TIDMINTU
RNS Number : 8105B
Intu Properties plc
09 October 2015
9 OCTOBER 2015
2015 INTERIM DIVIDEND:
TIMETABLE, EXCHANGE RATE AND SCRIP CALCULATION PRICES
On 30 July 2015, the Directors proposed an interim dividend for
2015 of 4.6 pence per share (the "dividend"). As confirmed on 2
October 2015, the Directors are offering shareholders a scrip
alternative to the 2015 interim cash dividend which will be wholly
paid as a Property Income Distribution ("PID") and will be subject
to deduction of a 20 per cent UK withholding tax unless exemptions
apply.
The Company is now pleased to announce the share price
applicable to the scrip alternative to the cash dividend and, for
its South African shareholders, the exchange rate applicable to the
dividend. The salient dates for payment of the dividend published
in the announcement dated 2 October 2015 remain unchanged.
Further details of the scrip dividend alternative are contained
in the Scrip Dividend Scheme Booklet, and the related Election
forms, which are available from
http://www.intugroup.co.uk/investors/shareholders-bondholders/dividends/2015-interim-dividend/
and from the Company's Registrars.
(i) Shareholders receiving the dividend in cash:
The Company confirms that the South African Rand exchange rate
for the 2015 interim dividend will be 20.71650 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 PID GBP pence 4.60p 95.29590 ZA cents
------------------------- ---------------- ------------------
*Less 20% withholding GBP pence 0.92p 19.05918 ZA cents
tax
------------------------- ---------------- ------------------
Net PID dividend payable GBP pence 3.68p 76.23672 ZA 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 PID GBP pence 4.60p 95.29590 ZA cents
element
---------------------- ---------------- ------------------
*Less 20% withholding GBP pence 0.92p 19.05918 ZA cents
tax
---------------------- ---------------- ------------------
PID element (net) GBP pence 3.68p 76.23672 ZA 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 2
October to 8 October 2015 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
329.58. 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 89.07568 71.64783
------------------------- ---------- ------------
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 entitlement is as
stated above, 20.71650 ZAR to 1 GBP. The price setting period for
the Scrip price calculation was 2 October to 8 October 2015
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 6,862.7 ZA cents. The scrip share
allocation will be as follows:
PID element
(net)
----------------------------------- ------------
No. of shares required to be held
for one new share 90.01830
------------------------------------ ------------
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) above R 76.23672
x 100):
----------------------------------- -------------
No. of shares entitled to
receive:
----------------------------------- -------------
Calculation: 100/90.01830
------------------------------------ -------------
No. of new shares: 1.11089
------------------------------------ -------------
Example of fractional entitlement
calculation:
----------------------------------- -------------
Fraction (from above): 0.11089
------------------------------------ -------------
Fractional entitlement
(multiply fraction by scrip R 7.61005
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
http://www.intugroup.co.uk/investors/shareholders-bondholders/real-estate-investment-trust/.
No secondary tax on companies (STC) credits will be available to
be utilised against any SA Dividends Tax withheld on the payment of
the interim dividend. The number of shares in issue as at the
declaration date was 1,339,218,801 ordinary shares of 50p each.
SA Taxation summary:
Where the 2015 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
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