November 2009 Scrip Dividend

The Santander Scrip Dividend Scheme 2009 - Distributions

The information below relates to Santander Nominee Service and Santander UK Nominee shareholder distributions and timetables only. 

This scheme currently applies to the November 2009 dividend only and replaces the normal November interim dividend payment. The dividends for February and May 2010 will be paid in cash as usual.

The scheme offered shareholders the opportunity to choose if they wanted to receive a cash amount, or alternatively, to receive new Santander shares for the November payment.  Under the scheme, each shareholder received one right for every share held and had a choice of three options:

Option 1: Sell your rights off market to Santander and get a fixed cash amount - this was the default option for shareholders in the above nominees who usually receive a cash dividend.  The net sterling rate for the off market sales was £0.08712336 per right (after 18% withholding tax). The gross amount was £0.106248 with an FX rate of £0.8854 to the euro.

Option 2: Sell your rights on market and receive cash.  The net sterling rate for on market sales was £0.10665906 per right (no withholding tax applied, but 0.3% brokerage fees deducted). The gross amount was £0.10698 and the FX rate was £0.8915 to the euro.

Option 3: Hold your rights and receive new Santander shares – this was the default option for those shareholders who hold a Santander Shareholder Account and Dividend Re-investment Plan.  This option has no Spanish withholding tax liability.  Shareholders received one new share for every 91 rights held, with any residual rights being sold on market and the resulting fractional entitlement paid to the shareholder by cheque or BACS.

Those who chose a cash option will receive their payment in the usual way – by BACS or cheque. BACS payments for all of the above options will be made on the 11 November. Cheques will be mailed between the 9 and 13 November. New shares will be distributed to existing holdings by the 13 November.

All shareholders will receive their annual entitlement statement and a copy of the November Focus magazine with their statements.

If you have any questions related to the above, please call the shareholder helpline on

Tel: 0871 384 2000 (+44 (0)121 415 7188 from outside the UK). Lines are open 8.30am – 5.30pm, Monday to Friday.

Scrip Dividend questions and answers 

Santander Scrip Dividend Scheme Information Booklet 2009

Santander - SSA Scrip Dividend Scheme Information Booklet 2009