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     Latest News: Investec Property Fund Ltd. INVPROP [IPF]
     Wed, 23 Sep 2020 Official Announcement [TZ] 
    Invprop - FY20 H2 dividend declaration
    Shareholders are referred to the announcement dated 10 September 2020 wherein IPF shareholders were informed of the Fund’s election to delay the declaration of a FY20 H2 dividend until 29 September 2020 and the subsequent announcement released by the JSE on 22 September 2020 informing the REIT sector that the FSCA is not in a position to consent to any further dispensation.

    Shareholders are also further referred to the announcement dated 23 September 2020 in which the Fund announced the sale of the Belgium Properties and a 10% interest in the Pan-European logistics platform (“PEL”). This has further progressed the Fund’s stated degearing flightpath, with only the PEL refinancing outstanding. As set out in the announcement dated 10 September 2020, the refinancing is progressing well and is anticipated to complete by mid-October 2020.

    In light of the Fund executing on a number of its stated objectives, the board of directors of IPF (“Board”) have now elected to proceed with the declaration of the FY20 H2 dividend.

    The board is acutely aware of the JSE Listings Requirements regulations which requires a REIT to distribute at least 75% of its total distributable profits in order to retain its REIT status. Consequently, having applied the requisite solvency and liquidity test as prescribed by the Companies Act, No 71 of 2008, and, to ensure the continued liquidity of the Fund through the uncertainty caused by the COVID-19 pandemic and to protect against certain eventualities which may still materialise, the board has resolved to declare a dividend of 39.05402 cents per share (an aggregate of R314.4 million) (“Tranche 1 Dividend”) for the period 1 October 2019 to 31 March 2020.

    The payment of this Tranche 1 Dividend will ensure compliance with the JSE Listing Requirements (i.e. minimum 75% of earnings distributed). The board will continue to monitor the operating environment both locally and abroad and upon conclusion of a successful refinancing of the PEL debt and ability to refinance bonds maturing in December 2020, will consider declaring a further top-up dividend. This will be considered together with any tax obligations arising on unpaid distributions.

    Other information:
    • The dividend has been declared from income reserves.
    • A dividend withholding tax of 20% will be applicable on the dividend portion to all shareholders who are not exempt. Assuming Dividend Tax of 20% is applicable, the net dividend amount due is 31.24322 cents per share.
    • The issued share capital at the declaration date is 804 918 444 ordinary shares of no par value.

    Summary of salient dates relating to the Tranche 1 Dividend
    • Declaration of dividend - Wednesday, 23 September 2020
    • Last day to trade in order to receive the dividends (cum-dividend) - Tuesday, 13 October 2020
    • Shares trade ex-dividend - Wednesday, 14 October 2020
    • Record date for shareholders to receive dividend - Friday, 16 October 2020
    • Dividend payment date - Monday, 19 October 2020
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    Closing price data source: JSE Ltd. All other statistics calculated by ProfileData.

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