TIDMNG.
RNS Number : 4029B
National Grid PLC
06 June 2019
Thursday, 6 June 2019
National Grid plc (National Grid)
Scrip Dividend for 2018/19 Final Dividend
The optional scrip dividend, allowing shareholders to receive
new fully paid ordinary shares in the Company, instead of a cash
dividend, is available to ordinary shareholders on the register on
31 May 2019, the dividend record date. A timetable is provided
below.
For ordinary shareholders, the scrip dividend reference price
for the 2018/19 final dividend is 789.74 pence. This is calculated
as the average closing mid-market price of an ordinary share for
the five dealing days commencing with, and including, the ordinary
share ex-dividend date.
For American Depositary Receipt (ADR) holders, the scrip ADR
reference price for the 2018/19 final dividend is US$49.9866*. This
is calculated by multiplying the scrip dividend reference price
above by five (as there are five ordinary shares underlying each
ADR) and by the average US$ rate for the equivalent dates.
The current terms and conditions of the scrip dividend scheme
are available on the Company's website at www.nationalgrid.com in
the Investors section, from Equiniti (0800 169 7775) and are also
set out in full below.
2018/19 final dividend timetable:
16 May 2019 2018/19 full year results and final dividend
amount declared - 31.26 pence per ordinary
share; $2.0256 per ADR*
30 May 2019 Ordinary shares and ADR's go ex-dividend
for 2018/19 final dividend
31 May 2019 Record date for 2018/19 final dividend
6 June 2019 Scrip reference price announced
17 July 2019 Scrip election date (5pm London time)
29 July 2019 2019 AGM
14 August 2019 2018/19 final dividend paid to qualifying
shareholders
* The figure shown is gross of a $0.02 per ADR dividend fee
which will be applied to cash distributions made to ADR holders in
relation to the 2018/19 final dividend. This fee does not apply to
ADRs received through the scrip dividend.
Contact:
Ceri James, Assistant Company Secretary 0207 004 3116
Scrip Dividend Scheme - Terms and Conditions
This document is important and requires your immediate
attention. If you are in any doubt about the action you should take
with this document, you should immediately consult an appropriate
independent advisor duly authorised under the UK Financial Services
and Markets Act 2000.
1. The Scrip Dividend Scheme
The optional Scrip Dividend Scheme enables shareholders to
receive new fully paid ordinary shares in National Grid plc instead
of cash dividends. This makes it possible for shareholders to
increase their shareholdings in National Grid without incurring
dealing costs or stamp duty. Please see paragraph 16 below for
taxation information.
The operation of the Scheme is subject always to the Directors'
decision to make an offer of new fully paid ordinary shares in
respect of any particular dividend. Should the Directors decide not
to offer new shares in respect of any particular dividend, cash
will automatically be paid instead.
2. Joining the Scheme
All UK shareholders holding their shares either in certificated
form or in the National Grid Corporate Sponsored Nominee ("CSN")
can if they so wish join the Scheme by completing and submitting a
Scrip Dividend Mandate Form. This can be done online by visiting
their Shareview Portfolio portfolio.shareview.co.uk and changing
their dividend options or by completing a paper Mandate Form (which
may be amended from time to time) and sending it to the Company's
Registrar, Equiniti Limited. No acknowledgment of receipt of online
instructions or paper Mandate Forms will be issued. For details
regarding overseas shareholders please see paragraph 11 below.
Further copies of the paper Mandate Form may be obtained online at
www.nationalgrid.com or from the Company's Registrar. All elections
will be subject to fulfilment of the conditions specified on their
Shareview Portfolio or in the paper Mandate Form. The right to
elect to receive new shares is non-transferable.
