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26 Nov 2009 07:00
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Land SecuritiesĀ Group PLCĀ (the "Company")Scrip Dividend Scheme
26 NovemberĀ 2009
Land Securities Group PLC'sĀ Scrip Dividend Scheme -Ā Scrip DividendĀ Timetable
As noted in the Company'sĀ half-yearlyĀ results announcement onĀ 18 November 2009, the CompanyĀ will be paying a second quarterly dividend of 7.0p per share (the "Second Interim Dividend") and,Ā subject to shareholder approval,Ā is offering holders of Ordinary Shares the right to elect to receive future dividends in the form ofĀ New Ordinary Shares of the Company (the "Scheme"). Shareholders participating in theĀ Scheme willĀ be entitled toĀ receive New Ordinary Shares in the Company instead of cash in respect of the Second Interim DividendĀ which willĀ beĀ paid on 15Ā JanuaryĀ 2010.
The cash dividend is being paidĀ entirelyĀ as a Property Income DistributionĀ ("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.
AĀ bookletĀ which sets out how Shareholders can elect to participate in the Scheme andĀ whichĀ contains the terms andĀ conditions of the SchemeĀ has beenĀ posted to Shareholders andĀ madeĀ available on the Company's websiteĀ atĀ www.landsecurities.com.
The Scrip Calculation PriceĀ used to calculate the number of New Ordinary Shares to be issued to Shareholders who elect to take the Scrip Dividend Alternative will be theĀ average of the closing middle market quotationsĀ of an Ordinary Share,Ā derived fromĀ theĀ London Stock ExchangeĀ Daily Official List,Ā for the fiveĀ consecutiveĀ businessĀ days commencing onĀ 9 December 2009 to 15 December 2009 (inclusive),Ā 9 December 2009Ā being the day on which the Company's Ordinary Shares will beĀ first quoted "ex dividend".
To participate in the Scheme in respect of the Second Interim Dividend,Ā ShareholdersĀ must either submitĀ a Mandate Form orĀ makeĀ an electionĀ to do soĀ via Euroclear UK & IrelandĀ notĀ later thanĀ 22 December 2009. As further detailed in theĀ 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 theĀ terms andĀ conditions booklet.
For further information, please contact:
Peter Dudgeon
Land Securities Group PLC
T +44 (0)20 7413 9000
END
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