Primary Health Properties PLC
(Incorporated in the United Kingdom)
Company Number: 3033634
LSE Share Code: PHP
JSE Share Code: PHP
ISIN Code: GB00BYRJ5J14
LEI: 213800Y5CJHXOATK7X11
("PHP" or the "Company")
Update to Notice of Interim Dividend for Shareholders on the South African Register
The Company announces that the first quarterly interim dividend in 2024 of 1.725 pence per ordinary share of 12.5 pence each will be paid as to 1.45 pence by way of a Property Income Distribution ("PID") and the remainder as an ordinary dividend on 23 February 2024 to shareholders on the register on 12 January 2024.
Certain qualifying shareholders may receive PIDs without deduction of withholding tax and further details are available on the Company's website www.phpgroup.co.uk.
The Company also confirms, further to its announcement on RNS on 5 January 2023, that shareholders on the UK share register ("UK Shareholders") may participate in a dividend reinvestment plan ("DRIP") in respect of the current interim dividend and any future dividends. The DRIP is provided by Equiniti Financial Services Limited ("Equiniti FS") and administered by PHP's registrars, Equiniti Limited ("Equiniti"), and provides UK Shareholders with the opportunity to reinvest dividend payments to purchase additional ordinary shares in PHP in the market. The DRIP is currently not available to shareholders on the South African ("SA") share register ("SA Shareholders"). SA Shareholders will receive the first quarterly interim dividend in cash.
UK Shareholders who hold their ordinary shares in certificated form and who wish to participate in the DRIP will need to ensure that a completed DRIP Application Form is received by Equiniti no later than 5:00pm UK time on 2 February 2024 (the "Election Date"). Shareholders who hold their ordinary shares in CREST and who wish to participate in the DRIP must do so by submitting an election by CREST input message by the Election Date.
The key dates for the dividend are detailed in the timetable below.
| Timetable | |
| Last day to trade (SA Shareholders) | Tuesday, 9 January 2024 |
| Ex-dividend date (SA Shareholders) | Wednesday, 10 January 2024 |
| Last day to trade (UK Shareholders) | Wednesday, 10 January 2024 |
| Ex-dividend date (UK Shareholders) | Thursday, 11 January 2024 |
| Record Date | Friday, 12 January 2024 |
| Latest date for receipt by Equiniti of DRIP Application Forms and input of CREST elections (UK Shareholders) | 5.00 p.m. UK time on Friday, 2 February 2024 |
| Dividend payment date - CSDP/broker accounts credited/updated//CREST credit date | Friday, 23 February 2024 |
| Estimated DRIP purchase date (UK Shareholders) | Friday, 23 February 2024 |
| DRIP shares credited/certificates posted | Wednesday, 28 February 2024 |
The above dates and times are subject to change. Any changes will be released on RNS and SENS as soon as practically possible.
To facilitate settlement of the dividend to entitled SA Shareholders, share certificates may not be dematerialised or rematerialised between Wednesday, 10 January 2024 and Friday, 12 January 2024. No transfers of shares shall be registered in the SA share register, or between the SA share register and the UK share register, between Thursday, 4 January 2024 and Friday, 12 January 2024. All dates are inclusive.
Shareholders receiving the dividend in cash
SA Shareholders are advised that the exchange rate for the dividend will be 23.7 ZAR to 1.00 GBP (the "Exchange Rate"), resulting in a gross local dividend amount of 40.88250 ZAR cents per share. The aforesaid rate was fixed by the Company at close of business on 3 January 2024. The date on which the Sterling payment will be converted to ZAR will be 15 January 2024.
Accordingly, shareholders will be paid a cash dividend per share as follows:
| Dividend | UK Shareholders (GBP pence) | SA Shareholders (ZAR cents) |
| Total (gross) | 1.725 | 40.88250 |
| Gross amount of PID | 1.45 | 34.36500 |
| Less 20% UK withholding tax* | 0.29 | 6.87300 |
| Net PID dividend payable** | 1.16 | 27.49200 |
| Less effective 5% SA dividends tax for SA Shareholders*** | N/A | 1.71825 |
| Net PID dividend payable*** | 1.16 | 25.77375 |
| Non-PID dividend payable | 0.275 | 6.51750 |
| Less 20% SA dividends tax**** | N/A | 1.30350 |
| Net non PID dividend payable | 0.275 | 5.21400 |
* Certain categories of UK Shareholders may apply for exemption, in which case the PID element will be paid gross of UK withholding tax.
** Net position after deducting UK withholding tax for both UK and SA Shareholders, but before SA Shareholders have claimed back 5% from His Majesty's Revenue & Customs under the double tax agreement between the United Kingdom and South Africa in respect of the UK withholding tax.
*** SA dividends tax applies at the rate of 20% for SA Shareholders, but SA Shareholders receive a rebate of the UK withholding taxes suffered (which is effectively 15%, after taking into account the 5% rebate referred to in **).
**** SA dividends tax applies at the rate of 20% for SA Shareholders if an exemption does not exist.
Legal Entity Identifier: 213800Y5CJHXOATK7X11
For further information:
Primary Health Properties PLC
Richard Howell, Chief Financial Officer +44(0) 776 6072 272
Toby Newman, Company Secretary & Chief Legal Officer +44(0) 772 9047 959
The Company has a primary listing on the London Stock Exchange and a secondary listing on the JSE Limited.
United Kingdom
5 January 2024
Sponsor: PSG Capital
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