Hammerson plc set the South African rand exchange rate for its interim dividend at 21.7444 ZAR per British pound on July 30, according to a board announcement.
The interim dividend of 9.67 pence per ordinary share will be paid on October 15 to shareholders on the record date of September 4. The dividend will be treated as a Property Income Distribution for UK tax purposes, subject to a 20% withholding tax unless exemptions apply.
South African investors will receive a gross amount of 210.26835 ZAR cents per share before any applicable taxes. After South Africa’s 20% Dividends Tax, the net payout is 168.21468 ZAR cents per share. Those eligible for a reduced rate under the UK-South Africa double tax agreement may reclaim 5%, reducing the net dividend to 157.70126 ZAR cents per share.
The company will not offer a scrip dividend alternative. Shareholders may participate in the Dividend Reinvestment Plan, with purchases settled on October 19 in the UK and October 29 in South Africa, subject to market conditions. Partial elections are not permitted, and fractional entitlements will be rounded down, with residual amounts paid in cash to South African shareholders.
