Dividend Declaration

Hammerson PLC

25 July 2024

 

Hammerson plc (the "Company")

Dividend Declaration

25 July 2024

The Board of Directors of the Company has 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 is payable on Monday, 30 September 2024 to shareholders on the register at the close of business on Friday, 23 August 2024.

The Interim 2024 Dividend will be paid as a Property Income Distribution ("PID"), net of withholding tax where appropriate.

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.

Expected Timetable of Events

The expected timetable for the payment of the Interim 2024 Dividend is set out below.

		2024
1.   Currency conversion date	UK & SA	Tuesday, 13 August
2.   Currency conversion announcement released by 9.00 a.m. (UK Time) / 11.00 a.m. (SA time)	UK & SA	Wednesday, 14 August
3.   Last day to effect removal of shares between the United Kingdom ("UK") and South African ("SA") Registers	UK & SA	Tuesday, 20 August
4.   Last day to trade on the JSE to qualify for the dividend	SA	Tuesday, 20 August
5.   Shares become "ex-dividend" on the JSE at the commencement of trading	SA	Wednesday, 21 August
6.   Last day to trade on the LSE and on Euronext Dublin to qualify for the dividend	UK	Wednesday, 21 August
7.   Shares become "ex-dividend" on the LSE and on Euronext Dublin at the commencement of trading	UK	Thursday, 22 August
8.   Record date	UK & SA	Friday, 23 August
9.   Date on which removal of shares between the UK and SA registers becomes permissible	UK & SA	Tuesday, 27 August
10. Last day for receipt of DRIP mandates by  SA Transfer Secretaries	SA	Monday, 9 September
11. Last day for receipt of DRIP elections by UK Registrars	UK	Monday, 9 September
12. Interim 2024 Dividend Payment Date	UK & SA	Monday, 30 September
13. DRIP purchases settlement date (subject to market conditions and the purchase of shares in the open market)	UK	Wednesday, 2 October
14. DRIP purchases settlement date SA (subject to market conditions and the purchase of shares in the open market)	SA	Monday, 14 October
15. Results of Dividend Reinvestment Plan Announcement	UK & SA	Monday, 14 October

Intention to cease future dividend payments by cheque

The Company intends to cease issuing cheques for dividend payments with effect from any interim dividend declared in H2 2025.

Cheques will be issued for the Interim 2024 Dividend and for the final dividend for the year ending 31 December 2024 (to the extent that a final dividend is recommended by the Board and approved by Shareholders). All subsequent dividend payments will be paid electronically by bank transfer only.

As part of this process, shareholders are required to register their bank account details with the Company's Registrar, Link Group, either via the Signal Shares portal (www.signalshares.com), or via one of the other methods as detailed under section 3 of the Chequeless Dividend Q&A, available on the Company's website at www.hammerson.com/investors/dividend.

Notes:

1.  The removal of shares to and from the UK principal register and the SA branch register will not be permitted between Wednesday, 21 August 2024 to Friday, 23 August 2024, both dates inclusive.

2. Shareholders registered on the SA branch register should note that, in accordance with the requirements of Strate, no dematerialisation or rematerialisation of shares will be possible from Wednesday, 21 August 2024 to Friday, 23 August 2024, both dates inclusive.

3. The Interim 2024 Dividend should be regarded as a 'foreign dividend' for SA income tax and dividends tax purposes.

4.   Shareholders registered on the SA branch register will be paid in SA Rand.

5.  SA dividends tax, at the rate of 20% will apply to cash PIDs and dividends 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 SA, the maximum tax payable in the UK is 15%. South African resident shareholders are therefore entitled to claim the excess of 5% from HM Revenue and Customs ("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 SA (where appropriate), but South African resident shareholders will be entitled to claim back 5% from HMRC, which will bring the overall total to 20%.

6.  Those shareholders who hold their shares on the UK principal register and already participate in the DRIP need not complete a DRIP mandate form for each dividend as such forms provide an ongoing authority to participate in the DRIP until cancelled in writing or online at www.signalshares.com. If you are unsure whether you have submitted a DRIP election you can check your account online at: www.signalshares.com. Alternatively, you can contact the UK Registrar, Link Group, by email at [e-mail] or by phone on 0371 664 0381 or [phone] from overseas. Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the UK will be charged at the applicable international rate. Lines are open between 9:00 am and 5:30 pm, Monday to Friday excluding public holidays in England and Wales.

7.  Shareholders on the UK principal register who wish to participate in the DRIP should complete an application form online at: www.signalshares.com.

8.  Shareholders registered on the SA branch register who hold their shares through the Strate system and who wish to participate in the DRIP should contact their CSDP or Broker.

9.  As at Wednesday, 24 July 2024, being the declaration date of the Interim 2024 Dividend, the Company had a total of 5,002,265,607 ordinary shares in issue, with 13,008,260 of those ordinary shares held in Treasury.  

10. The dates above are subject to change. Any changes made will be communicated as soon as practicably possible.

11. The Board retains the discretion to withdraw or modify the terms of the Interim 2024 Dividend at any time, because there are certain situations in which the Board may decide that it is no longer appropriate to pay the Interim 2024 Dividend, or it may not be permissible for the Company to do so.

12. If the proposed share consolidation (referred to in the Company's announcement on 22 July 2024) is implemented before the Interim 2024 Dividend is payable on Monday 30 September 2024, the amount per ordinary share of the 2024 Interim Dividend will be adjusted proportionately (subject to adjustments for fractional entitlements) to reflect the reduced number of ordinary shares in issue following the share consolidation.

For further information contact:

Richard Crowle

Senior Assistant Company Secretary

Tel: [phone]

The announcement above has also been released on the SENS system of the Johannesburg Stock Exchange and on Euronext Dublin.

 

END