Dividend Declaration

Virgin Money UK PLC

13 June 2024

 

Virgin Money UK PLC

(Virgin Money or Company)

LEI: 213800ZK9VGCYYR6O495

13 June 2024

Dividend Declaration

As announced in the Virgin Money UK PLC 2024 Interim Financial Report published on 13 June 2024, the Board of directors of the Company has approved an interim dividend (the FY 2024 Dividend) in respect of the financial year ending 30 September 2024 of 2.0p per ordinary share in the Company (H1 2023:3.3p).

Except as otherwise defined in this announcement, capitalised terms in this announcement are defined in the Scheme Document published by the Company on 22 April 2024.

As described in the Scheme Document, Virgin Money Ordinary Shareholders and Virgin Money CDI Holders are entitled, in accordance with the terms of the Scheme, to receive and retain the FY 2024 Dividend, which shall be paid on 30 July 2024 to Virgin Money Ordinary Shareholders on the register of members as at close of business in London on 28 June 2024 and to Virgin Money CDI Holders on the CDI Register as at close of business in Melbourne on 28 June 2024 (the Record Date). The ex-dividend date will be 27 June 2024.

No conversions (transmutations) of ordinary shares to CDIs will be processed between 17.00 (BST) on 26 June 2024 and 08.00 (BST) on 1 July 2024, and no conversions (transmutations) of CDIs to ordinary shares will be processed between 17.00 (AEST) on 26 June 2024 and 08.00 (AEST) on 1 July 2024.

The FY 2024 Dividend will be paid to Virgin Money Shareholders entitled thereto in the same currency as dividend payments that such Virgin Money Shareholder would receive from the Company in the ordinary course and in accordance with any existing Electronic Payment Mandate held by Computershare at the Record Date. Accordingly, such payments will be made to the Virgin Money Shareholders entitled to the relevant payment as follows:

(i)         to Virgin Money CDI Holders in respect of whom Computershare holds an Electronic Payment Mandate as at the Record Date, in either Australian Dollars, New Zealand Dollars or pounds sterling, as specified in such Electronic Payment Mandate;

(ii)        to Virgin Money CDI Holders in respect of whom Computershare does not hold an Electronic Payment Mandate as at the Record Date:

a.    where such Virgin Money CDI Holder has a registered address in the United Kingdom entered on the CDI Register, by cheque in pounds sterling;

b.    to all other Virgin Money CDI Holders, by cheque in Australian Dollars; and

(iii)       to all Virgin Money Ordinary Shareholders (other than CDN, the holder of the Virgin Money Ordinary Shares underlying the Virgin Money CDIs as depositary nominee), Virgin Money Share Account Holders who hold Virgin Money Ordinary Shares through the Equiniti Nominee, and Virgin Money Share Plan Account Holders who hold Virgin Money Ordinary Shares through the Computershare Nominee, in pounds sterling.

All Virgin Money Shareholders are strongly encouraged to set up an Electronic Payment Mandate (if they have not already done so) to receive their FY 2024 Dividend by electronic means rather than cheque. Virgin Money Shareholders who wish to amend their existing Electronic Payment Mandate to receive payments by electronic means and, in respect of Virgin Money CDI Holders only, who wish to amend their existing Electronic Payment Mandate to receive payments in a different currency (with the relevant options being Australian Dollars, New Zealand Dollars or pounds sterling), must, in each case, notify Computershare by the Record Date.

Where the FY 2024 Dividend is to be paid to a Virgin Money Shareholder in Australian Dollars or New Zealand Dollars the FY 2024 Dividend will be converted from pounds sterling to Australian Dollars or New Zealand Dollars at the relevant exchange rate applicable to pounds sterling at 11.00 (BST) on 1 July 2024.

The attention of Virgin Money Shareholders is drawn to paragraph 14(A) of Part 2 (Explanatory Statement) of the Scheme Document which provides further details on the applicable exchange rates and instructions for any Virgin Money Shareholder who wishes to amend their payment instructions.

As the Company pays tax only in the UK, the FY 2024 Dividend to be paid to Virgin Money CDI Holders will be unfranked.

Tax consequences arising from the receipt of the FY 2024 Dividend will be the responsibility of the Virgin Money Shareholder to calculate and pay. If in doubt, or if further information is required regarding possible tax implications, Virgin Money Shareholders should consult their legal, financial and / or taxation adviser.

The timetable is as follows:

Processing suspended for conversion of ordinary shares to CDIs	17.00 (BST) 26 June 2024 to 08.00 (BST) 1 July 2024
Processing suspended for conversion of CDIs to ordinary shares	17.00 (AEST) 26 June 2024 to 08.00 (AEST) 1 July 2024
Ex-dividend date	27 June 2024
Record Date for dividend (Virgin Money Ordinary Shareholders)	Close of business in London on 28 June 2024
Record Date for dividend (Virgin Money CDI Holders)	Close of business in Melbourne on 28 June 2024
FY 2024 Dividend payment date	30 July 2024

Announcement authorised for release by Lorna McMillan, Group Company Secretary.

For further information, please contact:

Enquiries

Investors and Analysts
Richard Smith	07483 399303
Head of Investor Relations & Sustainability	[e-mail]
Company Secretary
Lorna McMillan	07834 585436
Group Company Secretary	[e-mail]
Media Relations
Press Office	0800 066 5998
	[e-mail]

 

END