We are offering shareholders the opportunity to participate in our Scrip Dividend Scheme ("Scrip Dividend Scheme"). This enables participating shareholders, when a Scrip Alternative is offered for a particular dividend, to receive shares instead of cash dividends.
Scrip Calculation Price
The most recent quarterly dividend for which a Scrip Alternative was offered was the fourth interim dividend for 2010/11, paid in August 2011. A summary of the scrip and cash elements of the most recent dividends, for which a Scrip Alternative was offered, is shown below.
Dividend payments can be made either as PIDs or as a distribution of income from non-qualifying activities (Non-PIDs). British Land dividends are paid out both as PIDs and Non-PIDs: the split of dividends declared will vary between PID and Non-PID over time. Dividends paid in the year ending March 2011 (which included the dividend for the final quarter of the year ending March 2010), totalled 26.0 pence per share of which 6.5 pence per share was PID and 19.5 pence per share was Non-PID.
Following a change in legislation in December 2010, a scrip dividend alternative can now attract PID treatment. Previously, Scrip Alternatives could only be treated as Non-PIDs. This has allowed the Group to offer a Scrip Dividend alternative in PID form on occasions when the dividend must be entirely in PID form to meet the Group's REIT obligations.
Previous Scrip Dividends
| Dividend | Amount | of which PID | Non PID | New shares allotment date | SCRIP calculation price | |
|---|---|---|---|---|---|---|
|
||||||
| 4th Interim 2010/11 | 6.5p | 6.5p | 12-Aug-11 | 600.2p | ||
| 3rd Interim 2010/11 | 6.5p | 6.5p | 13-May-11 | 559.9p | ||
| 2nd Interim 2010/11 | 6.5p | 6.5p | 18-Feb-11 | 528.0p | ||
| 1st Interim 2010/11 | 6.5p | 6.5p | 12-Nov-10 | 492.0p | ||
| 4th Interim 2009/10 | 6.5p1 | 6.5p | 13-Aug-10 | 452.0p | ||
| 3rd Interim 2009/10 | 6.5p1 | 6.5p | 14-May-10 | 479.8p | ||
| 2nd Interim 2009/10 | 6.5p1 | 6.5p | 12-Feb-10 | 457.9p | ||
| 1st Interim 2009/10 | 6.5p1 | 6.5p | 13-Nov-09 | 478.5p | ||
| 4th Interim 2008/09 | 6.5p1 | 6.5p2 | 14-Aug-09 | 365.8p | ||
As a result of the introduction of the Scrip Dividend Scheme, the Company has suspended the Company’s Dividend Reinvestment Plan (“DRIP”). Accordingly, all DRIP mandates are automatically suspended.
