The company declared an interim dividend of 1.50p per share for the six months ended February. In addition‚ the group said shareholders could elect to receive a scrip dividend by way of an issue of new Redefine International shares (of the same class as existing shares) credited as fully paid up‚ or a cash dividend.

If taken in cash‚ the cash dividend would comprise a property income distribution of 0.43p per share and a nondistribution element of 1.07p per share. The distribution would be subject to a deduction of a 20% UK withholding tax unless exemptions applied.

The nondistribution element would be treated as an ordinary UK dividend‚ with no withholding tax deducted. Shareholders who elected to receive shares would receive shares based on the full 1.50p being paid as a nondistribution.

As a nondistribution‚ this would be treated as an ordinary UK company dividend‚ with no withholding tax deducted. Shareholders have time until May 16 to accept the offer. Last trading day to be eligible is May 20.