Jump menu

Main content |  back to top

Therefore, as explained in the scrip reference announcement for the first quarter 2012 interim dividend made on the 16th of May 2012 and following quarters, the Reference ADS price no longer includes an adjustment for the deduction of SDRT. Given these changes, there is no longer a need to have an Alternative Reference ADS Price. Instead the Reference ADS Price applies to all A ADSs and B ADSs.

Previously, in the third and fourth quarter 2010 interim dividends and in all four quarterly 2011 interim dividends the depository bank for A ADSs and B ADSs, the Bank of New York Mellon (“BoNY”), took SDRT out of the scrip dividend and transferred this SDRT in pound sterling to HMRC.

As explained in the “Q&A booklet for ADS holders”, for each whole ADS awarded as scrip dividend, this SDRT deduction equated to 1.5% of the Reference Share Price of the two A Shares underlying each new A ADS. For these six affected quarters this equates to the deductions per whole ADS awarded as scrip dividend provided by the following table.

Potential SDRT reclaim for ADS holders electing scrip as interim dividends in 2010 and 2011

Interim dividend

Record date

Reference Share Price

SDRT deducted per whole new A ADS awarded as scrip dividend and transferred to HMRC in pound sterling

 

 

[month/day/year]

[USD per A share]

[equivalent USD per ADS]

[GBP per ADS transferred to HMRC]

[Date of transfer to HMRC] [month/day/year]

3rd quarter 2010

11/5/2010

33.439

1.0032

0.64430

12/29/2010

4th quarter 2010

2/11/2011

34.297

1.0289

0.64319

3/31/2011

1st quarter 2011

5/13/2011

34.986

1.0496

0.65240

7/4/2011

2nd quarter 2011

8/5/2011

32.317

0.9695

0.61855

9/27/2011

3rd quarter 2011

11/4/2011

34.953

1.0486

0.66619

12/28/2011

4th quarter 2011

2/17/2012

36.315

1.0895

0.68889

4/4/2012

Affected ADS holders might be able to reclaim these SDRT amounts deducted on previous issues under the Scrip Dividend Programme. HMRC has made an announcement on the 27th of April 2012 providing guidance about how claims to repayment should be made to HMRC.

ADS holders who wish to seek such refund of SDRT should speak to their tax advisor.

Page Tools