1 APRIL 2015

2014 FINAL DIVIDEND:

TIMETABLE, EXCHANGE RATE AND SCRIP CALCULATION PRICES

On 27 February 2015, the Directors announced a final dividend for 2014 of 9.1
pence per ordinary share payable on 28 May 2015 (the "Dividend"). As confirmed
on 24 March 2015, the Directors are offering shareholders a scrip alternative
to the 2014 final cash dividend. The dividend will be paid as follows:

  * If taken in cash, this dividend will be wholly paid as a Property Income
    Distribution ("PID") which will be subject to deduction of a 20 per cent UK
    withholding tax unless exemptions apply.

  * Shareholders who make an election to receive shares will receive shares
    based on 9.1 pence being paid as a non-PID, which will be treated as an
    ordinary UK company dividend.

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. The salient dates for payment of the
dividend published in the announcement dated 24 March 2015 remain unchanged.

Further details of the scrip dividend alternative are contained in the Scrip
Dividend Scheme Booklet, and the related Election forms, which are available
from www.intugroup.co.uk and from the Company's Registrars.

(i) Shareholders receiving the dividend in cash:

The Company confirms that the South African Rand exchange rate for the 2014
final dividend will be 18.021 ZAR to 1 GBP. Shareholders who do not make an
election to receive shares will receive a cash dividend per ordinary share
which will be paid wholly as a PID as follows:

                                UK Shareholders          SA Shareholders

Gross amount of PID             GBP pence 9.10p       163.99110 ZA cents

*Less 20% withholding tax       GBP pence 1.82p        32.79822 ZA cents

Net PID dividend payable        GBP pence 7.28p       131.19288 ZA cents

*Certain categories of UK shareholder may apply for exemption, in which case the
PID will be paid gross.

(ii) Shareholders who elect to take shares:

(a)Dividend equivalent values:

Shareholders who make an election to receive shares instead of the cash
dividend will receive shares with a value equivalent to a dividend per ordinary
share as follows:

                                UK Shareholders          SA Shareholders

Non-PID dividend                 GBP pence 9.1p       163.99110 ZA cents

(b) Share entitlement: Shareholders on the UK share register:

The price setting period for the Scrip price calculation was 24 March to 30
March 2015 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 shareholders is GBP
pence 346.520. The scrip share allocation will be as follows:

                                                  Non-PID
                                                  dividend

No. of shares required to be held for one new      38.079
share

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 but still treated as a non-PID
dividend.

(c) Share entitlement: Shareholders on the South Africa share register:

The exchange rate for the calculation of share entitlement is as stated above,
18.021 ZAR to 1 GBP. The price setting period for the Scrip price calculation
was 24 March to 30 March 2015 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 6,147.63 ZA cents. The scrip share allocation
will be as follows:

                                                    Non-PID
                                                    dividend

No. of shares required to be held for one new       37.48758
share

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 (which for these purposes will be treated as a residual dividend),
i.e. the total value of the dividend receivable less the value of the shares
allocated, will be paid out as cash but still treated as a non-PID dividend.

By way of illustration of the above, the scrip share calculation will be as
follows for a shareholder who holds 100 shares:

                                       Non-PID dividend

Amount of dividend entitled to receive    R163.99110
(per (a) above x 100):

No. of shares entitled to receive:

             Calculation:                100/37.48758

          No. of new shares:               2.66755

Example of fractional entitlement
calculation:

Fraction (from above):                     0.66755

Fractional entitlement (paid in cash):    R41.03850

(multiply fraction by scrip price)

(iv) Notes for South African shareholders

On application by South African shareholders, 5 per cent of the 20 per cent UK
withholding tax deducted from a PID 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, visit
http://www.intugroup.co.uk/investors/shareholders-bondholders/real-estate-investment-trust/.

No secondary tax on companies (STC) credits will be available to be utilised
against any SA Dividends Tax withheld on the payment of the interim dividend.
The number of shares in issue as at the declaration date was 1,316,862,502
ordinary shares of 50p each.

SA Taxation summary:

Where the 2014 final dividend is paid in cash, it will constitute a foreign
dividend and so will be exempt from South African income tax, but subject to
deduction of SA Dividends Tax unless an exemption or rebate applies. For cash
PIDs the liability to Dividends Tax will be offset by the net UK withholding
tax of 15 per cent, resulting in no Dividends Tax being deducted.

Where an election to receive shares under the Scrip Dividend Scheme has been
made it is our understanding that it will not constitute a foreign dividend.
Under current legislation, such shares will not therefore be subject to
Dividends Tax or income tax, but the full value of the shares on eventual
disposal will be subject to Capital Gains Tax with no base cost allowed. It is
also our understanding that where an election to receive shares under the Scrip
Dividend Scheme has been made, any fractional entitlements paid in cash to
shareholders will be treated in the same manner as that applicable to the
underlying element of the dividend, in this case a non-PID. Therefore cash
residuals payable to shareholders electing to receive shares in respect of the
2014 final dividend will be subject to deduction of South African Dividends
Tax.

The above information, and the guidelines on the taxation of dividends,
including when taken as scrip shares, contained in the Scheme Booklet, is
provided as a general guide based on the Company's understanding of the law and
practice currently in force. Any Shareholder who is in any doubt as to their
tax position should seek independent professional advice.

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