On 26 July 2012, the Directors announced an interim dividend for 2012 of 5.0 pence per ordinary share payable on 20 November 2012 (the “Dividend”). The Dividend will be paid totally as a Property Income Distribution (”PID”) and will be subject to a 20% UK withholding tax unless exemptions apply.

As confirmed on 28 September 2012, following approval of the Scrip Dividend Scheme (the “Scheme”) at the 2012 AGM, the Directors are offering shareholders a scrip alternative to the 2012 interim cash dividend.

The salient dates for payment of the dividend published in the announcement dated 28 September 2012 remain unchanged.

The Company is now pleased to announce the share price applicable to the scrip alternative to the cash dividend and, for its South African shareholders, the exchange rate applicable to the dividend. Due to differences applicable to UK and South African shareholders in respect of dividends, information is provided below as it relates to each share register.

Further details of the scrip dividend alternative are contained in the Scrip Dividend Scheme Booklet, and the related Election forms, which are available to download from here or from the Company’s Registrars.

(i) Shareholders on the UK share register:

Shareholders who hold their shares via the United Kingdom register will receive a dividend per ordinary share as follows:

Gross amount of PID: GBP pence 5.0p

*Less 20% withholding tax: GBP pence 1.0p

Net PID dividend payable: GBP pence 4.0p

*Unless exemptions apply, in which case the PID element will be paid gross

As indicated in the announcement dated 28 September 2012, the price setting period for the Scrip price calculation was 28 September to 4 October 2012 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 share holders is GBP pence 328.48. The scrip share allocation will be based as follows:

No. of shares required to be held for one new share:

• 82.120 (Net PID)
• 65.696 (Gross PID)

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.

(ii) Shareholders on the South Africa share register:

Exchange Rate for Interim Dividend

The Company confirms that the South African Rand exchange rate for the 2012 interim dividend of 5 pence per ordinary share will be 13.77 ZAR to 1 GBP. Accordingly shareholders who hold their shares via the South African register will receive a dividend per ordinary share as follows:

PID (gross): 68.85000 ZA cents

Less 20% UK withholding tax: 13.77000 ZA cents

Net PID payable: 55.08000 ZA cents

On application by South African shareholders, 5 per cent of the 20 per cent UK withholding tax deducted 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 section (i) above will assist with applications for refunds. For information on PIDs and refund claims, including claim forms and guidance on how to complete them, click here.

Scrip Calculation Price

As indicated in the announcement dated 28 September 2012, the price setting period for the Scrip price calculation was 28 September to 4 October 2012 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 4,443.83 ZA cents.

The scrip ratio will be as follows:

South Africa: 1 new ordinary share for every 80.67948 ordinary shares held.

By way of illustration of the above, the scrip share allocation will be as follows:

A shareholder who holds 100 shares, entitled to receive ZAR 55.08000, and elects to receive a scrip dividend alternative would be entitled to 100 / 80.67956 = 1.23947 shares.

As no fractions of shares will be issued, the number shares to be allocated will be rounded down to the nearest whole number. Any fractional entitlement, calculated by multiplying the fraction, for example as shown above of 0.23947 by the scrip price of 4,443.83 ZA cents, will be paid out as cash.

No secondary tax on companies (STC) credits will be available to be utilised against Dividend Tax withheld on the payment of the Interim Dividend. The number of shares in issue as at the declaration date was 865,204,771 ordinary shares of 50p each.

Click here to view the full announcement.