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INTU PROPERTIES PLC - Confirmation of Final Dividend Timetable, Exchange Rate and no Offer of Scrip Dividend Alternative

Release Date: 07/04/2017 11:00
Code(s): ITU     PDF:  
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Confirmation of Final Dividend Timetable, Exchange Rate and no Offer of Scrip Dividend Alternative

INTU PROPERTIES PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: ITU

INTU PROPERTIES PLC (the “Company”)
LEI: 213800JSNTERD5CJZO95

7 April 2017

CONFIRMATION OF DIVIDEND TIMETABLE FOR THE CASH 2016 FINAL
DIVIDEND, EXCHANGE RATE AND NOTIFICATION THAT SCRIP DIVIDEND
ALTERNATIVE WILL NOT BE OFFERED

On 23 February 2017, the Directors proposed a final dividend for 2016 of 9.4 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,
25 May 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 final 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)                         Thursday 6 April 2017
Finalisation Date                                                   Friday 7 April 2017
Ex-dividend date (SA)                                          Wednesday 19 April 2017
Ex-dividend date (UK)                                           Thursday 20 April 2017
Record Date (both UK and SA)                                       Friday 21 April 2017
Last date for receipt of Tax Exemption Declaration                 Friday 21 April 2017
Forms to permit dividend to be paid gross (UK
Shareholders only)
Dividend payment date (UK & SA)                                   Thursday 25 May 2017

SA shareholders should note that, in accordance with the requirements of Strate, the
last day to trade cum-dividend will be Tuesday 18 April 2017 and that no
dematerialisation or rematerialisation of shares will be possible from Wednesday 19
April to Friday 21 April 2017 inclusive. No transfers between the UK and South
African registers may take place from Friday 7 April to Friday 21 April 2017 (both
days inclusive).



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 final
dividend will be 17.35450 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 9.4p          163.13230 ZAR
                                                                        cents
Less 20% withholding tax*/20% SA          GBP pence 1.88p        32.62646 ZAR cents
dividends tax**
Net PID dividend payable                  GBP pence 7.52p      130.50584 ZAR
                                                                    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 was 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.

Sponsor:
Merrill Lynch South Africa (Pty) Limited

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