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Dividend Currency Conversion Announcement - Dividend No. 132
Hammerson plc
(Incorporated in England and Wales)
(Company number 360632)
LSE share code: HMSO JSE share code: HMN
ISIN: GB0004065016
(“Hammerson” or “the Company”)
Dividend Currency Conversion Announcement
Dividend No. 132
7 March 2017
On 20 February 2017, the board of directors of Hammerson proposed a final dividend of GBP 13.90 pence per share
(“the Dividend”). The Dividend will be subject to a 20% UK withholding tax unless exemptions apply. GBP 4.90
pence will be paid as a Property Income Distribution (“PID”), net of withholding tax where appropriate, with the
balance of GBP 9.00 pence paid as a normal dividend (“Non-PID”).
The Dividend Reinvestment Plan (“DRIP”) will be available for those shareholders who wish to receive the Dividend in
the form of shares. The Dividend is payable on Thursday, 27 April 2017 to those shareholders registered on the UK
principal register (“UK Shareholders”), and Friday, 28 April 2017 to those shareholders registered on the South
African branch register (“SA Shareholders”). The Record Date for both UK Shareholders and SA Shareholders is at
the close of business on Friday, 17 March 2017.
The Dividend should be regarded as a “foreign dividend” for SA income and SA dividend tax purposes.
Shareholders receiving the Dividend in cash
The Company confirms that the South African Rand exchange rate for the Dividend will be ZAR 15.9120 to GBP 1.
The Dividend is payable in South African Rand to SA Shareholders. Accordingly, shareholders who do not elect the
DRIP will be paid as follows:
UK Shareholders SA Shareholders
PID
(GBP pence) (ZAR cents)
Gross amount of PID 4.90p 7,796.8800 cents
Less 20% UK withholding tax/20% SA dividends tax* 0.98p 1,559.3760 cents
Net PID dividend payable 3.92p 6,237.5040 cents
*Please note that 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.
UK Shareholders SA Shareholders
Non-PID*
(GBP pence) (ZAR cents)
Gross amount of Non-PID 9.00p 14,320.8000 cents
Less 20% SA dividends tax - 2,864.1600 cents
Net Non-PID dividend payable 9.00p 11,456.6400 cents
*Non-PID – taxed as a normal dividend
Cash PIDs
A 20% UK withholding tax will be deducted from cash PIDs. 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% (previously announced as 15%, however the rate has subsequently been
increased from 15% to 20% following an announcement by the South African Minister of Finance on 22 February
2017), will apply to cash PIDs payable by the Company unless the beneficial owner of the Dividend is exempt from
SA dividends tax (e.g. if it is a South African resident company). Under the double tax agreement between the UK
and South Africa (“the DTA”), the maximum tax payable in the UK is 15%. South African resident shareholders are
therefore entitled to claim the excess of 5% from HMRC. As SA Shareholders are entitled to reclaim this excess from
HMRC, the maximum rebate allowable in respect of the UK withholding tax against the SA dividends tax is 15%,
which means that the Company will have to withhold a further 5% from the Dividend in South Africa to bring the
total dividends tax to 20%. In summary, therefore, 20% will be withheld in the UK, a further 5% will be withheld in
South Africa (where appropriate), but South African resident shareholders will be entitled to claim back 5% from
HMRC, which will bring the overall total to 20%.
Cash Non-PIDs
SA dividends tax at the rate of 20% will apply to cash Non-PIDs paid by the Company, unless the beneficial owner of
the Dividend is exempt from SA dividends tax (e.g. if the beneficial owner is a South African company or a non-
South African resident). Since no withholding tax is suffered in the UK on cash Non-PIDs, no rebate can be claimed.
The relevant regulated intermediary (being the SA transfer secretaries or other CSDP, broker or institution, as
applicable) will therefore be required to deduct 20% tax on all cash Non-PID’s paid to persons who are not exempt
from SA dividends tax, and pay this to the South African Revenue Service.
Shareholders electing the DRIP
SA Shareholders electing the DRIP should note that, in respect of fractional entitlements that may arise, all
allocations of shares will be rounded down to the nearest whole number, and any residual amounts that are not
used to reinvest in shares (as a result of rounding down) will be paid out to these SA Shareholders in cash.
It is the Company’s understanding that the residual cash paid to SA Shareholders who have made DRIP elections
would already have been taxed prior to the calculation of the number of shares and any residual cash owing to such
SA Shareholders. Accordingly, no further tax should be payable on the cash paid to SA Shareholders as a result of
any fractional entitlements.
The above information and the guidelines on the taxation of dividends are provided as a general guide based on the
Company’s understanding of the law and practice currently in place. Any shareholder who is in any doubt as to their
tax position should seek independent professional advice.
Registered Office UK Registrars SA Transfer Secretaries
Kings Place Capita Asset Services Computershare Investor Services
90 York Way The Registry Proprietary Limited
London 34 Beckenham Road (Registration
N1 9GE Beckenham number 2004/003647/07)
United Kingdom Kent 1st Floor, Rosebank Towers,
BR3 4TU 15 Biermann Avenue, Rosebank,
United Kingdom 2196
South Africa
(PO Box 61051, Marshalltown, 2107,
South Africa)
Hammerson has its primary listing on the London Stock Exchange and a secondary inward listing on the
Johannesburg Stock Exchange.
Joint Sponsors:
Deutsche Securities (SA) Proprietary Limited
Java Capital
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