Intu Properties PLC OFFER OF SCRIP DIVIDEND ALTERNATIVE: AMENDMENT (6845M)

TIDMINTU

RNS Number : 6845M

Intu Properties PLC

17 October 2016

INTU PROPERTIES PLC (the "Company")

17 OCTOBER 2016

The issuer advises that the following replaces the announcement released on 11 October 2016 at 10.15 under RNS number 2232M, to correct a typographical error in the scrip calculation price applicable to UK shareholders which is GBP pence 283.66 not 286.66.

All other details remain unchanged. The full amended text appears below.

CONFIRMATION OF DIVID TIMETABLE AND OFFER OF SCRIP DIVID ALTERNATIVE TO THE CASH 2016 INTERIM DIVID, EXCHANGE RATE AND SCRIP CALCULATION PRICES

On 28 July 2016, the Directors proposed an interim dividend for 2016 of 4.6 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, 22 November 2016, and notice of a scrip dividend alternative.

Shareholders will receive the dividend in cash unless they elect to receive shares instead. A full description of the terms of the scrip dividend scheme are contained in the Scrip Dividend Booklet which is available for viewing or download from the Company's website at www.intugroup.co.uk/media/1212/scrip-dividend-booklet.pdf. Hard copies can be requested via the website or by contacting the Company (email [e-mail] or telephone [phone]).

Election forms for the scrip alternative to the dividend will be posted to certificated shareholders as soon as practicable.

Further forms for certificated shareholders are available from our Registrars:

UK Shareholders:

Capita Asset Services, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU (Tel: [phone]). 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:

Trifecta Capital Services (Pty) Ltd, Trifecta Capital House, Florida-North, Johannesburg, 1709, South Africa (postal address: PO Box 61272, Marshalltown, 2107, South Africa) (Tel: [phone]).

or by download from

www.intugroup.co.uk/en/investors/shareholder-information/dividends/

Shareholders holding their shares in dematerialised form through CREST in the UK or Strate in SA and who wish to make a scrip election should contact their CREST service provider, CSDP, broker or nominee as applicable. Additional information is contained in the Scrip Dividend Booklet.

DIVID TIMETABLE

A timetable of events in relation to the dividend is set out below. The events shown in italics apply specifically to the scrip alternative to the dividend.

 
 Confirmation and timetable                      Tuesday 11 October 
  of scrip alternative announced                               2016 
  on SENS 
-----------------------------------------  ------------------------ 
 Scrip price calculation period                      4 October - 10 
  - average of five dealing                  October 2016 inclusive 
  dates on each exchange 
-----------------------------------------  ------------------------ 
 Currency Conversion Date (Sterling/Rand)         Monday 10 October 
                                                               2016 
-----------------------------------------  ------------------------ 
 Ex-dividend date (SA)                         Wednesday 19 October 
                                                               2016 
-----------------------------------------  ------------------------ 
 Ex-dividend date (UK)                          Thursday 20 October 
                                                               2016 
-----------------------------------------  ------------------------ 
 Record Date (both UK and SA)                     Friday 21 October 
                                                               2016 
-----------------------------------------  ------------------------ 
 Last date for receipt of Tax                     Friday 21 October 
  Exemption Declaration Forms                                  2016 
  to permit dividend to be paid 
  gross (UK Shareholders only) 
-----------------------------------------  ------------------------ 
 *Election Date for scrip alternative             Friday 21 October 
  (SA) (by noon)                                               2016 
-----------------------------------------  ------------------------ 
 *Election Date for scrip alternative             Friday 28 October 
  (UK)(by close of business)                                   2016 
-----------------------------------------  ------------------------ 
 Dividend payment date (UK                      Tuesday 22 November 
  & SA)                                                        2016 
-----------------------------------------  ------------------------ 
 CREST (UK register) and CSDP                   Tuesday 22 November 
  (SA register) accounts credited                              2016 
  and share certificates issued 
  to certificated shareholders 
-----------------------------------------  ------------------------ 
 First day of dealings and                      Tuesday 22 November 
  admission to the official                                    2016 
  list of the UK Listing Authority 
  and the JSE for New Ordinary 
  Shares under the Scheme 
-----------------------------------------  ------------------------ 
 

SA shareholders should note that, in accordance with the requirements of Strate, the last day to trade cum-dividend will be 18 October 2016 and that no dematerialisation or rematerialisation of shares will be possible from 19 October to 21 October 2016 inclusive. No transfers between the UK and South African registers may take place from 11 October to 21 October 2016 (both days inclusive).

*Earlier election dates apply where shares are held indirectly; shareholders should contact their CREST service provider, CSDP, broker or nominee as applicable.

