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Confirmation of Dividend Timetable and Offer of Scrip Dividend Alternative to the Cash 2016 Interim Dividend
INTU PROPERTIES PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: ITU
INTU PROPERTIES PLC (the “Company”)
11 OCTOBER 2016
CONFIRMATION OF DIVIDEND TIMETABLE AND OFFER OF SCRIP DIVIDEND
ALTERNATIVE TO THE CASH 2016 INTERIM DIVIDEND, EXCHANGE RATE AND
SCRIP CALCULATION PRICES
On 28 July 2016, the Directors proposed an interim dividend for 2016 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,
22 November 2016, and notice of a scrip dividend alternative.
Shareholders will receive the dividend in cash unless they elect to receive
shares instead. A full description of the terms of the scrip dividend scheme are
contained in the Scrip Dividend Booklet which is available for viewing or download
from the Company’s website at www.intugroup.co.uk/media/1212/scrip-dividend-
booklet.pdf. Hard copies can be requested via the website or by contacting the
Company (email feedback@intu.co.uk or telephone +44 (0)20 7960 1236).
Election forms for the scrip alternative to the dividend will be posted to certificated
shareholders as soon as practicable.
Further forms for certificated shareholders are available from our Registrars:
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:
Trifecta Capital Services (Pty) Ltd, Trifecta Capital House, Florida-North,
Johannesburg, 1709, South Africa (postal address: PO Box 61272, Marshalltown,
2107, South Africa) (Tel: +27 (0) 860 22 22 13).
or by download from
www.intugroup.co.uk/en/investors/shareholder-information/dividends/
Shareholders holding their shares in dematerialised form through CREST in the UK
or Strate in SA and who wish to make a scrip election should contact their CREST
service provider, CSDP, broker or nominee as applicable. Additional information is
contained in the Scrip Dividend Booklet.
DIVIDEND TIMETABLE
A timetable of events in relation to the dividend is set out below. The events shown in
italics apply specifically to the scrip alternative to the dividend.
Confirmation and timetable of scrip alternative Tuesday 11 October 2016
announced on SENS
Scrip price calculation period – average of five dealing 4 October – 10 October 2016
dates on each exchange inclusive
Currency Conversion Date (Sterling/Rand) Monday 10 October 2016
Ex-dividend date (SA) Wednesday 19 October 2016
Ex-dividend date (UK) Thursday 20 October 2016
Record Date (both UK and SA) Friday 21 October 2016
Last date for receipt of Tax Exemption Declaration Friday 21 October 2016
Forms to permit dividend to be paid gross (UK
Shareholders only)
*Election Date for scrip alternative (SA) (by noon) Friday 21 October 2016
*Election Date for scrip alternative (UK)(by close of Friday 28 October 2016
business)
Dividend payment date (UK & SA) Tuesday 22 November 2016
CREST (UK register) and CSDP (SA register) Tuesday 22 November 2016
accounts credited and share certificates issued to
certificated shareholders
First day of dealings and admission to the official list Tuesday 22 November 2016
of the UK Listing Authority and the JSE for New
Ordinary Shares under the Scheme
SA shareholders should note that, in accordance with the requirements of Strate, the
last day to trade cum-dividend will be 18 October 2016 and that no dematerialisation
or rematerialisation of shares will be possible from 19 October to 21 October 2016
inclusive. No transfers between the UK and South African registers may take place
from 11 October to 21 October 2016 (both days inclusive).
*Earlier election dates apply where shares are held indirectly; shareholders should
contact their CREST service provider, CSDP, broker or nominee as applicable.
EXCHANGE RATE AND SCRIP CALCULATION PRICES
(i) Shareholders receiving the dividend in cash:
The Company confirms that the South African Rand exchange rate for the 2016 interim
dividend will be 17.15620 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 78.91852 ZA cents
*Less 20% withholding tax GBP pence 0.92p 15.78370 ZA cents
Net PID dividend payable GBP pence 3.68p 63.13482 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
Gross amount of PID element GBP pence 4.60p 78.91852 ZA cents
*Less 20% withholding tax GBP pence 0.92p 15.78370 ZA cents
PID element (net) GBP pence 3.68p 63.13482 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 4 October to 10 October 2016
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 286.66. The scrip share allocation will be
as follows:
PID element
PID (Net) PID (Gross)
No. of shares required to 77.08152 61.66522
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 entitlements is as stated above, 17.15620 ZAR
to 1 GBP. The price setting period for the scrip price calculation was 4 October to 10 October
2016 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 4,928.790 ZA cents. The scrip
share allocation will be as follows:
PID element
(net)
No. of shares required to be held for one new share 78.06770
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, wholly as a PID dividend.
By way of illustration of the above, the scrip share calculation will be as follows for a
shareholder who holds 100 shares:
PID (net) element
Amount of dividend entitled to receive (per
(a) above x 100): R 63.13482
No. of shares entitled to receive:
Calculation: 100/78.06770
No. of new shares: 1.28094
Example of fractional entitlement calculation:
Fraction (from above): 0.28094
Fractional entitlement
(multiply fraction by scrip price) R13.84692
(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 https://www.intugroup.co.uk/en/investors/shareholder-information/real-
estate-investment-trust/.
The number of shares in issue as at the declaration date was 1,344,771,902 ordinary shares
of 50p each.
SA Taxation summary:
Where the 2016 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.
Sponsor:
Merrill Lynch South Africa (Pty) Limited
Date: 11/10/2016 11:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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