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2014 Interim Dividend: Timetable, Exchange Rate and Scrip Calculation Prices
INTU PROPERTIES PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: ITU
10 OCTOBER 2014
2014 INTERIM DIVIDEND:
TIMETABLE, EXCHANGE RATE AND SCRIP CALCULATION PRICES
On 31 July 2014, the Directors proposed an interim dividend for 2014 of 4.6 pence per share
(the “Dividend”). As confirmed on 3 October 2014, the Directors are offering shareholders a
scrip alternative to the 2014 interim cash dividend. The dividend will be paid as follows:
- If taken in cash, 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.
- Shareholders who make an election to receive shares will receive shares based on
2.3 pence being paid as a PID and 2.3 pence as a non-PID. 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 3 October 2014 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
http://www.intugroup.co.uk/investors/shareholders-bondholders/dividends/2014-interim-
dividend/ 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 2014 interim
dividend will be 17.812 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 4.60p 81.93520 ZA cents
*Less 20% withholding tax GBP pence 0.92p 16.38704 ZA cents
Net PID dividend payable GBP pence 3.68p 65.54816 ZA cents
*Certain categories of UK shareholder may apply for exemption, in which case the PID 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 a dividend per ordinary share as follows:
UK Shareholders SA Shareholders
Non PID element GBP pence 2.30p 40.96760 ZA cents
plus
PID element (gross) GBP pence 2.30p 40.96760 ZA cents
*Less 20% withholding tax GBP pence 0.46p 8.19352 ZA cents
PID element (net) GBP pence 1.84p 32.77408 ZA cents
*Certain categories of UK shareholder may apply for exemption, in which case the PID will be paid gross
(b) Share entitlement: Shareholders on the UK share register:
The price setting period for the Scrip price calculation was 3 October to 9 October 2014
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 shareholders is GBP pence 311.50. 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 135.43478 169.29348 135.43478
be held for one new share
The number of shares to be allocated will be calculated by dividing the total value 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, 17.812 ZAR to
1 GBP. The price setting period for the Scrip price calculation was 3 October to 9 October
2014 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 5,611.46 ZA cents. The scrip
share allocation will be as follows:
Non-PID PID element
element (net)
No. of shares required to be held for one new share 136.97312 171.21640
The number of shares to be allocated will be calculated by dividing the total value 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, 50% as a PID and 50% as a non-PID
dividend.
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
(a) above x 100): R 40.96760 R 32.77408
No. of shares entitled to receive:
Calculation: 100/136.97312 100/171.21640
No. of new shares: 0.73007 0.58406
Example of fractional entitlement calculation:
Fraction (from above): 0.73007 0.58406
Fractional entitlement
(multiply fraction by scrip price) R 40.96760 R 32.77408
(iii) Notes for South African shareholders
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 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 in either section (i) or (ii) 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 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 interim dividend. The number of shares in issue
as at the declaration date was 1,311,453,143 ordinary shares of 50p each.
SA Taxation summary:
Where the 2014 interim 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 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.
--------------------------------------------------ENDS-------------------------------------------------------
Sian Hoskins
Assistant Company Secretary
020 7960 1236
Sponsor:
Merrill Lynch South Africa (Pty) Ltd
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