TIDMINTU
RNS Number : 6845M
Intu Properties PLC
17 October 2016
INTU PROPERTIES PLC (the "Company")
17 OCTOBER 2016
The issuer advises that the following replaces the announcement
released on 11 October 2016 at 10.15 under RNS number 2232M, to
correct a typographical error in the scrip calculation price
applicable to UK shareholders which is GBP pence 283.66 not
286.66.
All other details remain unchanged. The full amended text
appears below.
CONFIRMATION OF DIVID TIMETABLE AND OFFER OF SCRIP DIVID
ALTERNATIVE TO THE CASH 2016 INTERIM DIVID, EXCHANGE RATE AND SCRIP
CALCULATION PRICES
On 28 July 2016, the Directors proposed an interim dividend for
2016 of 4.6 pence per share (the "dividend"). The dividend will be
wholly paid as a Property Income Distribution ("PID") which will be
subject to deduction of a 20 per cent UK withholding tax unless
exemptions apply. Today we are announcing the dividend payment
date, 22 November 2016, and notice of a scrip dividend
alternative.
Shareholders will receive the dividend in cash unless they elect
to receive shares instead. A full description of the terms of the
scrip dividend scheme are contained in the Scrip Dividend Booklet
which is available for viewing or download from the Company's
website at
www.intugroup.co.uk/media/1212/scrip-dividend-booklet.pdf. Hard
copies can be requested via the website or by contacting the
Company (email feedback@intu.co.uk or telephone +44 (0)20 7960
1236).
Election forms for the scrip alternative to the dividend will be
posted to certificated shareholders as soon as practicable.
Further forms for certificated shareholders are available from
our Registrars:
UK Shareholders:
Capita Asset Services, The Registry, 34 Beckenham Road,
Beckenham, Kent BR3 4TU (Tel: +44 (0) 371 664 0300). Calls are
charged at the standard geographic rate and will vary by provider.
Calls outside the United Kingdom will be charged at the applicable
international rate. Lines are open between 9.00am - 5.30pm, Monday
to Friday excluding public holidays in England and Wales.
SA Shareholders:
Trifecta Capital Services (Pty) Ltd, Trifecta Capital House,
Florida-North, Johannesburg, 1709, South Africa (postal address: PO
Box 61272, Marshalltown, 2107, South Africa) (Tel: +27 (0) 860 22
22 13).
or by download from
www.intugroup.co.uk/en/investors/shareholder-information/dividends/
Shareholders holding their shares in dematerialised form through
CREST in the UK or Strate in SA and who wish to make a scrip
election should contact their CREST service provider, CSDP, broker
or nominee as applicable. Additional information is contained in
the Scrip Dividend Booklet.
DIVID TIMETABLE
A timetable of events in relation to the dividend is set out
below. The events shown in italics apply specifically to the scrip
alternative to the dividend.
Confirmation and timetable Tuesday 11 October
of scrip alternative announced 2016
on SENS
----------------------------------------- ------------------------
Scrip price calculation period 4 October - 10
- average of five dealing October 2016 inclusive
dates on each exchange
----------------------------------------- ------------------------
Currency Conversion Date (Sterling/Rand) Monday 10 October
2016
----------------------------------------- ------------------------
Ex-dividend date (SA) Wednesday 19 October
2016
----------------------------------------- ------------------------
Ex-dividend date (UK) Thursday 20 October
2016
----------------------------------------- ------------------------
Record Date (both UK and SA) Friday 21 October
2016
----------------------------------------- ------------------------
Last date for receipt of Tax Friday 21 October
Exemption Declaration Forms 2016
to permit dividend to be paid
gross (UK Shareholders only)
----------------------------------------- ------------------------
*Election Date for scrip alternative Friday 21 October
(SA) (by noon) 2016
----------------------------------------- ------------------------
*Election Date for scrip alternative Friday 28 October
(UK)(by close of business) 2016
----------------------------------------- ------------------------
Dividend payment date (UK Tuesday 22 November
& SA) 2016
----------------------------------------- ------------------------
CREST (UK register) and CSDP Tuesday 22 November
(SA register) accounts credited 2016
and share certificates issued
to certificated shareholders
----------------------------------------- ------------------------
First day of dealings and Tuesday 22 November
admission to the official 2016
list of the UK Listing Authority
and the JSE for New Ordinary
Shares under the Scheme
----------------------------------------- ------------------------
SA shareholders should note that, in accordance with the
requirements of Strate, the last day to trade cum-dividend will be
18 October 2016 and that no dematerialisation or rematerialisation
of shares will be possible from 19 October to 21 October 2016
inclusive. No transfers between the UK and South African registers
may take place from 11 October to 21 October 2016 (both days
inclusive).
*Earlier election dates apply where shares are held indirectly;
shareholders should contact their CREST service provider, CSDP,
broker or nominee as applicable.
EXCHANGE RATE AND SCRIP CALCULATION PRICES
(i) Shareholders receiving the dividend in cash:
The Company confirms that the South African Rand exchange rate
for the 2016 interim dividend will be 17.15620 ZAR to 1 GBP.
