TIDMSRE
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 EUR0.02 980 per share,
representing a pay-out ratio of 65 % of funds from operation
("FFO"), and an increase of 26% on the EUR0.0 2370 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 Wednesday, 12 July 2023
eligible for the cash dividend
-------------------------
Ordinary Shares commence trading Thursday, 13 July 2023
ex the cash dividend (the UK Ex-Dividend
Date)
-------------------------
Record Date for Shareholders on the Friday, 14 July 2023
UK Share Register
-------------------------
Payments via electronic funds transfers, Thursday, 17 August 2023
dividend cheques and tax vouchers
-------------------------
CREST accounts credited and/or updated Thursday, 17 August 2023
with the dividend payment in cash
-------------------------
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 Tuesday, 11 July 2023
eligible for the cash dividend
-------------------------
Ordinary Shares commence trading Wednesday, 12 July 2023
ex the cash dividend (the SA Ex-Dividend
Date)
-------------------------
Record date for Shareholders on the Friday, 14 July 2023
SA Share Register
-------------------------
CSDP accounts credited and/or updated Thursday, 17 August 2023
with the dividend payment in cash
-------------------------
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 GBP0.85930.
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 GBP0.02561 (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 SA Shareholders (ZAR
cents) 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 GBP1,000. This means
the first GBP1,000 of dividends will be taxed at 0%. Dividends in
excess of GBP1,000 will be taxed according to which income band
they fall into.
Basic rate: Individuals whose total income for tax purposes
exceeds the GBP1,000 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
GBP1,000 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 GBP1,000 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
Alistair Marks, CIO and interim CFO (0)30 2850 10110
FTI Consulting (financial PR)
Richard Sunderland
Talia Shirion
SiriusRealEstate@fticonsulting.com +44 (0)20 3727 1000
JSE Sponsor
PSG Capital
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END
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June 05, 2023 09:30 ET (13:30 GMT)
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