REG - Sirius Real Estate - Dividend Declaration

Sirius Real EstateAnnouncement

18/11/2024 14:00

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RNS Number : 6482M  Sirius Real Estate Limited  18 November 2024

SIRIUS REAL ESTATE LIMITED

(Incorporated in Guernsey)

Company Number: 46442

JSE Share Code: SRE

LSE (GBP) Share Code: SRE

LEI: 213800NURUF5W8QSK566

ISIN Code: GG00B1W3VF54

 

18 November 2024

Sirius Real Estate Limited

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

Cash dividend and offer of Dividend Reinvestment Plan

The board of directors of Sirius has earlier today declared a dividend for the
six-month period ended 30 September 2024 of €0.0306 per share, an increase
of 2% on the €0.030 per share dividend relating to the corresponding period
last year.

The dividend is payable on Thursday, 23 January 2025 to Sirius shareholders
("Shareholders") on the share register Friday, 13 December 2024.

The Company will not be offering a scrip dividend alternative but, for those
Shareholders who wish to receive their dividend in the form of shares, the
Dividend Reinvestment Plan ("DRIP") will again be available. This means that
the net dividend after tax is effectively reinvested by acquiring additional
shares in the Company. The DRIP terms and conditions can be found at
www.signalshares.com (http://www.signalshares.com) (for Shareholders on the UK
share register) and www.sirius-real-estate.com/investors/dividends/
(http://www.sirius-real-estate.com/investors/dividends/)

(for Shareholders on the SA share register).

1.    Salient Dates and Times

Shareholders on the UK share register

 Dividend declaration date                                                       Monday, 18 November 2024
 Last day to trade in order to be eligible for the cash dividend (the UK Last    Wednesday, 11 December 2024
 Day To Trade)
 Shares commence trading ex the cash dividend (the UK Ex-Dividend Date) (the UK  Thursday, 12 December 2024
 Ex-Dividend Date)
 Record Date for Shareholders on the UK share register ("UK Shareholders") (the  Friday, 13 December 2024
 UK Record Date)
 Last day for receipt of DRIP elections and currency elections by UK Registrars  Monday, 30 December 2024
 (Link)
 Payments via electronic funds transfers, dividend cheques and tax vouchers      Thursday, 23 January 2025
 CREST accounts credited and/or updated with the dividend payment in cash        Thursday, 23 January 2025
 Dividend payment date                                                           Thursday, 23 January 2025
 DRIP purchases settlement date (subject to market conditions and the purchase   Monday, 27 January 2025
 of shares in the open market)
 DRIP results announcement                                                       Tuesday, 11 February 2025

 

Shareholders on the SA share register

 

 Dividend declaration and finalisation date                                      Monday, 18 November 2024
 Last day to trade in order to be eligible for the cash dividend (the SA Last    Tuesday, 10 December 2024
 Day To Trade)
 Shares commence trading ex the cash dividend (the SA Ex-Dividend Date)          Wednesday, 11 December 2024
 Record date for Shareholders on the SA share register ("SA Shareholders") (the  Friday, 13 December 2024
 SA Record Date)
 Last day for receipt of DRIP elections                                          Monday, 30 December 2024
 Central Securities Depository Participants ("CSDPs") and broker accounts        Thursday, 23 January 2025
 credited and/or updated with the dividend payment in cash
 Dividend payment date                                                           Thursday, 23 January 2025
 DRIP purchases settlement date (subject to market conditions and the purchase   Monday, 10 February 2025
 of shares in the open market)
 DRIP results announcement                                                       Tuesday, 11 February 2025

To facilitate settlement of the dividend to entitled SA Shareholders, share
certificates may not be dematerialised or rematerialised between Wednesday, 11
December 2024 (the SA Ex-Dividend Date) and Friday, 13 December 2024 (the SA
Record Date). No transfers of Sirius shares shall be registered in the SA
share register, or between the SA share register and the UK share register,
between Monday, 18 November 2024 (the Dividend Declaration Date) and Friday,
13 December 2024. All dates are inclusive.

