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Intu Properties plc: Exchange Rate and Scrip Calculation Prices

12 APRIL 2013 
FINAL DIVIDEND FOR THE YEAR ENDED 31 DECEMBER 2012: 
TIMETABLE, EXCHANGE RATE AND SCRIP CALCULATION PRICES 
On 27 February 2013, the Directors announced a final dividend for 2012 of 10
pence per ordinary share payable on 4 June 2013 (the "Dividend"). As confirmed
on 5 April 2013, the Directors are offering shareholders a scrip alternative to
the 2012 final cash dividend. The dividend will be paid as follows: 
* If taken in cash, this 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.
      * Shareholders who make an election to receive shares will receive shares
    based on 8.5 pence being paid as a PID, and 1.5 pence being paid as a
    non-PID. The PID element will be subject to deduction of a 20 per cent UK
    withholding tax unless exemptions apply. The non-PID element will be
    treated as an ordinary UK company dividend.


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 5 April 2013 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 www.intugroup.co.uk 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 2012
final dividend will be 13.718 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 10.0p         137.18 ZA cents 
                                                                   
*Less 20% withholding tax        GBP pence 2.0p          27.44 ZA cents 
                                                                   
Net PID dividend payable         GBP pence 8.0p         109.74 ZA cents 
*Certain categories of UK shareholder may apply for exemption, in which case 
the
PID element 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 the 10 pence (SA:
137.18 ZA cents) dividend per ordinary share as follows: 
                            UK Shareholders         SA Shareholders 
                                                                   
Non-PID element                  GBP pence 1.5p          20.58 ZA cents 


                                                                       
            plus                                                       


                                                                   
PID element (gross)              GBP pence 8.5p         116.60 ZA cents 
                                                                   
*Less 20% withholding tax        GBP pence1.7p           23.32 ZA cents 
                                                                   
PID element (net)                GBP pence 6.8p          93.28 ZA cents 
*Certain categories of UK shareholder may apply for exemption, in which case
the PID element will be paid gross. 
(b) Share entitlement: Shareholders on the UK share register: 
The price setting period for the Scrip price calculation was 5 to 11 April 2013
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 share holders is GBP pence
322.54. The scrip share allocation will be as follows: 


                        Non-PID element   PID element - select as applicable 
                                                                             
                                              PID (Net)        PID (Gross)   


                                                                         
No. of shares required      215.02667         47.43235          37.94588     
to be held for one new                                                       
share                                                                         
The number of shares to be allocated will be calculated by dividing the total
value of each element 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,
13.718 ZAR to 1 GBP. The price setting period for the Scrip price calculation
was 5 to 11 April 2013 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 4,434.62 ZA cents. The scrip share allocation will be
as follows: 


                                                  Non-PID           PID(net)   
                                                  element           element    


                                                                           
No. of shares required to be held for one new       215.51343       47.53973   
share                                                                           
The number of shares to be allocated will be calculated by dividing the total
value of each element 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. 
By way of illustration of the above, the scrip share calculation will be as
follows for a shareholder who holds 100 shares: 
                                Non-PID element           PID(net) element  
                                                                           
Amount of dividend entitled to               R20.58                R93.28      
receive (per (a) above x 100):                                                  
                                                                           
No. of shares entitled to receive:                                              


                                                                               
           Calculation:                  100/215.51343          100/47.53973   
                                                                               
        No. of new shares:                  0.46401               2.10350      


                                                                           
Example of fractional entitlement calculation:                                  
                                                                           
Fraction (from above):                      0.46401               0.10350       
                                                                           
Fractional entitlement:                      R20.58                R4.59        
                                                                           
(multiply fraction by scrip price)                                              
(iv) Notes for South African shareholders 
On application by South African shareholders, 5 per cent of the 20 per cent UK
withholding tax deducted 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 either in sections (i) or (ii) above, as applicable, 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 final dividend. The
number of shares in issue as at the declaration date was 954,535,510 ordinary
shares of 50p each. 
SA Taxation summary: 
Where the 2012 final 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 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. 
END 
-0- Apr/12/2013 09:59 GMT
 
 
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