As announced on 7 November, the 2014/15 interim dividend of 14.71 pence
per ordinary shares (US$1.1718 per American Depositary Share (ADS), gross of
the $0.01 per ADS dividend fee) will be paid on 7 January 2015 to shareholders
on the register on 21 November 2014.
For ordinary shareholders, the scrip reference price for the 2014/15 interim dividend is 937.40 pence. For ADS holders, the ADS scrip reference price for the 2014/15 interim dividend is US$73.6750. The scrip dividend reference price for the 2014/15 interim dividend was announced on 27 November 2014 and the scrip election date is 5 December 2014.
Amendments to American Depositary Receipt (ADR) Deposit Agreement
The Company has amended the deposit agreement under which the American Depositary Shares (ADS)s representing its ordinary shares are issued to allow a fee of up to $0.05 per ADS to be charged for any cash distribution made to ADS holders, including cash dividends, in line with common market practice in order to cover costs associated with the management of the ADR programme.
ADS holders who receive a cash dividend will be charged a fee, which will be deducted by the Depositary from interim and final cash dividends prior to distribution of the cash dividend.
A fee of $0.01 per ADR will be deducted from cash dividends for the 2014/15 interim dividend.
The last dividend was the 2013/14 final dividend of 27.54 pence per ordinary share (US$2.3107 per ADS, gross of the $0.02 per ADS dividend fee) which was paid on 20 August 2014 to shareholders on the register on 6 June 2014.
For ordinary shareholders, the scrip reference price for the 2013/14 final dividend was 836.10 pence. For American Depositary Receipt (ADR) holders, the scrip ADR reference price for the 2013/14 final dividend was US$70.1362. The scrip dividend reference price for the 2013/14 dividend was announced on 11 June 2014 and the scrip election date was 27 June 2014.
The attached spreadsheet includes details of dividends paid by National Grid, National Grid Group and Lattice Group.
Ordinary Dividends Paid
ADS Dividends Paid
Scrip dividend scheme
The National Grid scrip dividend scheme, when offered, allows shareholders to elect to receive their dividend as additional fully paid ordinary shares in the Company, with no stamp duty or commission to pay. To join the scrip dividend scheme visit the National Grid share portal or contact Capita Asset Services.
For ordinary shareholders, the scrip dividend reference price is calculated as the average closing mid-market price of an ordinary share for the five dealing days commencing with, and including, the ex-dividend date. For ADS holders this is calculated by multiplying the reference share price for ordinary shares by five (as there are five ordinary shares underlying each ADS) and by the average US$ rate for the equivalent dealing days.
In accordance with the scrip dividend terms and conditions, you can cancel your scrip election by contacting Capita Asset Services.
Scrip Dividend Scheme Terms and Conditions
Note: the terms and conditions of the National Grid scrip dividend scheme were amended at the 2014 AGM held on 28 July. The changes were largely administrative in nature and not material to the way in which the scheme operates.
ADS holders and stamp duty reserve tax (SDRT)
Previously, the ADS scrip reference price included a deduction of 1.5% SDRT but following a tax tribunal decision in 2012, HM Revenue & Customs no longer seek to impose 1.5% SDRT on issues of UK shares and securities to non-EU clearance services and depositary receipt systems. Any ADS holders who wish to seek a refund of SDRT that they have paid previously should speak to their tax advisor.