The dividend has been declared by the board of directors of the Company in
Euro, from retained earnings. UK Shareholders may choose to receive their
entitlement to the dividend in cash in either Euro or Sterling. UK
Shareholders who do not make a valid Sterling currency election will receive
any entitlement to the cash dividend in Euro. The Sterling currency election
form is available online at: www.sirius-real-estate.com/investors/dividends/
(http://www.sirius-real-estate.com/investors/dividends/) . SA Shareholders
will receive any entitlement to the cash dividend in SA Rand ("ZAR").

2.    Conversion Rates

The Euro to Sterling Conversion Rate (UK share register only)

For UK Shareholders who make a valid Sterling currency election, the
conversion rate for the purposes of calculating the dividend for the six
months ended 30 September 2024 will be a Euro to Sterling Rate of £0.83563.

On this basis, UK Shareholders who have elected to receive their entitlement
to the dividend in cash in Sterling will be entitled to a gross dividend of
£0.02557 (Sterling) per share. The gross dividend will be subject to tax,
unless exempt and subject to dividend withholding tax unless subject to a
reduced rate, if applicable.

 

The Euro to ZAR Conversion Rate (SA share register only)

For SA Shareholders, the conversion rate for the purposes of calculating the
dividend authorised in connection with the period ended 30 September 2024 will
be 19.23077 ZAR to 1 Euro.

The Euro to ZAR conversion for payment of the dividend in ZAR will be settled
on Monday, 18 November 2024, using the Euro to ZAR Conversion Rate which has
been fixed by the Company as at Friday, 15 November 2024. The closing market
price for a share on the JSE on Friday, 15 November 2024 was R20.27.

On this basis, SA Shareholders will receive a gross dividend of 58.84616 (ZAR
cents) per share. The gross dividend will be subject to tax, unless exempt or
subject to a reduced rate, if applicable.

3.    Dividend Reinvestment Plan

UK Shareholders

UK Shareholders who wish to participate in the DRIP should complete an
application form online at: www.signalshares.com (http://www.signalshares.com)
. Please note that for any future offers of the DRIP, those shareholders who
hold their shares on the UK principal register and have participated in the
DRIP, need not complete a DRIP election form for each dividend as such forms
provide an ongoing authority to participate in the DRIP until cancelled in
writing or online at www.signalshares.com (http://www.signalshares.com) .

SA Shareholders

As at the date of this announcement, all SA Shareholders hold their shares in
a dematerialised form through the Strate system. Such shareholders who wish to
participate in the DRIP should contact their CSDP or broker. SA Shareholders
who rematerialise their share certificate(s) will not be eligible to
participate in the DRIP.

Certificated shareholders or dematerialised shareholders who have
rematerialised their share certificate(s), who wish to participate in the DRIP
are required to dematerialise their share certificate(s) and transfer their
shares into a CSDP. Should you hold registered share certificates and wish to
dematerialise your share certificates in order to participate in the DRIP,
please contact Computershare on +27 11 370 5000 (overseas) or call 086 1100
933 between 08:30 to 17:00 SAST on business days, for the procedure to be
followed.

For further details, please see the DRIP terms and conditions, which could be
found at www.sirius-real-estate.com/investors/dividends/
(http://www.sirius-real-estate.com/investors/dividends/) .

4.    Property Income Distribution ("PID"), non-PID and taxation

Shareholders are advised that the cash dividend declared will be paid as
38.93617% PID and 61.06383% non-PID.

Shareholders will thus be paid as follows:

                                                                      UK Shareholders  UK Shareholders (EURO cents)  SA Shareholders

(GBP pence)
(ZAR cents)
 Total (gross)                                                        2.55703p         3.06c                         58.84616 cents

 PID
 Gross amount of PID                                                  0.99561p         1.19145c                      22.91244 cents
 Less 20% UK withholding tax*                                         0.19912p         0.23829c                      4.58249 cents
 Net PID payable**                                                    0.79649p         0.95316c                      18.32995 cents
 Less effective 5% SA dividends tax for SA Shareholders (SA only)***  N/A              N/A                           1.14562 cents
 Net PID payable                                                      0.79649p         0.95316c                      17.18433 cents

 Non-PID
 Gross amount of non-PID                                              1.56142p         1.86855c                      35.93372 cents
 Less 20% SA dividends tax (SA only)****                              -                -                             7.18674 cents
 Non-PID payable (net SA only)                                        1.56142p         1.86855c                      28.74698 cents

*       Certain categories of UK Shareholders may apply for exemption, in
which case the PID element will be paid gross of UK withholding tax.

