Scrip Dividend Scheme
At the 2016 AGM, shareholders approved the introduction of a Scrip Dividend Scheme (“Scrip”). The Scrip allows shareholders to increase their shareholding in Inmarsat without incurring dealing costs or stamp duty. If you would prefer to continue to receive cash dividends, you do not need to take any action.
Scrip: Shareholders who participate in the Scrip receive their dividend in the form of new shares to the value of the cash dividend instead of receiving a cash dividend.
The number of new shares you receive is calculated by reference to: the number of shares you held at the relevant dividend record date; multiplied by the cash dividend rate and divided the scrip reference share price.
The scrip reference share price is the average of the closing middle market quotation for Inmarsat ordinary shares, derived from the London Stock Exchange Daily Official List, for five consecutive days starting with the relevant ex-dividend day. Only whole shares will be issued and any residual cash that is left over will be retained and added to the amount of cash available for the next dividend.
Once the new shares have been issued, a scrip dividend statement will be sent to you along with a new share certificate.
Eligibility: Subject to restrictions for shareholders set out in the attached Scrip Terms and Conditions, and to those shareholders resident in the US, Canada, Australia and Japan who are not able to participate, the Scrip will be available to all shareholders, including CREST members, on the Company’s register. If you hold your shares indirectly, you should contact your nominee to confirm if you are able to participate. For full details, please read the Scrip Terms and Conditions.
Joining the Scrip: If you are a Certificated Shareholder, please complete and sign a Mandate Form and return it to Equiniti. Each Mandate Form will be effective for all future dividends unless you cancel the Mandate in writing. Equiniti must receive a properly completed Mandate Form by the Election Date (or if an Election Date is not published, at least 15 working days prior to the payment date of the relevant dividend) in order for a Shareholder to be eligible for that dividend. If a Mandate Form is received after the Election Date, it will be applied to the next dividend
Withdrawing from the Scrip: You can withdraw from the Scrip anytime. If you are a Certificated Shareholder, you can do so by writing to Equiniti to cancel your existing Mandate. If you are a CREST Shareholder, you can cancel your election through CREST by completing a notice of cancellation. For the cancellation to be effective for a particular dividend, it must be received at least 15 working days before the payment date for that dividend. If a cancellation is received after that date, it will apply to all subsequent dividends.
If you have any further questions about the Scrip, then please contact the dedicated Inmarsat Shareholder Helpline on 0371 384 2739 from the UK or +44 121 415 7049 from outside the UK.
Scrip Dividend Election – Key Dates for the 2017 Interim Dividend
|14 September 2017||Shares in the Company quoted ex-dividend|
|15 September 2017||Record date for interim dividend|
|14 – 20 September 2017
(five consecutive dealing days beginning on the ex-dividend date)
|Scrip reference price days|
|21 September 2017||Scrip reference price confirmed|
|29 September 2017||Final date of receipt of mandates and CREST elections|
|19 October 2017||Expected date of posting of new share certificate / CREST update of new shares|
|20 October 2017||Cash or Scrip Dividend payment date|
Interim and final dividend payments
Inmarsat’s interim and final dividends are announced in August and March respectively and the current policy is to pay dividends twice a year, generally in October and May respectively.
Dividends are declared in US dollars, but paid in Pounds Sterling based on the exchange rate from the WMReuters GBP/USD 9am fix (London time) four business days prior to the date of announcement of the scrip reference price.
A record of historical dividend earnings are noted here for the past three years:
Interim dividend 2017
Announcement date: 03 Aug 2017
Final dividend 2016
Announcement date: 08 March 2017
Interim dividend 2016
Announcement date: 04 Aug 2016
Final dividend 2015
Announcement date: 03 March 2016
Interim dividend 2015
Announcement date: 06 Aug 2015
Final dividend 2014
Announcement Date: 5 March 2015
Interim dividend 2014
Announcement date: 05 Aug 2014