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 interim dividend will be 17.15620 ZAR to 1 GBP. Shareholders who do not make an election to receive shares 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            GBP pence        78.91852 ZA 
  PID                         4.60p             cents 
----------------------  ----------------  ---------------- 
 *Less 20% withholding      GBP pence        15.78370 ZA 
  tax                         0.92p             cents 
----------------------  ----------------  ---------------- 
 Net PID dividend           GBP pence        63.13482 ZA 
  payable                     3.68p             cents 
----------------------  ----------------  ---------------- 
 

*Certain categories of UK shareholder may apply for exemption, in which case the PID will be paid gross

(ii) Shareholders who elect to take shares:

(a) Dividend equivalent values:

Shareholders who make an election to receive shares instead of the cash dividend will receive shares with a value equivalent to a dividend per ordinary share as follows:

 
                         UK Shareholders   SA Shareholders 
----------------------  ----------------  ---------------- 
 Gross amount of            GBP pence        78.91852 ZA 
  PID element                 4.60p             cents 
----------------------  ----------------  ---------------- 
 *Less 20% withholding      GBP pence        15.78370 ZA 
  tax                         0.92p             cents 
----------------------  ----------------  ---------------- 
 PID element (net)          GBP pence        63.13482 ZA 
                              3.68p             cents 
----------------------  ----------------  ---------------- 
 

*Certain categories of UK shareholder may apply for exemption, in which case the PID will be paid gross

(b) Share entitlement: Shareholders on the UK share register:

The price setting period for the scrip price calculation was 4 October to 10 October 2016 inclusive. Based on the average middle market quotations for each day in the price setting period on the LSE less the gross amount of dividend as set out above, the scrip calculation price applicable to UK shareholders is GBP pence 283.66. The scrip share allocation will be as follows:

 
                          PID element 
----------------   ------------------------ 
                    PID (Net)   PID (Gross) 
----------------   ----------  ------------ 
 No. of shares 
  required to 
  be held for 
  one new share     77.08152     61.66522 
-----------------  ----------  ------------ 
 

The number of shares to be allocated will be calculated by dividing the total value of the dividend otherwise receivable by the shareholder by the scrip calculation price and rounding down to the nearest whole number. Any fractional entitlement, i.e. the total value of the dividend receivable less the value of the shares allocated, will be paid out as cash.

(c) Share entitlement: Shareholders on the South Africa share register:

The exchange rate for the calculation of share entitlements is as stated above, 17.15620 ZAR to 1 GBP. The price setting period for the scrip price calculation was 4 October to 10 October 2016 inclusive. Based on the average middle market quotations for each day in the price setting period on the JSE less the gross amount of dividend as set out above, the scrip calculation price applicable to South African shareholders is 4,928.790 ZA cents. The scrip share allocation will be as follows:

 
                                PID element 
                                   (net) 
----------------------------   ------------ 
 No. of shares required to 
  be held for one new share      78.06770 
-----------------------------  ------------ 
 

The number of shares to be allocated will be calculated by dividing the total value of the dividend otherwise receivable by the shareholder by the scrip calculation price and rounding down to the nearest whole number. Any fractional entitlement (which for these purposes will be treated as a residual dividend), i.e. the total value of the dividend receivable less the value of the shares allocated, will be paid out as cash, wholly as a PID dividend.

By way of illustration of the above, the scrip share calculation will be as follows for a shareholder who holds 100 shares:

 
                                  PID (net) 
                                    element 
-----------------------------   ------------- 
 Amount of dividend entitled 
  to receive (per (a)              R 63.13482 
  above x 100): 
-----------------------------   ------------- 
 
 No. of shares entitled 
  to receive: 
-----------------------------   ------------- 
         Calculation:            100/78.06770 
------------------------------  ------------- 
      No. of new shares:           1.28094 
------------------------------  ------------- 
 
 Example of fractional 
  entitlement calculation: 
-----------------------------   ------------- 
 Fraction (from above):            0.28094 
------------------------------  ------------- 
 Fractional entitlement 
  (multiply fraction by            R13.84692 
  scrip price) 
------------------------------  ------------- 
 

(iii) Notes for South African shareholders

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 the UK's HM Revenue & Customs ("HMRC"), resulting in an effective UK withholding tax rate of 15 per cent. The Company will account to HMRC in sterling for the total UK withholding tax deducted. Settlement of any claims for refund will be calculated and settled in sterling by HMRC.

The information given in either section (i) or (ii) 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 https://www.intugroup.co.uk/en/investors/shareholder-information/real-estate-investment-trust/.

The number of shares in issue as at the declaration date was 1,344,771,902 ordinary shares of 50p each.

SA Taxation summary:

Where the 2016 interim dividend is paid in cash, it will constitute a foreign dividend and so will be exempt from South African income tax, but subject to deduction of SA Dividends Tax unless an exemption or rebate applies. For cash PIDs the liability to Dividends Tax will be offset by the net UK withholding tax of 15 per cent, resulting in no Dividends Tax being deducted. It is our understanding that where an election to receive shares under the Scrip Dividend Scheme has been made, any fractional entitlements paid in cash to shareholders will be treated in the same manner as that applicable to the underlying element of the dividend, i.e. non-PID or PID.

It is also understood that a receipt of shares under the Scrip Dividend Scheme will not constitute a foreign dividend. Under current legislation, such shares will not therefore be subject to Dividends Tax or income tax, but the full value of the shares on eventual disposal will be subject to Capital Gains Tax with no base cost allowed.

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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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October 17, 2016 04:47 ET (08:47 GMT)