Dividends - ADRs

National Grid normally pays two dividends each year. The interim dividend is usually paid in January and the final dividend is recommended to shareholders for approval at the Annual General Meeting (usually in July), and this is usually paid in August.

Next dividend

Type Announced Ex-dividend Record date Payment date Amount per ADR
2016/17 Final 18 May 2017 31 May 2017 2 June 2017 16 August 2017 US$1.8924

Scrip dividend alternative

Announcement date Scrip reference price Scrip election date for ADRs
8 June 2017 US$66.6350 
19 June 2017

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 ADR holders this is calculated by multiplying the reference share price for ordinary shares by five (as there are five ordinary shares underlying each ADR) and by the average US$ rate for the equivalent dealing days.

Last dividend

Type Announced Ex-Dividend Record Date Payment Date Amount per ADR
2016/17 special interim 19 April 2017 22 May 2017 19 May 2017 2 June 2017
$5.4224 gross of $0.015 per ADR dividend fee

A fee of $0.01 per ADR was deducted from cash dividends for the 2014/15 interim dividend.

Scrip dividend alternative

Announcement date Scrip reference price Scrip election date
No scrip alternative was offered for the 2016/17 special interim dividend  

 

For further information on the scrip dividend scheme, including terms and conditions, please view the ordinary sharheolders dividend page, here.

Amendments to American Depositary Receipt (ADR) Deposit Agreement
The Company has amended the deposit agreement under which the American Depositary Shares (ADR)s representing its ordinary shares are issued to allow a fee of up to $0.05 per ADRto 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.

ADR 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. 

ADR holders and stamp duty reserve tax (SDRT)
Previously, the ADR 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.

More information and help
If you have an queries regarding your ADRs please contact The Bank of New York Mellon.