Cancellation of the Scrip Dividend Programme FAQ

After the number of shares was calculated for each scrip dividend there may have been a small amount (less than the price of one share) left over.  This small amount is referred to as an ‘accumulated residual entitlement’.  Under the terms of the Scrip Dividend Programme, the Company is required to pay the residual amounts to participating shareholders on the termination of the Programme.

Historically, the vast majority of shareholders has chosen to receive dividends in cash.  Many of these shareholders have advised the Company that they are concerned that the issue of new shares under the Scrip Dividend Programme had a dilutive effect on their shareholdings.  The Company has listened to shareholders’ concerns and, having taken the feedback into account, took the decision to terminate the Scrip Dividend Programme with effect from the 2019 interim dividend.

There are no plans to introduce a DRIP, currently.  However, this will be kept under review.