Wrap Text
Dividend Currency Conversion Announcement -Dividend No. 134
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. 134
6 March 2018
On 26 February 2018, the board of directors of Hammerson proposed a final dividend of GBP 14.8
pence per share for the period ended 31 December 2017 (“the Dividend”), subject to approval by the
shareholders of the Company at the Annual General Meeting to be held on Tuesday, 24 April 2018.
The Dividend will be subject to a 20% UK withholding tax unless exemptions apply. GBP 7.4 pence will
be treated as a Property Income Distribution (“PID”), net of withholding tax where appropriate, and
GBP 7.4 pence will be paid as a normal dividend (“Non-PID”).
The Company will not be offering a scrip dividend alternative, but for shareholders who wish to receive
their dividend in the form of shares, the Dividend Reinvestment Plan (“DRIP”) will be available.
The Dividend is payable on Thursday, 26 April 2018 to shareholders registered on the UK principal
register (“UK Shareholders”), and the South African branch register (“SA Shareholders”) who have
elected to receive the Dividend in cash. The Record Date for both UK Shareholders and SA
Shareholders is at the close of business on Friday, 16 March 2018. The DRIP purchases settlement date
(subject to market conditions and the purchase of shares in the open market) is Tuesday, 15 May 2018.
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 16.62300 to GBP 1. The Dividend is payable in South African Rand to SA Shareholders.
Shareholders who do not elect the DRIP will be paid as follows:
PID UK Shareholders SA Shareholders
(GBP pence) (ZAR cents)
Gross amount of PID 7.40p 123.01020 cents
Less 20% UK withholding tax/20% SA 1.48p 24.60204 cents
dividends tax
Net PID dividend payable* 5.92 98.40816 cents
Less 5% SA Shareholders excess reclaim n/a 6.15051 cents
Net PID dividend payable** n/a 92.25765 cents
*Net position after SA Shareholders have claimed back 5% from HMRC under the double tax agreement
between the United Kingdom and South Africa.
** Before 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 7.40p 123.01020 cents
Less 20% SA dividends tax n/a 24.60204 cents
Net Non-PID dividend payable 7.40p 98.40816 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%, 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
Date: 06/03/2018 11:17:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
