact:

Enquiries

 Rashid Mukhtar                                   Tel: +40 732 800 000

 Group CFO

 Panmure Liberum (Nominated Adviser and Broker)   Tel: +44 20 7886 2500

 Atholl Tweedie

 

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
(http://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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