**  Net position after deducting UK withholding tax for both UK and SA
Shareholders, but before eligible SA Shareholders have claimed back 5% from
His Majesty's Revenue & Customs under the double taxation agreement
between the UK and South Africa in respect of the UK withholding tax.

*** SA dividends tax applies at the rate of 20% for SA Shareholders if an
exemption does not exist, but eligible SA Shareholders receive a rebate of the
UK withholding taxes suffered (which rate is effectively 15%, after taking
into account the 5% rebate referred to in **).

****  SA dividends tax applies at the rate of 20% for SA Shareholders if an
exemption does not exist.

Additional information on the tax implication for Shareholders can be found at
www.sirius-real-estate.com/investors/dividends/
(http://www.sirius-real-estate.com/investors/dividends/) .

Shareholders who are in any doubt about their tax position, or who are subject
to tax in a jurisdiction other than the UK or SA, should consult their own
appropriate independent professional adviser without delay.

Non-residents 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.

5.    General Information

On Monday, 18 November 2024, being the declaration date of the dividend, the
Company had in issue 1,511,857,390 ordinary shares and there were no 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 the UK.

6.    Exchange Control Regulations

The following is not intended  to constitute advice and only serves as a
guide and is therefore not a comprehensive statement of the Exchange Control
Regulations of South Africa issued under the South African Currency and
Exchanges Act, No. 9 of 1933, as amended ("Exchange Control Regulations"),
applicable to SA Shareholders.

Shareholders who are in any doubt as to the appropriate course of action to
take should consult their professional advisors.

Any shares acquired via the DRIP are not freely transferable from South Africa
and must be dealt with in the terms of the Exchange Control Regulations.

Shareholders who hold shares on the SA share register can only receive
reinvested shares on that register.

The following principles apply to non-resident Shareholders and emigrants who
make the relevant election:

1.    The cash dividend

As the cash dividend will be paid out of the Company's distributable profits,
such dividends are freely transferable from South Africa. For emigrants, the
election of the cash dividend by emigrants must be made through an authorised
dealer in foreign exchange controlling the Shareholder's emigrant capital
account.

2.    Reinvested shares via the DRIP

Only dematerialised Shareholders may participate in the DRIP and all aspects
relating to the Exchange Control Regulations will be managed by their CSDP or
broker, as follows:

(A)          Non-residents

Reinvested shares will be credited to their CSDP or broker accounts and a
"Non-Resident" annotation will appear in the CSDP or broker register. Dividend
payments will be credited directly to the bank accounts nominated for them by
their CSDP or broker.

(B)          Emigrants

Based on shares controlled in terms of the Exchange Control Regulations,
reinvested shares will be controlled and form part of the emigrant's remaining
assets and be reflected in the capital account held with the Authorised Dealer
controlling these assets. In particular, it will be the CSDP of the Authorised
Dealer or the CSDP contracted by the Authorised Dealer that will be
responsible to implement the election and a "Non-Resident" annotation will
appear in the CSDP. These shares will thus form part of the remaining assets
of the emigrant. However, it should be noted that it was indicated by the
South African Reserve Bank in Exchange Control Circular 3/2023 (in relation to
income and capital distributions from inter vivos trusts), that remaining
funds in South Africa may be transferred from South Africa up to R10 million,
subject to the emigrant obtaining the relevant tax TCS clearance from the
South African Revenue Service.

In terms of the Exchange Control Regulations of South Africa:

1.    any share certificates that might be issued to non-resident
shareholders will be endorsed 'Non-Resident';

2.    any new share certificates issued based on emigrants' shares
controlled in terms of the Exchange Control Regulations, will be forwarded to
the Authorised Dealer controlling their remaining assets. Such share
certificates will be endorsed 'Non-Resident'; and

3.    dividends and residual cash payments from reserves are freely
transferable from South Africa.

 For further information:

 Sirius Real Estate

 Andrew Coombs, CEO                                                                        +44 (0) 20 3059 0855

 Chris Bowman, CFO

 FTI Consulting (financial PR)

 Richard Sunderland                                                               +44 (0) 20 3727 1000

 Ellie Sweeney

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

 JSE Sponsor

 PSG Capital

 

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