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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Intu Properties plc: Exchange Rate and Scrip Calculation Prices
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