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Dividend Currency Conversion Announcement - Dividend No. 135
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. 135
21 August 2018
On 24 July 2018 the board of directors of the Company declared an interim dividend of 11.1 pence per share
(“Dividend”) for the six month period ended 30 June 2018. The Dividend is payable on Monday, 8 October 2018
to shareholders on the register at the close of business on Friday, 31 August 2018.
The Dividend will be subject to a 20% UK withholding tax unless exemptions apply and will be treated as a
Property Income Distribution (“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 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 18.8005 to GBP 1
calculated at the close of business on Monday, 20 August 2018. 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 SA Shareholders
Shareholders
(ZAR cents)
(GBP pence)
Gross amount of PID 11.10 208.68555
Less 20% UK withholding tax/20% SA dividends tax 2.22 41.73711
Net PID dividend payable* 8.88 166.94844
Less 5% SA Shareholders excess reclaim n/a 10.43428
Net PID dividend payable** n/a 156.51416
*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.
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%.
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 Link 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)
For further information contact:
Michael Pasmore
Assistant Company Secretary
Tel: +44 (0)20 7887 1000
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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