The date by which scrip elections must be made is referred to as
the 'Scrip Election Date'. The applicable Scrip Election Date in
relation to each dividend will be announced by the Company and made
available on its website at www.nationalgrid.com. Completed Mandate
Forms must be received by the Company's Registrar before 5pm
(London time) on the Scrip Election Date to apply to the dividend
to be paid in order to be eligible to receive shares instead of
cash for that dividend and subsequent dividends. Mandate Forms
received after that time will apply to subsequent dividends only
and the upcoming dividend will be paid in cash. A Mandate Form,
once submitted online or completed and returned to the Company's
Registrar, will remain in force for all future dividends, where a
scrip dividend alternative is offered, until such Mandate Form is
cancelled by the shareholder via their Shareview Portfolio or in
writing to the Company's Registrar.
Shareholders who hold their shares in CREST can only elect to
receive dividends in the form of new ordinary shares by use of the
CREST Dividend Election Input Message. By doing so, such CREST
shareholders confirm their election to participate in the Scheme
and their acceptance of these terms and conditions, as amended from
time to time. Other forms of election, including paper forms of
election, will not be accepted in respect of shares held through
CREST. The Dividend Election Input Message must contain the number
of shares on which the election is being made.
If the number of elected shares is blank or zero then the
election will be rejected. If the number of elected shares is
greater than the shares held at the relevant record date then the
election will be applied to the holding as at the relevant record
date. Once an election is made using the CREST Dividend Election
Input Message system it cannot be amended. Therefore, if a CREST
shareholder wished to change their election, such shareholder would
need to cancel their previous election and submit a new election.
CREST shareholders must elect for each dividend to receive new
shares in respect of such dividend.
CREST elections must be made through CREST, before 5pm (London
time) on the Scrip Election Date.
3. Number of new shares
The number of new shares that shareholders will receive for each
dividend will depend on the amount of the cash dividend, any
residual cash balance brought forward from the last scrip dividend,
the number of shares held, and the reference share price to be used
in calculating shareholders' entitlements.
The reference share price will be the average of the middle
market quotations for the Company's ordinary shares on the London
Stock Exchange Daily Official List for the five dealing days
commencing on (and including) the date on which the ordinary shares
are first quoted ex-dividend.
The formula used for calculating the maximum number of shares to
be received for each dividend will be as follows:
(number of ordinary shares held at the dividend record date x
cash dividend per share) + any residual cash balance
reference share price
For example:
i) If a shareholder held 1,000 shares and the dividend was 21.3
pence per share and the average share price for the five dealing
days after the ex-dividend date was 710 pence then such shareholder
would receive 30 additional shares under the Scrip Dividend
Scheme.
ii) If a shareholder held 500 shares and the dividend was 23
pence per share and the average share price for the five dealing
days after the ex-dividend date was 610 pence then such shareholder
would receive 18 additional shares under the Scrip Dividend
Scheme.
The record date, ex-dividend date and reference share price in
respect of any future scrip dividends will be announced and made
available on the Company's website at www.nationalgrid.com.
Once shareholders' new shares have been issued, a statement will
be sent to such shareholders, along with a new share certificate
(where relevant), showing the number of new ordinary shares
allotted, the reference share price, and the total cash equivalent
of the new ordinary shares for tax purposes. If on any occasion the
cash dividend entitlement, together with any cash balance brought
forward, is insufficient to acquire at least one new share,
shareholders will receive a statement explaining that no shares
have been issued and showing how much cash has been carried forward
to the next dividend.
CREST shareholders will have their accounts credited directly
with new shares on the dividend payment date or as soon as
practicable thereafter and will receive a statement as above. CSN
shareholders will have their CSN accounts credited directly with
new shares on the dividend payment date or as soon as practicable
thereafter and will receive a statement as above.
4. Fractions and cash balances
No fraction of a new share will be issued and calculation of
entitlement to new shares will always be rounded down to the
nearest whole new share. Any residual cash balance (except in the
case of CREST shareholders where such sums will be paid out on the
dividend payment date) will be carried forward to be included in
the calculation for the next dividend. No interest will be paid on
this cash balance. If a shareholder holds their shares within the
CSN, their cash balance will be treated as Client Money under the
Financial Conduct Authority rules.
