Dividends history

Next dividend

The next scheduled dividend will be the 2013/14 interim dividend of 14.49 pence per ordinary share (US$1.1694 per American Depositary Share, gross of the $0.01 per ADS dividend fee) payable on 22 January 2014 to shareholders on the register on 6 December 2013.

A scrip dividend alternative will not be offered for the 2013/14 interim dividend.

Therefore, all shareholders who have previously elected to join the scrip dividend scheme will receive a cash payment by cheque or direct to their bank/building society account.

Existing scrip elections will remain in place and will apply to future dividends for which a scrip alternative is offered.  It is intended that a scrip dividend option will be offered with the 2013/14 final dividend.  In accordance with the scrip dividend scheme terms and conditions, you can cancel your scrip election by contacting 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

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. 

Last dividend

The last dividend was the 2012/13 final dividend of 26.36 pence per ordinary share (US$2.0088 per ADS) which was paid on 21 August 2013 to shareholders on the register on 7 June 2013. The scrip dividend reference price for the 2012/13 final dividend was 742.40 pence (US$57.6065).

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

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.