Regulation Guidance - the PLUS-quoted market
Dividend Procedure Guidelines
These guidelines are to assist company secretaries, registrars and PLUS Corporate Advisers in determining dividend timetables.
Dividend Declaration
This describes the situation where an issuer decides to declare a dividend. The dividend timetable should be agreed with the Database team at PLUS in advance of an announcement.
A dividend declaration announcement is required to contain the following details:
-
the rate of the net dividend in pence per share
-
the dividend payment date
-
the record date (books close date)
-
the type of dividend (e.g. final, interim, special).
Timetable
In order to accommodate standard settlement, our general policy is that ex-dividend dates should be set 2 business days before the record date. Ordinarily, an issuer should announce the dividend declaration and dividend timetable at least 4 business days in advance of the record date. As an illustration, a dividend could be publicly declared on a Monday and the timetable provide that the ex-dividend date fall on the Wednesday and the record date on the Friday.
Record and Payment Dates
The table below summarises the recommendation of the maximum period between the record date and payment date.
|
No. of Shareholders
|
Scrip dividend or
Dividend Reinvestment
Plan Option?
|
Payment date
|
|
0 - 50,000
|
No
|
Record date + 20
business days
|
|
0 - 50,000
|
Yes
|
Scrip date + 15
business days
|
|
50,001 - 100,000
|
No
|
Record date + 25
business days
|
|
50,001 - 100,000
|
Yes
|
Scrip date + 20
business days
|
|
More than 100,001
|
No
|
Record date + 30
business days
|
|
More than 100,001
|
Yes
|
Scrip date + 25
business days
|
Scrip date is defined as the last date for elections to be received by the receiving agent in relation to either a Scrip action or a dividend reinvestment plan option.
Fixed Interest Securities and Debt Securities
Any payment for fixed interest and debt securities must be notified to PLUS no later than 4 business days prior to the record date.