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LONDON - Hammerson (LON:HMSO) PLC has confirmed the currency conversion rate for its final 2024 cash dividend payment to South African shareholders. Following the Board of Directors’ recommendation on February 26, 2025, the real estate investment trust announced an 8.07 pence per share dividend, pending approval at the Annual General Meeting.
The company stated that the dividend, which is considered a non-Property Income Distribution, will be paid from the United Kingdom (TADAWUL:4280) and treated as an ordinary UK company dividend. South African shareholders will receive the dividend in their local currency, the South African Rand, at a conversion rate of ZAR 24.8252 to GBP 1, based on the exchange rate on Monday, April 14, 2025.
For shareholders who choose not to participate in the Dividend Reinvestment Plan (DRIP), the gross dividend amount in South African Rand will be 200.33936 cents per share. After a 20% South African dividends tax, applicable to those not exempt, the net amount payable will be 160.27149 cents per share. The company clarified that UK shareholders will not be subject to withholding tax on the dividend.
The final 2024 Dividend is scheduled for payment on Tuesday, June 3, 2025, to those registered by the close of business on April 25, 2025. DRIP elections must be full, with no partial elections allowed, and any fractional entitlements resulting from DRIP elections will be rounded down to the nearest whole number, with residual cash balances paid out.
Hammerson has advised shareholders to seek independent professional advice regarding their tax position, as the information provided is a general guide based on current law and practice. The company reiterated that no further tax is expected to be payable on the residual cash paid out due to fractional entitlements from the DRIP.
This announcement, based on a press release statement, serves to inform shareholders of the dividend details and does not constitute an offer or solicitation for the purchase of company securities.
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