Dividends history

Next dividend

The next scheduled dividend will be the 2013/14 final dividend of 27.54 pence per ordinary share (US$2.3107 per American Depositary Share, gross of the $0.02 per ADS dividend fee) payable on 20 August 2014 to shareholders on the register on 6 June 2014.

A scrip dividend alternative will be offered for the 2013/14 final dividend.

For ordinary shareholders, the scrip dividend reference price for the 2013/14 final dividend is 836.10 pence.  For American Depositary Receipt (ADR) holders, the scrip ADR reference price for the 2013/14 final dividend is US$70.1362.  

For ordinary shareholders, the scrip dividend reference price, which was announced on 11 June 2014, 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. The scrip election date for the 2013/14 final dividend is 27 June 2014.

In accordance with the scrip dividend scheme terms and conditions, you can cancel your scrip election by contacting Capita Asset Services.

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 $0.02 per ADR will be deducted from cash dividends for the 2013/14 final dividend.

Last dividend

The last dividend was the 2013/14 interim dividend of 14.49 pence per ordinary share (US$1.1694 per ADS) which was paid on 22 January 2014 to shareholders on the register on 6 December 2013. No scrip dividend alternative was offered with this dividend.

Previous dividends

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.

Scrip Dividend Terms and Conditions

The Directors are proposing that the Company renew the authority (originally granted at the 2009 AGM in respect of any dividend declared or paid in the period prior to the conclusion of the AGM

to be held in 2014) to operate an optional scrip dividend scheme to commence with the proposed 2013/14 final dividend payable in August 2014.

The terms and conditions of the National Grid scrip dividend scheme will be amended with effect from the conclusion of the AGM. The revised terms and conditions are set out below.  The proposed changes are largely administrative in nature and are not material to the way in which the scheme currently operates.

Scrip Dividend Scheme Terms and Conditions proposed


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.