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Final Dividend for the year ended December 2013
INTU PROPERTIES PLC (the “Company”)
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: ITU
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 pence 1.7p 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 to
215.02667 47.43235 37.94588
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 share 215.51343 47.53973
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 receive (per
R20.58 R93.28
(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.
12 April 2013
Sponsor
Merrill Lynch South Africa (Pty) Ltd
Date: 12/04/2013 12:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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