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Dividend Currency Conversion Announcement
Hammerson plc
(Incorporated in England and Wales)
(Company number 360632)
LSE and Euronext Dublin share code: HMSO JSE share code: HMN
ISIN: GB00BK7YQK64
("Hammerson" or "the Company")
DIVIDEND CURRENCY CONVERSION ANNOUNCEMENT
14 August 2024
On 25 July 2024, the Company announced that the Board of Directors had declared an
interim dividend of 0.756 pence per ordinary share ("Share") for the period ending 31
December 2024 (the "Interim 2024 Dividend").
The Interim 2024 Dividend will be treated as a Property Income Distribution ("PID") and will
be subject to a 20% UK withholding tax unless exemptions apply.
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 terms and conditions of the DRIP can be found at www.signalshares.com.
Shareholders registered on the South African Branch Register should contact their CSDP or
Broker for further information.
The Interim 2024 Dividend is payable on Monday, 30 September 2024 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,
23 August 2024. The DRIP purchases settlement date (subject to market conditions and the
purchase of shares in the open market) is Wednesday, 2 October 2024 in the UK and Monday,
14 October 2024 in South Africa.
The Interim 2024 Dividend should be regarded as a "foreign dividend" for SA income and SA
dividend tax purposes and the funds will be paid from the United Kingdom.
Shareholders receiving the Interim 2024 Dividend in cash
The Company confirms that the South African Rand exchange rate for the Interim 2024
Dividend will be ZAR 23.2740 to GBP 1. The Interim 2024 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 0.756 17.59514
Less 20% UK withholding tax/20% SA 0.151 3.51903
dividends tax
Net PID dividend payable* 0.605 14.07612
Less 5% SA Shareholders excess n/a 0.87976
reclaim
Net PID dividend payable** n/a 13.19636
*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 HM
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 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
Partial elections are not permitted under 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.
Proposed Share Consolidation
The Company published a Circular and Notice of Meeting on 8 August 2024 inviting
shareholders to approve resolutions to, among other things, authorise the proposed
consolidation, sub-division and re-designation of the Company's ordinary shares. The
Proposed Share Consolidation will not impact the Interim 2024 Dividend.
Registered Office UK Registrars SA Transfer Secretaries
Marble Arch House Link Group Computershare Investor
66 Seymour Street Central Square Services Proprietary Limited
London 29 Wellington Street (Registration number
W1H 5BX Leeds 2004/003647/07)
United Kingdom LS1 4DL 1st Floor, Rosebank Towers
15 Biermann Avenue,
Rosebank, 2196
South Africa
(Private Bag, X9000, Saxonwold 2132 South
Africa)
For further information contact:
Josh Warren
Director of Strategy, Commercial Finance and Investor Relations
Tel: +44 20 7887 1053
josh.warren@hammerson.com
Richard Crowle
Senior Assistant Company Secretary
Tel: +44 20 7887 1000
Richard.crowle@hammerson.com
Hammerson has its primary listing on the London Stock Exchange and secondary inward
listings on the Johannesburg Stock Exchange and Euronext Dublin.
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.
Date: 14-08-2024 10:00:00
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