National Grid 2014 Annual Report Download - page 180

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Documents on display
National Grid is subject to the filing requirements of the Exchange
Act, as amended. In accordance with these requirements, we file
reports and other information with the SEC. These materials,
including this document, may be inspected during normal
business hours at our registered office 1-3 Strand, London WC2N
5EH or at the SEC’s Public Reference Room at 100 F Street, NE,
Washington, DC 20549. For further information about the Public
Reference Room, please call the SEC at 1-800-SEC-0330.
Someof our filings are also available on the SEC’s website
atwww.sec.gov.
Employees
We negotiate with recognised unions. It is our policy to maintain
well-developed communications and consultation programmes
and there have been no material disruptions to our operations
from labour disputes during the past five years. National Grid
believes that it can conduct its relationships with trade unions
andemployees in a satisfactory manner.
Exchange controls
There are currently no UK laws, decrees or regulations that restrict
the export or import of capital, including, but not limited to, foreign
exchange control restrictions, or that affect the remittance of
dividends, interest or other payments to non UK resident holders
of ordinary shares except as otherwise set out in Taxation on page
179 and except in respect of the governments of and/or certain
citizens, residents or bodies of certain countries (described in
applicable Bank of England Notices or European Union Council
Regulations in force as at the date of this document).
Exchange rates
The following table shows the history of the exchange rates of one
pound sterling to dollars for the periods indicated.
Dollar equivalent of £1 sterling
High Low
April 2014 1.6885 1.6586
March 2014 1.6730 1.6489
February 2014 1.6758 1.6296
Januar y 2014 1.6631 1.6345
December 2013 1.6528 1.6242
Average1
2013/14 1.60
2012/13 1.57
2011/12 1.60
2010/11 1.57
2009/10 1.58
1. The average for each period is calculated by using the average of the exchange rates on
the last day of each month during the period. See weighted average exchange rate on
page 85.
Description of securities other than equity
securities: depositary fees and charges
The Bank of New York Mellon, as Depositary, collects its fees for
delivery and surrender of ADSs directly from investors depositing
shares or surrendering ADSs for the purpose of withdrawal or from
intermediaries acting for them. The Depositary collects fees for
making distributions to investors (including, it is expected going
forward, in respect of cash dividends) by deducting those fees
from the amounts distributed or by selling a portion of distributable
property to pay the fees. The Depositary may generally refuse
toprovide fee attracting services until its fees for those services
are paid.
Persons depositing or
withdrawing shares must pay: For
$5.00 per 100 ADSs
(or portion of 100 ADSs)
Issuance of ADSs, including issuances
resulting from a distribution of shares or
rights or other property; cancellation of
ADSs for the purpose of withdrawal,
including if the deposit agreement
terminates; distribution of securities
distributed to holders of deposited
securities that are distributed by the
Depositary to ADS registered holders.
Registration or transfer fees Transfer and registration of shares on our
share register to or from the name of the
Depositary or its agent when they
deposit or withdraw shares.
Expenses of the Depositary Cable, telex and facsimile transmissions
(when expressly provided in the deposit
agreement); converting foreign currency
to dollars.
Taxes and other governmental
charges the Depositary or the
Custodian has to pay on any ADS
or share underlying an ADS, for
example, stock transfer taxes,
stamp duty or withholding taxes
As necessary.
The Company amended the deposit agreement under which the
ADS representing its ordinary shares are issued to allow a fee of
up to $0.05 per ADS to be charged for any cash distribution made
to ADS holders, including cash dividends. ADS holders who
receive cash in relation to the 2013/14 final dividend will be
charged a fee of $0.02 per ADS by the Depositary prior to
distribution of the cash dividend.
Other disclosures
continued
178 National Grid Annual Report and Accounts 2013/14