2 May 2024
TRITAX
BIG BOX REIT PLC
("BBOX" or
the "Company" or,
together with its subsidiaries, the "Group")
DIVIDEND
DECLARATION
The Board of Directors of Tritax Big
Box REIT plc (ticker: BBOX) has declared an interim dividend in
respect of the period from 1 January 2024 to 31 March 2024
of 1.825 pence per ordinary share, payable on or around 7
June 2024 to shareholders on the BBOX share register on 24 May
2024. The ex-dividend date will be 23 May 2024.
In accordance with the Company's
dividend policy, the first, second and third quarter dividend
payments will each represent 25% of the previous financial year's
annual dividend which, for the year ended 31 December 2023 amounted
to 7.30 pence per ordinary share. The level of the fourth quarter
dividend will be used to determine any potential dividend
progression, with an overall aim to achieve a pay-out ratio in
excess of 90% of Adjusted earnings.
This dividend will be a Property
Income Distribution ("PID").
Recommended All-Share Combination
with UK Commercial Property REIT Limited ("UKCM") (the
"Combination") to be effected by means of a Court-sanctioned scheme
of arrangement (the "Scheme")
On 21 March 2024, the boards of BBOX
and UKCM announced that they had reached agreement on the terms of
a recommended all-share combination of BBOX and UKCM pursuant to
which BBOX will, upon the Scheme becoming Effective, acquire the
entire issued and to be issued ordinary share capital of UKCM.
Under the terms of the Combination, UKCM Shareholders will be
issued with 0.444 New BBOX Shares for each Scheme Share. The scheme
document in relation to the Scheme was published and posted to UKCM
Shareholders on 9 April 2024 (the "Scheme Document").
BBOX and UKCM announced on 1 May
2024 and 2 May 2024, respectively, that BBOX had received the
requisite approvals from BBOX Shareholders and UKCM had received
the requisite approvals from UKCM Shareholders in connection with
the Combination.
Completion of the Combination
remains subject to the satisfaction or (where applicable) waiver of
the remaining Conditions and further terms set out in Part 4 of the
Scheme Document, including the Court sanctioning the Scheme at the
Sanction Hearing. The Sanction Hearing will take place on 16 May
2024 and it is expected the Scheme will become Effective on the
same date, resulting in the issue of the New BBOX Shares to UKCM
Shareholders by 8.00 a.m. on 17 May 2024. Applications have been
made by BBOX for the New BBOX Shares to be admitted to the premium
listing segment of the Official List and to trading on the Main
Market at or shortly after 8.00 a.m. on 17
May 2024.
Accordingly, it is currently
expected that UKCM Shareholders will have been issued with the New
BBOX Shares prior to the record date of the BBOX Q1 Interim
Dividend, being 24 May 2024. All UKCM Shareholders will therefore
be entitled to the BBOX Q1 Interim Dividend, provided that they are
on the BBOX share register on 24 May 2024.
In line with the Company's dividend
policy set out above, BBOX expects that for the financial year
ending 31 December 2024 and based on the Exchange Ratio, UKCM
Shareholders should receive at least the same income from aggregate
dividends in respect of the Combined Group as they received in
aggregate dividends for UKCM's financial year ended 31 December
2023, being not less than 3.40 pence per UKCM Share, provided that
there are sufficient adjusted earnings generated during this period
by the Combined Group for dividends to be covered at this
level.
Unless the context provides
otherwise, words and expressions defined in the Scheme Document
shall have the same meanings in this announcement.
FOR FURTHER INFORMATION, PLEASE
CONTACT:
Tritax Group
Colin Godfrey (CEO)
Frankie Whitehead (CFO)
Ian Brown (Head of Corporate
Strategy & Investor Relations)
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Tel: +44 (0) 20 8051 5060
bigboxir@tritax.co.uk
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Kekst CNC (Communications
Adviser)
Tom Climie/Guy Bates
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Tel: +44 (0) 7760 160248 / (0)7581
056415
tritax@kekstcnc.com
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The Company's LEI is:
213800L6X88MIYPVR714. The Company's ISIN is:
GB00BG49KP99.
NOTES:
Tritax Big Box REIT plc (ticker:
BBOX) is the largest listed investor in high-quality logistics
warehouse assets and controls the largest logistics-focused land
platform in the UK. BBOX is committed to delivering attractive and
sustainable returns for Shareholders by investing in and actively
managing existing built investments and land suitable for logistics
development, The Company focuses on well-located, modern logistics
assets, typically let to institutional-grade tenants on long-term
leases with upward-only rent reviews and geographic and tenant
diversification throughout the UK. The Company seeks to exploit the
significant opportunity provided by the imbalance between strong
occupational demand and constrained supply of modern logistics real
estate in the UK.
The Company is a real estate
investment trust to which Part 12 of the UK Corporation
Tax Act 2010 applies, is listed on the premium segment of the
Official List of the UK Financial Conduct Authority and
is a constituent of the FTSE 250, FTSE EPRA/NAREIT and MSCI
indices.
Further information on Tritax Big
Box REIT is available at www.tritaxbigbox.co.uk