Shareholders who do not make an election to receive shares will
receive a cash dividend per ordinary share which will be paid
wholly as a PID as follows:
UK Shareholders SA Shareholders
---------------------- ---------------- ----------------
Gross amount of GBP pence 78.91852 ZA
PID 4.60p cents
---------------------- ---------------- ----------------
*Less 20% withholding GBP pence 15.78370 ZA
tax 0.92p cents
---------------------- ---------------- ----------------
Net PID dividend GBP pence 63.13482 ZA
payable 3.68p cents
---------------------- ---------------- ----------------
*Certain categories of UK shareholder may apply for exemption,
in which case the PID will be paid gross
(ii) Shareholders who elect to take shares:
(a) Dividend equivalent values:
Shareholders who make an election to receive shares instead of
the cash dividend will receive shares with a value equivalent to a
dividend per ordinary share as follows:
UK Shareholders SA Shareholders
---------------------- ---------------- ----------------
Gross amount of GBP pence 78.91852 ZA
PID element 4.60p cents
---------------------- ---------------- ----------------
*Less 20% withholding GBP pence 15.78370 ZA
tax 0.92p cents
---------------------- ---------------- ----------------
PID element (net) GBP pence 63.13482 ZA
3.68p cents
---------------------- ---------------- ----------------
*Certain categories of UK shareholder may apply for exemption,
in which case the PID will be paid gross
(b) Share entitlement: Shareholders on the UK share
register:
The price setting period for the scrip price calculation was 4
October to 10 October 2016 inclusive. Based on the average middle
market quotations for each day in the price setting period on the
LSE less the gross amount of dividend as set out above, the scrip
calculation price applicable to UK shareholders is GBP pence
283.66. The scrip share allocation will be as follows:
PID element
---------------- ------------------------
PID (Net) PID (Gross)
---------------- ---------- ------------
No. of shares
required to
be held for
one new share 77.08152 61.66522
----------------- ---------- ------------
The number of shares to be allocated will be calculated by
dividing the total value of the dividend otherwise receivable by
the shareholder by the scrip calculation price and rounding down to
the nearest whole number. Any fractional entitlement, i.e. the
total value of the dividend receivable less the value of the shares
allocated, will be paid out as cash.
(c) Share entitlement: Shareholders on the South Africa share
register:
The exchange rate for the calculation of share entitlements is
as stated above, 17.15620 ZAR to 1 GBP. The price setting period
for the scrip price calculation was 4 October to 10 October 2016
inclusive. Based on the average middle market quotations for each
day in the price setting period on the JSE less the gross amount of
dividend as set out above, the scrip calculation price applicable
to South African shareholders is 4,928.790 ZA cents. The scrip
share allocation will be as follows:
PID element
(net)
---------------------------- ------------
No. of shares required to
be held for one new share 78.06770
----------------------------- ------------
The number of shares to be allocated will be calculated by
dividing the total value of the dividend otherwise receivable by
the shareholder by the scrip calculation price and rounding down to
the nearest whole number. Any fractional entitlement (which for
these purposes will be treated as a residual dividend), i.e. the
total value of the dividend receivable less the value of the shares
allocated, will be paid out as cash, wholly as a PID dividend.
By way of illustration of the above, the scrip share calculation
will be as follows for a shareholder who holds 100 shares:
PID (net)
element
----------------------------- -------------
Amount of dividend entitled
to receive (per (a) R 63.13482
above x 100):
----------------------------- -------------
No. of shares entitled
to receive:
----------------------------- -------------
Calculation: 100/78.06770
------------------------------ -------------
No. of new shares: 1.28094
------------------------------ -------------
Example of fractional
entitlement calculation:
----------------------------- -------------
Fraction (from above): 0.28094
------------------------------ -------------
Fractional entitlement
(multiply fraction by R13.84692
scrip price)
------------------------------ -------------
(iii) Notes for South African shareholders
On application by South African shareholders, 5 per cent of the
PID (i.e. one quarter of the 20 per cent UK withholding tax
deducted from a PID) is claimable from the UK's HM Revenue &
Customs ("HMRC"), resulting in an effective UK withholding tax rate
of 15 per cent. The Company will account to HMRC in sterling for
the total UK withholding tax deducted. Settlement of any claims for
refund will be calculated and settled in sterling by HMRC.
The information given in either section (i) or (ii) above will
assist with applications for refunds. For information on PIDs and
refund claims, including claim forms and guidance on how to
complete them, visit
https://www.intugroup.co.uk/en/investors/shareholder-information/real-estate-investment-trust/.
The number of shares in issue as at the declaration date was
1,344,771,902 ordinary shares of 50p each.
SA Taxation summary:
Where the 2016 interim dividend is paid in cash, it will
constitute a foreign dividend and so will be exempt from South
African income tax, but subject to deduction of SA Dividends Tax
unless an exemption or rebate applies. For cash PIDs the liability
to Dividends Tax will be offset by the net UK withholding tax of 15
per cent, resulting in no Dividends Tax being deducted. It is our
understanding that where an election to receive shares under the
Scrip Dividend Scheme has been made, any fractional entitlements
paid in cash to shareholders will be treated in the same manner as
that applicable to the underlying element of the dividend, i.e.
non-PID or PID.
It is also understood that a receipt of shares under the Scrip
Dividend Scheme will not constitute a foreign dividend. Under
current legislation, such shares will not therefore be subject to
Dividends Tax or income tax, but the full value of the shares on
eventual disposal will be subject to Capital Gains Tax with no base
cost allowed.
The above information, and the guidelines on the taxation of
dividends, including when taken as scrip shares, contained in the
Scrip Dividend Scheme Booklet, is provided as a general guide based
on the Company's understanding of the law and practice currently in
force. Any shareholder who is in any doubt as to their tax position
should seek independent professional advice.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DIVVDLBFQBFZFBZ
(END) Dow Jones Newswires
October 17, 2016 04:47 ET (08:47 GMT)
Intu Properties (LSE:INTU)
Historical Stock Chart
From Apr 2024 to May 2024
Intu Properties (LSE:INTU)
Historical Stock Chart
From May 2023 to May 2024