5. Future dividends
Once a shareholder has completed and returned a valid Mandate
Form, this will apply for all successive dividends unless and until
it is revoked via Shareview or in writing by the shareholder to the
Company's Registrar. Shareholders holding their shares in CREST
must elect for each dividend. The mandate is always subject to the
Directors' decision to offer a scrip dividend. The Directors may
decide not to offer a scrip alternative in respect of any future
dividend. Please see paragraphs 13 and 14 below for further
details.
All new ordinary shares issued under the Scheme will
automatically increase shareholders' shareholdings on which the
next entitlement to a scrip dividend will be calculated (unless an
election has been made on part of a shareholding only in respect of
nominee shareholdings). Where any dividend payable to a shareholder
is insufficient to purchase at least one new share via the Scheme,
funds representing shareholders' fractional entitlements will be
accumulated for their benefit. These funds will be added to the
cash amount of the next dividend (in respect of which a scrip
dividend alternative is offered) and applied in calculating
shareholders' entitlement under that offer. In the case of CREST
shareholders, fractional entitlements will be paid out on the
dividend payment date.
Accumulated fractional entitlements will be paid to certificated
and CSN shareholders in cash as soon as reasonably practicable in
the event of cancellation of mandates by such shareholders or
disposals of such shareholders' entire shareholdings, or in the
event of cancellation or termination of the Scheme. In the event of
death, insolvency or mental incapacity of a shareholder, any cash
balance for that shareholder will be paid to his/her estate or
trustee as applicable. Where a certificated shareholder cancels
their mandate or sells their shares, amounts less than GBP3
standing to their benefit in such account will, unless instructed
otherwise in writing in advance by the shareholder, be paid to a
charity of the Company's choice.
6. Listing and ranking of the new shares
Application will be made to the London Stock Exchange and the UK
Listing Authority ('UKLA') for admission of the new shares to
trading and to the official list of the UKLA. The new shares will
be credited as fully paid and will rank equally in all respects
with the existing ordinary shares, including the same voting rights
and dividend rights (other than, for the avoidance of doubt, the
right to receive the relevant cash dividend in lieu of which the
scrip shares have been issued). In the unlikely event that the new
shares are not admitted to listing, or if any other condition is
not fulfilled, the Company will pay the dividend in cash in the
usual way as soon as reasonably practicable.
7. Share certificates and dealings
Subject to the new shares being admitted to the official list of
the UKLA and to trading on the London Stock Exchange, new share
certificates for participants in the Scrip Dividend Scheme will be
posted to certificated shareholders at their own risk, on or about
the same date as the dividend warrants are posted to those
shareholders who are not participating in the Scheme (see the
National Grid website for current dates). CREST shareholders will
have their CREST accounts credited directly with the new shares on
or as soon as is practicable after the same day that the cash
dividend is paid. CSN participants will have their CSN accounts
credited directly with the new shares on, or as soon as is
practicable after, the same day that the cash dividend is paid.
Dealings in the new ordinary shares are expected to begin on the
dividend payment date.
8. Multiple holdings
If for any reason a shareholder's shares are registered in more
than one holding then, unless such multiple shareholdings are
consolidated before the Scrip Election Date, they will be treated
as separate. As a result, separate mandates will need to be
completed for each such holding if shareholders wish to receive new
shares under the Scheme in respect of each holding. Shareholders
wishing to consolidate their holdings should contact the Company's
Registrar, Equiniti Limited.
9. Shareholdings in joint names
In respect of shareholdings held in joint names, to be
effective, elections made using the Scrip Dividend Mandate Form
must be signed by all joint shareholders.
