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Announcement of dividend reinvestment price and confirmation of finalisation information
REDEFINE PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/018591/06)
JSE share code: RDF ISIN: ZAE000190252
(Approved as a REIT by the JSE)
("Redefine" or the "company")
THIS ANNOUNCEMENT IS NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT (AS DEFINED BELOW)).
THE DISTRIBUTION OF THIS ANNOUNCEMENT MAY BE RESTRICTED BY LAW IN CERTAIN JURISDICTIONS AND PERSONS
INTO WHOSE POSSESSION ANY DOCUMENT OR OTHER INFORMATION REFERRED TO HEREIN COMES, SHOULD INFORM THEMSELVES
ABOUT AND OBSERVE ANY SUCH RESTRICTION. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A
VIOLATION OF THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
ANNOUNCEMENT OF DIVIDEND REINVESTMENT PRICE AND CONFIRMATION OF FINALISATION INFORMATION
Further to the declaration of a cash dividend of 22.25110 cents per share (the "cash dividend") with
an election to reinvest the cash dividend in return for Redefine shares (the "share re-investment
alternative"), announced on SENS on 8 November 2024 (the "declaration announcement"),
Redefine shareholders are advised that the price per share, as determined on Tuesday,
19 November 2024, applicable to Redefine shareholders electing the share re-investment
alternative and recorded in the register on Friday, 29 November 2024 (the "record date"), is
445.00000 cents per share (the "reinvestment price").
The reinvestment price is equal to a 2.29301% discount to the ten-day weighted average traded
price (less the cash dividend accrued over the dividend cycle calculated on a daily basis) and a
3.41811% discount to the closing spot price (less the cash dividend accrued over the dividend cycle
calculated on a daily basis) of Redefine shares on the JSE at 18 November 2024.
The ratio of the number of shares to which a shareholder is entitled pursuant to share re-investment
alternative is 5.00025 shares for every 100 shares held on the record date by South African resident
shareholders exempt from dividend tax and 4.00020 shares for every 100 shares held on the record
date by non-resident shareholders subject to dividend tax at 20%.
Where a shareholder's entitlement to the shares in relation to the share re-investment alternative,
calculated with reference to the above share ratio, gives rise to an entitlement to a fraction of a new
share, such fraction will be rounded down to the nearest whole number with the cash balance of the
dividend being retained by the shareholder.
Dividend withholding tax ("dividend tax") implications
Dividend tax implications for South African resident shareholders
Dividends received from a Real Estate Investment Trust ("REIT") are exempt from dividend tax in
the hands of South African resident shareholders provided that the shareholders have provided the
requisite declaration as to residence as detailed in the circular to Redefine shareholders dated and
posted on Friday, 8 November 2024 (the "circular"). South African resident shareholders, who have
submitted the requisite documentation and are exempt from dividend tax, will accordingly receive a
net dividend of 22.25110 cents per share.
Dividend tax implications for non-resident shareholders
Dividends received from a REIT by a non-resident shareholder will be subject to dividend tax at
20%, unless the rate is reduced in terms of any applicable agreement for the avoidance of double
taxation ("DTA") between South Africa and the country of residence of the non-resident shareholder.
A reduced dividend withholding rate in terms of the applicable DTA may only be relied upon if the
non-resident shareholder has provided the requisite documentation as detailed in the circular. Non-
resident shareholders who have submitted the requisite documentation and assuming that a
dividend tax rate of 20% is applicable, will accordingly receive a net dividend of 17.80088 cents per
share.
Due to the fact that the cash dividend or share re-investment alternative may have tax implications
for resident and non-resident shareholders, shareholders are encouraged to consult their
professional advisors should they be in any doubt as to the appropriate action to take.
Illustrative example on the application of rounding and the impact of dividend tax
The application of the rounding principle of rounding down to the nearest whole number and the
impact of dividend tax on shareholders has been illustrated by way of the example below:
South African Non-resident
resident shareholders
shareholders subject to
exempt from dividend tax at
dividend tax 20%
Dividend per share (cents) 22.25110 22.25110
Dividend tax per share (cents) - (4.45022)
Total net dividend per share (cents) 22.25110 17.80088
Number of shares held 100 100
Reinvestment price (cents) 445.00000 445.00000
Total amount available for reinvestment (cents) 2225.11000 1780.08800
Number of shares issued in terms of share re-investment 5.00025 4.00020
alternative
Whole number of shares issued to shareholder 5.00000 4.00000
Total amount payable for shares acquired in terms of the 2225.00000 1780.00000
share re-investment alternative (cents)
Balance of dividend paid to shareholder (cents) 0.11000 0.08800
Trading of Redefine shares
Shareholders are advised that, as per the published timetable, the last date to trade ("LDT") is
Tuesday, 26 November 2024 and the shares will trade ex-dividend from Wednesday, 27 November 2024.
Shareholders electing the share re-investment alternative are alerted to the fact that the new shares
will be listed on LDT + 3 and that these new shares can only be traded on LDT + 3 which differs
from the conventional one day after record date settlement process.
Shareholders are reminded that the last day to elect to receive the share re-investment alternative
is 12:00 (South African time) on Friday, 29 November 2024. No action is required if you wish to
receive the cash dividend.
The salient dates, timetable and all other information relating to the dividend (including the tax
implications) and share re-investment alternative disclosed in the declaration announcement remain
unchanged.
Disclaimer
This announcement does not constitute or form part of an offer to sell securities, or the solicitation
of any offer to buy or subscribe for any securities, to or from any person in the United States (or to,
or for the account or benefit of, any such person or any U.S. person) or in any other jurisdiction in
which, or to or from any other person to or from whom, such offer or solicitation is unlawful. The
securities referred to in this announcement have not been and will not be registered under the US
Securities Act of 1933, as amended (the "US Securities Act"), and may not be offered or sold in
the United States or to, or for the account or benefit of, U.S. persons absent registration with the
United States Securities and Exchange Commission or an exemption from registration. There will
be no public offer of the securities in the United States.
19 November 2024
Corporate advisor and sponsor
Java Capital
Date: 19-11-2024 11:11:00
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