Ferrovial will distribute a second interim scrip dividend of 0.4276 euros per share, to be paid in cash or in shares of the shareholder’s choice, charged to reserves, the company informed the Spanish National Securities Market Commission (CNMV) on Monday.
There will be no negotiable rights in relation to the flexible dividend, according to Ferrovial’s statement to the regulator.
The number of shares required to receive one new share (ratio) will be determined on the basis of the volume weighted average price (VWAP) of all Ferrovial shares traded on the Spanish stock exchanges on 7, 8 and 9 November 2023.
The construction company will calculate the ratio so that the gross euro value of the stock dividend is approximately equal to the cash dividend.
Ferrovial will announce the ratio and the number of new shares to be issued on 20 November.
The ratio and number of new Ferrovial shares to be issued under the flexible dividend will be announced to the market on 20 November 2023.
The group’s shareholders will be able to choose between receiving the dividend in cash or in shares from 27 October 2023 until 9 November, after which date the second alternative will be deemed to have been chosen.
Both cash dividends and dividends in the form of new shares in the company are in principle subject to a dividend withholding tax of 15 % under Dutch law.
The shares will be listed ex-dividend as of 25 October 2023, while the dividend record date will be the following day, 26 October.
Payment of the cash dividend and delivery of the new shares will take place as of 22 November 2023.