10. Partial elections
Mandates will only be accepted in relation to the whole
shareholding. The Directors may, at their discretion, allow a
shareholder to elect in respect of a lesser number of shares where
they are acting on behalf of more than one beneficial holder, that
is, through a nominee shareholding held in CREST. The Dividend
Election Input Message submitted to CREST must contain the number
of shares for which the election is being made. Such elections must
be renewed for each dividend. A cash dividend will be paid on any
remaining shares not included in the Dividend Election Input
Message.
11. Overseas shareholders
Shareholders who are resident outside the UK may treat this
document as an invitation to receive new ordinary shares unless
such an invitation could not lawfully be made to such shareholders
without compliance with any registration or other legal or
regulatory requirements. It is the responsibility of any person
resident outside the UK wishing to elect to receive new ordinary
shares under the Scheme to be satisfied that such an election can
validly be made without any further obligation on the part of the
Company, and to be satisfied as to full observance of the laws of
the relevant territory, including obtaining any governmental,
regulatory or other consents which may be required and observing
any other formalities in such territories and any resale
restrictions which may apply to the new shares. Unless this
condition is satisfied, such shareholders may not participate in
the Scheme or submit a Mandate Form.
12. Recent sale or purchase of ordinary shares
If shareholders have sold some of their ordinary shares before a
record date, the Scheme will apply in respect of the remainder of
such shareholders' shares. If shareholders have bought any
additional ordinary shares after a record date, the additional
shares will not be eligible for the next dividend, but will be
eligible for future dividends, without the need to complete a
further mandate in respect of the additional shares.
13. Cancellation of Mandates
Shareholders may cancel their Scrip Dividend Mandates at any
time. Notice of cancellation must be effected online via their
Shareview Portfolio or given in writing to the Company's Registrar
by no later than 5pm on the Scrip Election Date. CREST shareholders
can only cancel their elections through the CREST system. A notice
of cancellation will take effect on its receipt and be processed by
the Company's Registrar in respect of all dividends payable after
the date of receipt of such notice. If a notice of cancellation is
received after the Scrip Election Date, the shareholder will
receive additional shares under the Scheme for the next dividend
payable and the cancellation will take effect for subsequent
dividends.
A shareholder's Scrip Dividend Mandate will be deemed to be
cancelled if such shareholder sells or otherwise transfers their
ordinary shares to another person but only with effect from the
registration of the relevant transfer.
If shares are held in certificated form or within the CSN and a
shareholder sells or transfers their entire shareholding before the
last date for the receipt of scrip elections for a particular
dividend, the shareholder will be withdrawn from the Scrip Dividend
Scheme for that dividend. A shareholder's mandate will also
terminate immediately on receipt of notice of such shareholder's
death. However, if a joint shareholder dies, the mandate will
continue in favour of the surviving joint shareholder(s) (unless
and until cancelled by the surviving joint shareholder(s)). If the
shareholders holds their shares in certificated form any residual
amounts of over GBP3 standing to the credit of a shareholder will
be paid to such shareholder in cash on or as soon as practicable
after the cancellation. Where such residual amount is under GBP3,
such sums will, unless the shareholder instructs otherwise in
writing in advance, be paid to a charity of the Company's choice.
If shares are held within the CSN, any residual amounts standing to
the credit of a shareholder will be paid to the relevant
shareholder in cash on or as soon as practicable after the
cancellation.
14. Changes to or cancellation of the Scheme
At any time the Directors, at their discretion and without
notice to shareholders individually, may modify, suspend, terminate
or cancel the Scheme. In the case of any modification, existing
mandates (unless otherwise specified by the Directors) will be
deemed to remain valid under the modified arrangements unless and
until the Company's Registrar receives a cancellation in writing or
via the share portal from such shareholders pursuant to paragraph
13 above. If the Scheme is terminated or cancelled by the
Directors, all mandates then in force will be deemed to have been
cancelled as at the date of such termination or cancellation.
