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Interim 2020 Dividend and Enhanced Scrip Dividend Alternative -Currency Conversion and Scrip Reference Share Price
Hammerson plc
(Incorporated in England and Wales)
(Company number 360632)
LSE share code: HMSO JSE share code: HMN
ISIN: GB00BK7YQK64
(“Hammerson” or “the Company”)
Interim 2020 Dividend and Enhanced Scrip Dividend Alternative
Currency Conversion and Scrip Reference Share Price Announcement
THIS ANNOUNCEMENT (AND THE INFORMATION CONTAINED HEREIN) IS NOT FOR RELEASE,
PUBLICATION, DISTRIBUTION OR FORWARDING, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN
PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
FOR IMMEDIATE RELEASE
17 November 2020
On 11 November 2020, the Company announced its intention to pay Shareholders an interim dividend
of 0.2p per Share (the “Interim 2020 Dividend”), with an enhanced scrip dividend alternative of 2p
per Share (the “Enhanced Scrip Dividend Alternative”). Both the Interim 2020 Dividend and the
Enhanced Scrip Dividend will be paid as a Property Income Distribution (“PID”), net of withholding tax
where appropriate.
The Enhanced Scrip Dividend Alternative is conditional upon, among other things, the passing of
certain Resolutions by Shareholders which will be proposed at the General Meeting to be held at 9.00
a.m. (London time) and 11.00 a.m. (South African Standard Time) on 4 December 2020. The timetable
for the payment of the Interim 2020 Dividend and the Enhanced Scrip Dividend Alternative is set out
at the end of this announcement. The deadline by which Shareholders can elect to participate in the
Enhanced Scrip Dividend Alternative is 4 December 2020.
A guide containing the terms and conditions of the Enhanced Scrip Dividend Alternative is available
on the Company's website, https://www.hammerson.com/investors/shareholder-information/scrip-
dividend-scheme/.
Unless otherwise stated, capitalised terms in this announcement shall have the meanings given to
them in the Circular dated 11 November 2020 in connection with the proposed Interim 2020 Dividend
and Enhanced Scrip Dividend Alternative which can be found at:
https://www.hammerson.com/investors/shareholder-information/general-meeting.
Scrip Reference Share Price
Shareholders electing to participate in the Enhanced Scrip Dividend Alternative will, for the Interim
2020 Dividend, receive such number of new fully paid Shares (the “New Shares”) as is equal to 2 pence
divided by the Scrip Reference Share Price, for each Share held on the Dividend Record Date.
The Scrip Reference Share Price which will be used in calculating the number of New Shares is
22.94p if you hold your Shares on the UK Register or 4.6236 Rand if you hold your Shares on
the South Africa Register.
For Shareholders on the UK Register, this figure is equal to the average of the middle market
quotations for Shares on the London Stock Exchange as derived from the daily Official List for the last
five dealing days ending on 16 November 2020, less the gross value of the Interim 2020 Dividend per
Share. For Shareholders on the South Africa Register, this figure is calculated based on the middle
market closing price of Shares on the JSE for the period from 10 November to 16 November (inclusive),
less the gross value of the Interim 2020 Dividend per Share.
Currency Conversion Rate
The Company confirms that the South African Rand exchange rate for the Interim 2020 Dividend will
be ZAR 20.1916 to GBP 1. The Interim 2020 Dividend and Enhanced Scrip Dividend Alternative are
payable in South African Rand to South Africa Shareholders. Shareholders will be paid as follows:
PID UK Shareholders South Africa
Shareholders
(GBP pence)
(ZAR cents)
Interim 2020 Dividend paid in cash
Gross amount of PID 0.2 4.03832
Less 20% UK withholding tax/20% South 0.04 0.80766
Africa dividends tax
Net PID dividend payable* 0.16 3.23066
Less 5% South Africa Shareholders n/a 0.20192
excess reclaim
Net PID dividend payable** n/a 3.02874
Enhanced Scrip Dividend Alternative
Gross amount of PID 2.00 40.38320
Less 20% UK withholding tax/20% South 0.40 8.07664
Africa dividends tax
Net PID dividend payable* 1.60 32.30656
Less 5% South Africa Shareholders n/a 2.01916
excess reclaim
Net PID dividend payable** n/a 30.28740
*Net position after South Africa Shareholders have claimed back 5% from HMRC under the double tax
agreement between the United Kingdom and South Africa.
** Before South Africa shareholders have claimed back 5% from HMRC under the double tax agreement
between the United Kingdom and South Africa.
