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26 Nov 2009 07:00
Land Securities Group PLC (the "Company")Scrip Dividend Scheme
26 November 2009
Land Securities Group PLC's Scrip Dividend Scheme - Scrip Dividend Timetable
As noted in the Company's half-yearly results announcement on 18 November 2009, the Company will be paying a second quarterly dividend of 7.0p per share (the "Second Interim Dividend") and, subject to shareholder approval, is offering holders of Ordinary Shares the right to elect to receive future dividends in the form of New Ordinary Shares of the Company (the "Scheme"). Shareholders participating in the Scheme will be entitled to receive New Ordinary Shares in the Company instead of cash in respect of the Second Interim Dividend which will be paid on 15 January 2010.
The cash dividend is being paid entirely as a Property Income Distribution ("PID"). The Scrip Dividend Alternative will not be treated as a PID and, accordingly, the Company is not required to withhold tax from the Scrip Dividend Alternative.
A booklet which sets out how Shareholders can elect to participate in the Scheme and which contains the terms and conditions of the Scheme has been posted to Shareholders and made available on the Company's website at www.landsecurities.com.
The Scrip Calculation Price used to calculate the number of New Ordinary Shares to be issued to Shareholders who elect to take the Scrip Dividend Alternative will be the average of the closing middle market quotations of an Ordinary Share, derived from the London Stock Exchange Daily Official List, for the five consecutive business days commencing on 9 December 2009 to 15 December 2009 (inclusive), 9 December 2009 being the day on which the Company's Ordinary Shares will be first quoted "ex dividend".
To participate in the Scheme in respect of the Second Interim Dividend, Shareholders must either submit a Mandate Form or make an election to do so via Euroclear UK & Ireland not later than 22 December 2009. As further detailed in the terms and conditions booklet, the timetable for the Second Interim Dividend is as follows:
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Ex-dividend Date
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9 December 2009
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Record Date
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11 December 2009
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General Meeting
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14 December 2009
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Scrip Calculation Price determined
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9 December 2009 - 15 December 2009 (inclusive)
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Scrip Calculation Price available and announced
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16 December 2009
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Mandate Delivery Deadline
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22 December 2009
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Second Interim Dividend payment date
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15 January 2010
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First day of dealings in Ordinary Shares issued in respect of the Second Interim Dividend
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15 January 2010
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Defined terms used in this announcement have the same meaning as in the terms and conditions booklet.
For further information, please contact:
Peter Dudgeon
Land Securities Group PLC
T +44 (0)20 7413 9000
END
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