The operation of the Scheme is always subject to the Directors'
decision to make an offer of new fully paid ordinary shares in
respect of any particular dividend. The Directors also have the
power, after such an offer is made, to revoke the offer generally
at any time prior to the allotment of new ordinary shares under the
Scheme. If the Directors revoke an offer (or otherwise suspend,
terminate or cancel the Scheme), shareholders will receive their
dividend in cash on or as soon as reasonably practicable after the
dividend payment date.
15. Governing law and jurisdiction
The Scheme (including the Mandate Form and any related circular)
is subject to the Company's Articles and these terms and
conditions, as amended from time to time, and is governed by, and
its terms and conditions are to be construed in accordance with,
English law. By electing to receive new shares under the Scheme,
shareholders agree to submit to the exclusive jurisdiction of the
English courts in relation to the Scheme.
16. Taxation
The tax consequences of electing to receive new ordinary shares
in place of a cash dividend will depend on shareholders' individual
circumstances. If shareholders are not sure how they will be
affected from a tax perspective, they should consult their
solicitor, accountant or other professional advisor before taking
any action.The Company understands that the taxation consequences
for shareholders electing to receive new ordinary shares instead of
a cash dividend will, broadly, be as follows. This understanding is
based on: (i) UK legislation as applied in England and Wales; and
(ii) HM Revenue & Customs published practice (which may not be
binding on HM Revenue & Customs). It should be noted that the
UK legislation and HM Revenue & Customs published practice
referred to above are both subject to change, possibly with
retrospective effect. This summary relates only to the position of
shareholders resident and, if individuals, domiciled only in the UK
for taxation purposes and to whom "split year" treatment does not
apply who hold their shares beneficially as an investment, other
than under an individual savings account and who have not (and are
not deemed to have) acquired their shares by reason of any office
or employment.
The precise taxation consequences for a particular shareholder
will depend on that shareholder's individual circumstances.
Shareholders who may be subject to taxation in a jurisdiction other
than the UK or who are unsure as to their taxation position should
seek their own professional advice. This summary of the taxation
treatment is not exhaustive. If shareholders are in any doubt as to
their tax position, they should consult their solicitor, accountant
or other professional advisor before taking any action.
16.1 UK resident individual shareholders
Income Tax
Very broadly, a UK resident individual shareholder who receives
new ordinary shares pursuant to the Scheme will have the same
liability to income tax as they would have had had they received a
cash dividend of an amount equal to the 'cash equivalent of the new
ordinary shares'. The cash equivalent of the new ordinary shares
will be the amount of the cash dividend which the shareholder would
have received had they not elected to take new shares, unless the
market value of the new shares on the first day of dealings on the
London Stock Exchange differs substantially from the cash dividend
foregone (i.e. differs by 15% or more of such market value), in
which case the market value will be treated as the cash equivalent
of the new ordinary shares for taxation purposes.
Where individual shareholders elect to receive new ordinary
shares in place of a cash dividend, they will be treated as having
received gross income of an amount which is equal to the cash
equivalent of the new ordinary shares. This amount will broadly be
treated as if it were a dividend for UK tax purposes and taxed as
set out below.
The amount of tax that a UK resident individual shareholder who
has elected to receive new ordinary shares pursuant to the Scheme
is liable for will depend on the total amount of dividend income
that individual receives in the tax year. Individuals who receive
dividend income of GBP2,000 or less in the tax year will be taxed
at a nil rate on this dividend income (including the 'cash
equivalent of the new ordinary shares' issued pursuant to the
Scheme). For the purposes of calculating dividend income,
individuals should include all income received on dividends from
any company in the tax year including any 'cash equivalent of the
new ordinary shares' received pursuant to dividend schemes,
including but not limited to the Scheme. The GBP2,000 limit is
referred to as an individual's Dividend Allowance.
Conversely, UK resident individual shareholders who receive
dividend income in the tax year which exceeds the Dividend
Allowance will be liable for income tax on the dividend income in
excess of the Dividend Allowance (i.e. if an individual receives a
dividend income of GBP4,000 in the tax year, GBP2,000 of that
amount is taxable as the dividend income in excess of the Dividend
Allowance).
