9 Oct 2018 10:10
INTU PROPERTIES PLC (the "Company")
LEI: 213800JSNTERD5CJZO95
9 October 2018
CONFIRMATION OF DIVIDEND TIMETABLE FOR THE CASH 2018 INTERIM DIVIDEND, EXCHANGE RATE AND NOTIFICATION THAT SCRIP DIVIDEND ALTERNATIVE WILL NOT BE OFFERED
On 26 July 2018, the Directors proposed an interim dividend for 2018 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, 20 November 2018.
A scrip dividend alternative will not be offered on this occasion and all shareholders will therefore receive the dividend in cash.
For further information regarding their holdings, or the interim dividend, we recommend that shareholders contact our registrars in the UK or South Africa as follows:-
UK Shareholders:
Link 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:
Link Market Services, 13th Floor, 19 Ameshoff Street, Braamfontein PO Box 4844 Johannesburg, 2000, South Africa (Tel: +27 (0) 861 546572).
or by download from
intugroup.co.uk/en/investors/shareholder-information/dividends/
DIVIDEND TIMETABLE
A timetable of events in relation to the dividend is set out below.
Currency Conversion Date (Sterling/Rand) | Monday 8 October 2018 |
Finalisation Date | Tuesday 9 October 2018 |
Ex-dividend date (SA) | Wednesday 17 October 2018 |
Ex-dividend date (UK) | Thursday 18 October 2018 |
Record Date (both UK and SA) | Friday 19 October 2018 |
Last date for receipt of Tax Exemption Declaration Forms to permit dividend to be paid gross (UK Shareholders only) | Friday 19 October 2018 |
Dividend payment date (UK & SA) | Tuesday 20 November 2018 |
SA shareholders should note that, in accordance with the requirements of Strate, the last day to trade cum-dividend will be Tuesday 16 October 2018 and that no dematerialisation or rematerialisation of shares will be possible from Wednesday 17 October to Friday 19 October 2018 inclusive. No transfers between the UK and South African registers may take place from Tuesday 9 October to Friday 19 October 2018 (both days inclusive).
EXCHANGE RATE
(i) Shareholders receiving the dividend in cash:
The Company confirms that the South African Rand exchange rate for the 2018 interim dividend will be 19.4968 ZAR to 1 GBP. Shareholders 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 4.60 | 89.68528 ZAR cents |
Less 20% withholding tax*/20% SA dividends tax** | GBP pence 0.92 | 17.93706 ZAR cents |
Net PID dividend payable | GBP pence 3.68 | 71.74822 ZAR cents |
*Certain categories of UK shareholder may apply for exemption, in which case the PID will be paid gross.
*\* This is the net position after SA Shareholders have claimed back 5% from HMRC under the double tax agreement between the United Kingdom and South Africa
(ii) Notes for South African shareholders
A 20 per cent UK withholding tax will be deducted from the cash PID. The Company will account to Her Majesty's Revenue & Customs ("HMRC") in sterling for the total UK withholding tax deducted. SA dividends tax, at the rate of 20 per cent will apply to the cash PIDs payable by the Company unless the beneficial owner of the dividend is exempt from SA dividends tax.
Under the double tax agreement between the UK and South Africa, the maximum tax payable in the UK is 15 per cent. Therefore 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 HMRC, resulting in an effective UK withholding tax rate of 15 per cent. Settlement of any claims for refund will be calculated and settled in sterling by HMRC. As UK withholding tax will be applicable at an effective rate of 15 per cent, the SA dividends tax liability will be reduced to 5 per cent. In such cases the overall tax deducted will therefore be 20 per cent (15 per cent in the UK and 5 per cent in South Africa).
The information given in section (i) 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 intugroup.co.uk/en/investors/shareholder-information/real-estate-investment-trust/.
The number of shares in issue as at the declaration date (i.e. 9 October 2018) is 1,355,040,243 ordinary shares of 50p each.
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.