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Confirmation of Cash Dividend Timetable, Exchange Rate and Notification that Scrip Dividend will not be offered
INTU PROPERTIES PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: ITU
INTU PROPERTIES PLC (the “Company”)
LEI: 213800JSNTERD5CJZO95
Regulated Information Classification: Additional regulated
information required to be disclosed under the laws of a Member State
of the EU.
10 October 2017
CONFIRMATION OF DIVIDEND TIMETABLE FOR THE CASH 2017 INTERIM
DIVIDEND, EXCHANGE RATE AND NOTIFICATION THAT SCRIP DIVIDEND
ALTERNATIVE WILL NOT BE OFFERED
On 27 July 2017, the Directors proposed an interim dividend for 2017
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, 21 November
2017.
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:
Capita 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:
Terbium Financial Services (Pty) Ltd, 31 Beacon Road, Florida-North,
Johannesburg, 1709, South Africa (postal address: PO Box 61272,
Marshalltown, 2107, South Africa) (Tel: 0860 2222 13).
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 9 October 2017
Finalisation Date Tuesday 10 October 2017
Ex-dividend date (SA) Wednesday 18 October
2017
Ex-dividend date (UK) Thursday 19 October 2017
Record Date (both UK and SA) Friday 20 October 2017
Last date for receipt of Tax Exemption Friday 20 October 2017
Declaration Forms to permit dividend to
be paid gross (UK Shareholders only)
Dividend payment date (UK & SA) Tuesday 21 November 2017
SA shareholders should note that, in accordance with the requirements
of Strate, the last day to trade cum-dividend will be Tuesday 17
October 2017 and that no dematerialisation or rematerialisation of
shares will be possible from Wednesday 18 October to Friday 20
October 2017 inclusive. No transfers between the UK and South African
registers may take place from Tuesday 10 October to Friday 20 October
2017 (both days inclusive).
EXCHANGE RATE
(i) Shareholders receiving the dividend in cash:
The Company confirms that the South African Rand exchange rate for
the 2017 interim dividend will be 18.27570 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 84.06822 ZAR
4.60 cents
Less 20% withholding tax*/20% GBP pence 16.81364 ZAR
SA dividends tax** 0.92 cents
Net PID dividend payable GBP pence 67.25458 ZAR
3.68 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. 10
October 2017) 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.
JSE Sponsor:
Merrill Lynch South Africa (Pty) Limited
Date: 10/10/2017 10:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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