For the purposes of calculating the rate of tax due from a UK
resident individual shareholder on the dividend income in the tax
year which exceeds the Dividend Allowance there are two key
principles:
i) the dividend income in the tax year is treated as the highest
part of such individual shareholder's income; and
ii) the entire amount of dividend income that an individual
shareholder receives in the tax year (including dividend income
falling within the Dividend Allowance) will count towards the basic
or higher rate limits (as applicable) which may affect the rate of
tax due on the dividend income in excess of the Dividend
Allowance.
Applying these two principles, there are three possible rates of
tax due:
i) to the extent that the dividend income in excess of the
Dividend Allowance falls above such individual shareholder's
personal allowance but below the basic rate limit, such an
individual shareholder will be subject to tax on that dividend
income at the dividend basic rate of 7.5%;
ii) to the extent that the dividend income in excess of the
Dividend Allowance falls above the basic rate limit but below the
higher rate limit, such an individual shareholder will be subject
to tax on that dividend income at the dividend upper rate of 32.5%;
and
iii) to the extent that the dividend income in excess of the
Dividend Allowance falls above the higher rate limit, such an
individual shareholder will be subject to tax on that dividend
income at the dividend additional rate of 38.1%.
No tax repayment claim may be made on either a cash dividend or
in respect of new shares taken by non-taxpaying individuals.
Capital Gains Tax
For capital gains tax purposes, if an election to receive new
shares instead of a cash dividend is made, then the cash equivalent
of the new ordinary shares (as described above) will be treated as
being the base cost of the new shares.
16.2 UK resident trustees
Income Tax
Where trustees of discretionary trusts elect to receive new
shares, they will be liable to income tax at the dividend trust
rate (currently 38.1%). For the purposes of charging this income
tax, the trustees will be treated as having received gross income
which is the same as the cash equivalent of the new ordinary shares
(as defined above).
Trustees of an interest in possession trust (where the
beneficiary with an interest in possession is entitled to the trust
income) who have elected to receive new shares can either treat
such shares as income or capital for trust purposes.
i) if such trustees treat such shares as income they will be
liable to income tax at the rate applicable to income of such
trusts (currently 7.5%). The tax position of a beneficiary entitled
to the trust income who is a UK tax resident individual will be as
set out in the section headed 'UK resident individual shareholders'
above; or
ii) if such trustees treat such shares as capital, the trustees
will be liable to income tax at the current rate of 7.5%. The
beneficiary will not be entitled to the shares (and will have no
income tax to pay).
If the new shares are held in a bare trust or in the name of a
nominee, the trustees or any nominee will be disregarded for the
purposes of income tax and the tax position of the beneficiary
entitled to the shares will be as set out in the section headed 'UK
resident individual shareholders' above.
Capital Gains Tax
Where trustees of discretionary trusts (where no beneficiary is
entitled to the trust income) elect to receive new shares, such
shares will constitute a new holding of shares in the Company
acquired for the cash equivalent in the manner described in the
section headed 'UK resident individual shareholders' above.
Where trustees of an interest in possession trust (where the
beneficiary with an interest in possession is entitled to the trust
income) elect to receive new shares and treat such shares as
income, a beneficiary entitled to the trust income who is a UK tax
resident individual, is treated for capital gains tax purposes as
having acquired the new shares for the' cash equivalent of the new
ordinary shares', in the manner described in the section headed 'UK
resident individual shareholders' above.
Where trustees of an interest in possession trust (where the
beneficiary with an interest in possession is entitled to the trust
income) elect to receive new shares and treat such shares as
capital, the shares will be added to the trustees' existing holding
of shares in the Company and treated as though they had been
acquired when the existing holding was acquired. However, the
trustees will not be considered to have made any payment for the
new shares, so there will be no increase in base cost.
