REG - Sirius Real Estate - Declaration of cash dividend

Sirius Real EstateAnnouncement

05/06/2023 14:30

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RNS Number : 6861B  Sirius Real Estate Limited  05 June 2023

SIRIUS REAL ESTATE LIMITED

(Incorporated in Guernsey)

Company Number: 46442

JSE Share Code: SRE

LSE (GBP) Share Code: SRE

LEI: 213800NURUF5W8QSK566

ISIN Code: GG00B1W3VF54

 

5 June 2023

Sirius Real Estate Limited

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

laration of cash dividend

The board of directors of Sirius has declared a dividend for the six-month
period ended 31 March 2023 of €0.02980 per share, representing a pay-out
ratio of 65% of funds from operation ("FFO"), and an increase of 26% on the
€0.02370 per share dividend relating to the corresponding period last year
that was based on 65% of FFO.

Salient dates and times for Sirius shareholders ("Shareholders") on the United
Kingdom ("UK") Share Register:

 Dividend declaration date                                                   Monday, 5 June 2023
 Last day to trade in order to be eligible for the cash dividend             Wednesday, 12 July 2023
 Ordinary Shares commence trading ex the cash dividend (the UK Ex-Dividend   Thursday, 13 July 2023
 Date)
 Record Date for Shareholders on the UK Share Register                       Friday, 14 July 2023
 Payments via electronic funds transfers, dividend cheques and tax vouchers  Thursday, 17 August 2023
 CREST accounts credited and/or updated with the dividend payment in cash    Thursday, 17 August 2023
 Dividend payment date                                                       Thursday, 17 August 2023

 

 

 

 

Salient dates and times for Shareholders on the South African ("SA") Share
Register:

 

 Dividend declaration date                                                  Monday, 5 June 2023
 Last day to trade in order to be eligible for the cash dividend            Tuesday, 11 July 2023
 Ordinary Shares commence trading ex the cash dividend (the SA Ex-Dividend  Wednesday, 12 July 2023
 Date)
 Record date for Shareholders on the SA Share Register                      Friday, 14 July 2023
 CSDP accounts credited and/or updated with the dividend payment in cash    Thursday, 17 August 2023
 Dividend payment date                                                      Thursday, 17 August 2023

The above dates and times are subject to change. Any changes will be released
on RNS and SENS.

To facilitate settlement of the dividend to entitled SA Shareholders, share
certificates may not be dematerialised or rematerialised between Wednesday, 12
July 2023 (the SA Ex-Dividend Date) and Friday, 14 July 2023 (the Record
Date). No transfers of Sirius ordinary shares ("Ordinary Shares") shall be
registered in the SA Share Register, or between the SA Share Register and the
UK Share Register, between Monday,

5 June 2023 (the Dividend Declaration Date) and Friday, 14 July 2023. All
dates are inclusive.

The dividend has been declared by the board of directors of the Company in
Euro, from income reserves. Shareholders on the UK Share Register may choose
to receive their entitlement to the dividend in cash in either Euro or
Sterling. Shareholders on the UK Share Register who 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 SA Rand ("ZAR").

The Euro to Sterling Conversion Rate (UK Share Register only)

For Shareholders on the UK Share Register who make a valid Sterling currency
election, the conversion rate for the purposes of calculating the dividend for
the six months ended 31 March 2023 will be a Euro to Sterling Rate of
£0.85930.

On this basis, Shareholders on the UK Share Register who have elected to
receive their entitlement to the dividend in cash in Sterling will receive a
gross dividend of £0.02561 (Sterling) per Ordinary Share.

The Euro to ZAR Conversion Rate (SA Share Register only)

For Shareholders on the SA Share Register, the conversion rate for the
purposes of calculating the dividend authorised in connection with the period
ended 31 March 2023 will be 20.94610 ZAR to 1 Euro.

The Euro to ZAR conversion for payment of the dividend in ZAR will be settled
on Monday, 5 June 2023, using the Euro to ZAR Conversion Rate which has been
fixed by the Company as at Friday, 2 June 2023. The closing market price for
an Ordinary Share on the JSE on Friday, 2 June 2023 was R20.72.

On this basis, Shareholders on the SA Share Register will receive a gross
dividend of 62.41938 (ZAR cents) per Ordinary Share.

Property Income Distribution ("PID"), non-PID and withholding taxes

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 (Euro cents)  SA Shareholders (ZAR cents)
 Non-PID (gross)                2.98                          62.41938
 *Less 20% SA withholding tax   -                             (12.48388)
 Non-PID payable (net SA only)  -                             49.93550

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

Tax implications for UK Shareholders

The following paragraphs are intended as a general guide only and constitute a
high-level summary of the Company's understanding of current UK tax law and HM
Revenue and Customs practice based on published guidance to date, each of
which is subject to change, possibly with retrospective effect. The following
paragraphs are not advice and should not be relied upon as such.  They relate
only to certain limited aspects of the United Kingdom taxation treatment of
Non-PID dividends paid by the Company. They apply only to Shareholders who are
resident for tax purposes in the United Kingdom and who are the absolute
beneficial owners of their Ordinary Shares and who hold their Ordinary Shares
as investments. They do not apply to Substantial Shareholders.

