REG-R.E.A. Holdings plc R.E.A. Holdings plc: Further re preference dividend

R E A HoldingsAnnouncement

06/03/2020 07:05

============

   R.E.A. Holdings plc (RE.)
   R.E.A. Holdings plc: Further re preference dividend

   06-March-2020 / 07:00 GMT/BST
   Dissemination of a Regulatory Announcement that contains inside
   information according to REGULATION (EU) No 596/2014 (MAR), transmitted by
   EQS Group.
   The issuer is solely responsible for the content of this announcement.

   ══════════════════════════════════════════════════════════════════════════

   R.E.A. Holdings plc ("REA" or the "company")

    

   Further announcement re preference dividend

    

   It was announced in the trading update issued by the company on 7 February
   2020 that, subject to certain criteria being met, the directors planned
   progressively to catch up the arrears of dividend on the 9 per cent
   cumulative  preference shares of £1 each in the capital of the company
   with an initial payment of one per cent per preference share at the end of
   March 2020.  Among the criteria to be met was a requirement that
   substantially all the 8.75 per cent guaranteed sterling notes 2020 issued
   by the company's wholly owned subsidiary REA Finance B.V. (the "sterling
   notes") were successfully refinanced.

    

   As announced concurrently with this announcement, the company is today
   sending a circular to the holders of the sterling notes to inform them of
   proposals to extend the date for repayment of the sterling notes from 31
   August 2020 to 31 August 2025 (the "sterling note proposals").   The
   sterling note proposals require the sanction of an extraordinary
   resolution of the holders of the sterling notes.  Accordingly, a meeting
   of the holders of the sterling notes has been convened for 31 March 2020. 
   If the requisite extraordinary resolution is passed, it is expected that
   the sterling note proposals will become effective on 1 April 2020.  The
   company considers that, upon the sterling note proposals becoming
   effective, the sterling notes will have been "successfully refinanced" as
   noted above as a criterion for the proposals as regards the payment of
   dividends in respect of the company's preference shares.

    

   Normal market practice requires that the company gives four weeks' notice
   of payment of a dividend.   In recognition of this timing requirement, and
   subject to the sterling note proposals becoming effective and to the other
   previously announced criteria for the proposals as regards the payment of
   dividends in respect of the company's preference shares being met, the
   directors plan to declare the proposed dividend of one per cent per
   preference share as soon as the sterling note proposals have become
   effective for payment of such dividend approximately four weeks later
   (that is, on or around 29 April 2020).

    

   Enquiries:

   R.E.A Holdings plc

   Tel: 020 7436 7877

    

    

   ══════════════════════════════════════════════════════════════════════════

   ISIN:          GB0002349065
   Category Code: FUR - .
   TIDM:          RE.
   LEI Code:      213800YXL94R94RYG150
   Sequence No.:  50649
   EQS News ID:   990695


    
   End of Announcement EQS News Service

   ══════════════════════════════════════════════════════════════════════════

    1 fncls.ssp?fn=show_t_gif&application_id=990695&application_name=news&site_id=reuters8

References

   Visible links


============