Expected Timetable of Events
EVENT DATE
Date on which Shareholders must be recorded on the South 6 November 2020
Africa Register to receive the Circular
Scrip Reference Share Price calculation dates (UK and South 10 November to 16 November 2020
Africa) (inclusive)
Posting of the Circular and announcement on SENS 11 November 2020
(declaration announcement)
Currency conversion announced on SENS (Sterling/Rand) By 11:00 a.m. (South African
(Finalisation announcement) Standard Time) on 17 November
2020
Scrip Reference Share Price announcement date By 9:00 a.m. (London time) and
11:00 a.m. (South African Standard
Time) on 17 November 2020
Last day to trade cum dividend (South Africa) 17 November 2020
Last day to trade cum dividend (UK) 18 November 2020
Ex-dividend Date (South Africa) 18 November 2020
Ex-dividend Date (UK) 19 November 2020
Dividend Record Date (UK and South Africa) 5:30 p.m. (London time) or 5:00pm
(South African Standard Time) on
20 November 2020
General Meeting 9:00 a.m. (London time) and 11:00
a.m. (South African Standard
Time) on 4 December 2020
Last date for Shareholders on the South Africa Register to 12:00 p.m. (South African Standard
elect to receive the Enhanced Scrip Dividend Alternative Time) on 4 December 2020
Last date for Link Asset Services to receive Forms of Election 5:00 p.m. (London time) on 4
from Shareholders on the UK Register holding certificated December 2020
Shares electing to receive the Enhanced Scrip Dividend
Alternative
Last date for Shareholders on the UK Register holding 5:00 p.m. (London time) on 4
uncertificated Shares on CREST to elect to receive the December 2020
Enhanced Scrip Dividend Alternative
Dividend Payment Date (UK) 18 December 2020
Expected date of issue, admission and first day of dealings
in the New Shares on the London Stock Exchange
Dividend Payment Date (South Africa) 18 December 2020
CSDP accounts credited on the South Africa Register
Expected date of issue, admission and first day of dealings
in the New Shares on the JSE
Notes:
1. Transfers of Shares between the UK Register and the South Africa Register will not be permitted
between 18 November 2020 and the close of business on 20 November 2020, both dates inclusive.
2. Shareholders registered on the South Africa Register should note that, in accordance with the
requirements of Strate, no dematerialisation or rematerialisation of shares will be possible from 18
November 2020 to 20 November 2020, both dates inclusive.
3. The Interim 2020 Dividend should be regarded as a 'foreign dividend' for South Africa income tax
and dividends tax purposes.
4. South Africa dividends tax, at the rate of 20% will apply to cash PIDs and dividends payable by the
Company unless the beneficial owner of the dividend is exempt from South Africa dividends tax (e.g.
if it is a South African resident company). Under the double tax agreement between the UK and South
Africa, 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 South Africa shareholders are entitled to reclaim this
excess from HMRC, the maximum rebate allowable in respect of the UK withholding tax against the
South Africa dividends tax is 15%, which means that the regulated intermediary (i.e. CSDP or broker)
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%.
5. As the Company is offering the Enhanced Scrip Dividend Alternative for the Interim 2020 Dividend,
it intends to suspend the Dividend Reinvestment Plan ("DRIP"). Participation in the DRIP does not
confer automatic participation in the Enhanced Scrip Dividend Alternative and so participants in the
DRIP who wish to receive the Enhanced Scrip Dividend Alternative will need to elect to participate in
the Enhanced Scrip Dividend Alternative by the applicable election process described above.
Registered Office UK Registrars SA Transfer Secretaries
Kings Place Link Asset Services Computershare Investor
90 York Way The Registry Services Proprietary Limited
London 34 Beckenham Road (Registration number
N1 9GE Beckenham 2004/003647/07)
United Kingdom Kent 1st Floor, Rosebank Towers
BR3 4TU 15 Biermann Avenue,
United Kingdom Rosebank, 2196
South Africa
(Private Bag, X9000, Saxonwold 2132 South
Africa)
For further information contact:
Josh Warren
Head of Investor Relations
Tel: +44 20 7887 1053
josh.warren@hammerson.com
Hammerson has its primary listing on the London Stock Exchange and a secondary inward
listing on the Johannesburg Stock Exchange.
Sponsor:
Investec Bank Limited
This announcement is for information purposes only and is not intended to, and does not, constitute or
form part of any offer to sell or issue, or the solicitation of an offer to purchase, subscribe for or otherwise
acquire any securities of the Company, whether pursuant to this announcement or otherwise.
The New Shares have not been and will not be registered under the United States Securities Act of 1933,
as amended (the "US Securities Act"), or with any securities regulatory authority or under the relevant
laws of any state or other jurisdiction of the United States, and may not be offered, sold, taken up,
exercised, resold, pledged, renounced, transferred or delivered, directly or indirectly, into or within the
United States, except pursuant to an applicable exemption from, or in a transaction not subject to, the
registration requirements of the US Securities Act and in compliance with any applicable securities laws
of any state or other jurisdiction of the United States. There has been and will be no public offering of the
New Shares in the United States.
The release, publication or distribution of this announcement in jurisdictions outside the United Kingdom
may be restricted by law and, therefore, persons into whose possession this announcement comes should
inform themselves about, and observe, such restrictions. Any failure to comply which such restrictions
may constitute a violation of the securities law of any such jurisdiction.
Date: 17-11-2020 10:39:00
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