Shareholders who are in any doubt about their tax position, or who are subject
to tax in a jurisdiction other than the United Kingdom, should consult their
own appropriate independent professional adviser without delay, particularly
concerning their tax liabilities, whether they are entitled to claim any
repayment of tax, and, if so, the procedure for doing so.

Taxation of Non-PID dividends

Non-PID dividends paid by the Company will be taxed in the same way as
dividends paid by the Company prior to entry into the UK REIT Regime, whether
in the hands of individual or corporate Shareholders and regardless of whether
the Shareholder is resident for tax purposes in the UK.

UK - Taxation of Non-PIDs General Tax Summary

Included below is a summary of United Kingdom legislation and HM Revenue and
Customs practice. It is believed that the taxation consequences for
Shareholders resident in the United Kingdom for taxation purposes of receiving
a Non-PID cash dividend are broadly as outlined below. Shareholders should
note that the summary is a general guide to the UK tax regime currently in
force and is not exhaustive.

UK Resident Individuals

UK tax resident individuals are entitled to a "Dividend Allowance" which for
the 2023/24 tax year is £1,000. This means the first £1,000 of dividends
will be taxed at 0%. Dividends in excess of £1,000 will be taxed according to
which income band they fall into.

Basic rate: Individuals whose total income for tax purposes exceeds the
£1,000 tax-free Dividend Allowance but is below the threshold for higher rate
income tax ("the higher rate threshold"), will pay tax on the excess at the
current basic rate of 8.75%.

Higher rate: Individuals whose total income for tax purposes exceeds the
higher rate threshold but is below the threshold for the additional rate of
income tax ("the additional rate threshold"), will pay tax on the excess
dividend income (above £1,000 tax-free Dividend Allowance) at the current
higher rate of 33.75%.

Additional rate: Individuals whose total income for tax purposes exceeds the
additional rate threshold will pay tax on the excess dividend income (above
£1,000 tax-free Dividend Allowance) at the current additional rate of 39.35%.

This summary of the likely tax treatment is based on United Kingdom law
applied to the period after

6 April 2023 and is not exhaustive. Although this summary is believed to be
correct at the time of preparation of this announcement, if you are not sure
how you will be affected, you should consult your professional adviser without
delay.

Tax implications for SA Shareholders

The following paragraphs are intended as a general guide only and constitute a
high-level summary of the Sirius' understanding of current South African tax
law and practice based on published guidance to date, each of which is subject
to change, possibly with retrospective effect.

These paragraphs only apply to Shareholders who are resident in South Africa
for South African tax purposes, who hold their Ordinary Shares as investments
and who are the absolute beneficial owners of such Ordinary Shares. These
paragraphs do not apply to certain classes of Shareholders, such as
share-dealers, collective investment schemes and persons who have acquired
their Ordinary Shares by virtue of office or employment.

The following paragraphs are not advice and should not be relied upon as such.
South African Shareholders who are in any doubt about their tax position
should consult their own professional tax advisor without delay.

The dividend is subject to an SA dividend withholding tax ("South African
dividend tax") rate of 20%, unless the Shareholder is exempt from paying
dividend tax or is entitled to a reduced rate in terms of the applicable
double-tax agreement. The Company confirms that the net cash dividend received
by SA Shareholders who are not exempt from South African dividend tax of 20%
is expected to be 49.93550 (ZAR cents) per ordinary share.

Being paid as a 100% non-PID, the cash dividend will be exempt from South
African income tax but will constitute a dividend for South African dividend
tax purposes, as it will be declared in respect of a share listed on the
exchange operated by the JSE. South African dividend tax will therefore be
withheld from the final dividend at a rate of 20%, unless a Shareholder
qualifies for an exemption and the prescribed requirements for effecting the
exemption are in place by the requisite date.

Further taxation information

The receipt of the cash dividend may have tax implications for Shareholders
who are resident in the UK or other countries and such Shareholders are
advised to obtain appropriate advice from their professional advisors in this
regard.

Where a cash dividend in respect of a JSE-listed share is paid to a
non-resident, for SA tax purposes, no SA dividends tax will apply provided
that the prescribed requirements for effecting the exemption are in place by
the requisite date.

Tax declaration forms

The non-resident 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.

General information

On Monday, 5 June 2023, being the declaration date of the dividend, the
Company had in issue 1,175,863,985 Ordinary Shares carrying voting rights, and
there were no Ordinary 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 Guernsey.

 For further information:

 Sirius Real Estate

 Andrew Coombs, CEO                                                                         (0)30 2850 10110

 Alistair Marks, CIO and interim CFO

 FTI Consulting (financial PR)

 Richard Sunderland                                                               +44 (0)20 3727 1000

 Talia Shirion

 SiriusRealEstate@fticonsulting.com (mailto:SiriusRealEstate@fticonsulting.com)

 JSE Sponsor

 PSG Capital

 

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