Marzo 19, 2017

Barclays Stockbrokers – Banco Santander SA Scrip dividend

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Question

Banco Santander SA Scrip dividend

Answer

1. What are the terms of the Banco Santander SA dividend?
Banco Santander SA have announced a dividend with stock and cash options.

The company are issuing rights to shareholders who held Banco Santander SA shares at close of business on 14th January 2014 on a one for one basis. These rights are tradable on the Spanish stock exchange however this option is not available to CDI (Crest Depository Interest) holders as you are. We will therefore not be allocating these rights to your portfolio and will not be offering shareholders the option to sell these rights on the Spanish market.

Instead shareholders will receive one of the other options available of either a cash dividend at a rate to be determined or 1 new Banco Santander SA share for every 43 Banco Santander SA shares currently held. What you receive depends on how you have elected to receive dividends paid on your account.

2. What are the key dates involved in this dividend?
Ex Date – 15th January 2014
Record date – 14th January 2014
Pay Date – 7th February 2014

The dividend cash rate of EUR 0.152 (less 21 % Spanish withholding tax) per share has been announced by Banco Santander SA. As your account is only credited with sterling we will allocate the cash or stock when we have received notification of the GBP rate. This is usually announced within a few days of the dividend pay date.

3. What will I receive in my portfolio for this dividend?
Shareholders who have elected for scrip dividend or ADR on their portfolio will receive new shares in Banco Santander SA on the basis of 1 new Banco Santander SA share for every 43 Banco Santander SA shares currently held.

Shareholders who have elected for cash dividends on their portfolio will receive cash at a rate to be determined.

4. Will withholding tax be applied to the stock outcome?
No. The cash dividend is subject to 21% withholding tax however no tax is applied to the stock option. If you have any queries on your tax position, you should consult a professional tax advisor.

Please note, Spanish Withholding tax increased from 19% to 21% on 1st January 2012. As we are taxed at source for the cash dividend payment, this will be passed onto you and you will be credited with the payment net of 21% tax.

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5. Why do shareholders who elect for scrip or ADR receive a small cash amount in addition to the Banco Santander SA?
These funds relate to the residual cash due to you for the dividend as your holding as at close of business on 14th January 2014 was not divisible exactly by the scrip ratio.

6. Why was I not advised by Barclays Stockbrokers of this in advance of the dividend ex dividend date?
As you elect for either cash, scrip or Automatic Dividend Reinvestment when you open your account, we will automatically apply this choice to each dividend paid.

7. Will I receive confirmation by post of the number of scrip shares I have received?
No, as this is a scrip dividend, you will just see the additional shares in the holdings screen of your portfolio once we have credited them to your account.

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Barclays offers wealth and investment management products and services to its clients through Barclays Bank PLC and its subsidiary companies. Barclays Stockbrokers is a trading name of Barclays Bank PLC (Registered No. 1026167 Registered VAT No. 243 8522 62) which is a member of the London Stock Exchange and ISDX. Barclays Bank PLC is registered in England and authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The registered address is 1 Churchill Place, London E14 5HP. Use of Barclays’ trademarks by Transversal Corporation Limited is under licence from Barclays Bank PLC.

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