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(s)

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  US$5.4224 
2016/17 Final 18 May 2017 31 May 2017 2 June 2017 16 August 2017 To be announced

Scrip dividend alternative

Announcement date Scrip reference price Scrip election date for ADRs
No scrip alternative is offered for the 2016/17 special interim dividend    
8 June 2017 To be announced To be announced

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 interim 10 November 2016 22 November 2016 25 November 2016 11 January 2017 $0.9427 gross of $0.01 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
1 December 2016  US$57.4009 5 December 2016

 

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.