If the new shares are held in a bare trust or in the name of a
nominee, the trustees or any nominee will be disregarded for the
purposes of capital gains tax and the tax position of the
beneficiary entitled to the shares will be as described in the
section headed 'UK resident individual shareholders' above.
16.3 UK resident companies
A UK resident corporate shareholder is not generally liable to
corporation tax on cash dividends and will not be charged
corporation tax on new shares received under the Scheme instead of
a cash dividend. For the purposes of corporation tax on chargeable
gains, no consideration will be treated as having been given for
the new shares. These new shares will be added to the corporate
shareholder's existing holding of shares in the Company and treated
as having been acquired when the existing holding was acquired. On
disposal of the new shares, the base cost of the new shares will be
calculated by reference to the base cost of the existing
holding.
16.4 UK pension funds
Where pension funds elect to receive new ordinary shares under
the Scheme, no tax credit will attach to the new shares and no tax
repayment claim can be made in respect of them, nor could such a
claim be made in respect of the cash dividend.
16.5 Stamp duty/stamp duty reserve tax
No stamp duty or stamp duty reserve tax will be payable on the
issue of new shares under the Scheme (including shares issued to a
clearance service or depositary receipt system (i.e. CREST)).
Contacts
For general enquiries about the Scheme, please contact Equiniti
Limited.
Shareholders who hold their shares in certificated form or in
CREST can contact Equiniti Limited on: 0800-169-7775 from the UK or
+44 121-415-0931 if calling from overseas.
Shareholders who hold their shares within the CSN can contact
Equiniti Limited on:
0333 207 6515 or +44 121 415 0997 if calling from overseas.
Lines open 8.30am to 5.30pm (UK time), Monday to Friday
(excluding public holidays in England and Wales).
Or shareholders can write to Equiniti Limited at: Equiniti,
Aspect House, Spencer Road, West Sussex, BN99 6DA, United
Kingdom.
Glossary
Articles the Articles of Association of the Company
The Company's Registrar means Equiniti Limited
Equiniti Limited and Equiniti Financial Services Limited are
part of the Equiniti Group. Their registered offices are Aspect
House, Spencer Road, Lancing, West Sussex BN99 6DA United Kingdom.
Company share registration, employee scheme and pension
administration services are provided through Equiniti Limited,
which is registered in England & Wales with No. 6226088.
Investment and general insurance services are provided through
Equiniti Financial Services Limited, which is registered in England
& Wales with No. 6208699 and is authorised and regulated by the
UK Financial Conduct Authority no. 468631.
Corporate Sponsored Nominee or CSN is the National Grid
Corporate Sponsored Nominee provided by Equiniti Financial Services
Limited
CREST the relevant system (as defined in the Uncertificated
Securities Regulations 2001 (SI/3755)) in respect of which
Euroclear UK & Ireland Limited is the operator
Directors the directors of National Grid plc
London Stock Exchange the London Stock Exchange plc
National Grid or Company, National Grid plc
New shares new ordinary shares issued under the Scheme
Ordinary shares ordinary shares of 12 204/473 pence each in the
capital of the Company
Scrip Dividend Mandate or Mandate Form a mandate (in a form
provided by the Company) from a shareholder to the Directors to
allot new shares under the terms of the Scheme in lieu of a cash
dividend to which they may become entitled from time to time
Scrip Dividend Scheme or Scheme the National Grid plc scrip
dividend scheme as comprised under and subject to the terms and
conditions contained in this document as amended from time to
time
Scrip Election Date the latest date for receipt of Mandate Forms
or CREST Dividend Election Input Messages to enable a scrip
dividend election to apply for a particular dividend shareholder a
holder of ordinary shares in the capital of the Company
Shareview Portfolio means the online portfolio service provided
by the Equiniti Group where a shareholder can find details
regarding their holding. Further information can be found at:
www.shareview.co.uk
UKLA the UK Listing Authority
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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