BT 2000 Annual Report Download - page 120

Dividends
The Board expects to recommend in respect of each ¢nancial year an interim and a ¢nal dividend, which will normally be
payable in February and September, respectively. The proposed 2000 ¢nal dividend will be paid on 18 September to
shareholders on the register on 18 August 2000.
The dividends paid or payable on BT shares and ADSs for the last ¢ve years are shown in the following table. The
dividends on the ordinary shares exclude the associated tax credit. The dividends on the ADSs paid before 5 April 1999
include the associated UK tax credit available to certain bene¢cial owners who are resident in the United States or Canada
for tax purposes, but before deduction of UK withholding taxes. The amounts shown are not those that were actually paid
to holders of ADSs. For the tax treatment of dividends, which changed for dividends paid on or after 6 April 1999, see
Taxation of dividends below. Dividends have been translated from pounds sterling into US dollars using exchange rates
prevailing on the date the ordinary dividends were paid.
Per ordinary share Per ADS Per ADS
Years ended 31 March
Interim
pence
Final
pence
Total
pence
Interim
£
Final
£
Total
£
Interim
US$
Final
US$
Total
US$
1996 7.45 11.25 18.70 0.931 1.406 2.337 1.422 2.181 3.603
1997(a) 7.90 11.95 19.85 0.987 1.494 2.481 1.582 2.391 3.973
1998(b) 7.55 11.45 19.00 0.944 1.431 2.375 1.540 2.400 3.940
1999(b) 8.10 12.30 20.40 1.012 1.366 2.378 1.644 2.202 3.846
2000(b) 8.70 13.20 21.90 0.966 1.320 2.190 1.529 (c) (c)
(a) In addition, a special dividend of 35p per share, excluding the associated tax credit, or £4.375 (US$7.002) per ADS, including the UK associated tax
credit, was paid at the same time as the ®nal dividend for the 1997 ®nancial year.
(b) The dividends for the 1998, 1999 and 2000 ®nancial years include an adjustment to take account of the effect of the 1997 special dividend.
(c) Qualifying holders of ADSs on record as of 18 August 2000 are entitled to receive the ®nal dividend which will be paid on 25 September 2000, subject
to approval at the annual general meeting. The US dollar amount of the ®nal dividend of £1.32 per ADS to be paid to holders of ADSs will be based on
the exchange rate in effect on 18 September 2000, the date of payment to holders of ordinary shares. This dividend will be paid under the
arrangements described in Taxation of dividends below.
The level of dividends will continue to be in£uenced by such factors as the e¡ects of competition and regulation in the UK,
together with investment needs and opportunities in the UK and in other countries. Past relationships between the interim
and ¢nal dividends are not necessarily indicative of the future.
As dividends paid by the company are in pounds sterling, exchange rate £uctuations will a¡ect the US dollar amounts
received by holders of ADSs on conversion by the Depositary of such cash dividends.
The expected dividend payment dates in 2001 are:
2001 interim dividend payable February 2001
2001 ®nal dividend payable September 2001
Dividend mandate
Any shareholder wishing dividends to be paid directly into a bank or building society account should contact the Registrar
for a dividend mandate form. Dividends paid in this way will be paid through the Bankers Automated Clearing System
(BACS). Alternatively, a form may be downloaded from the internet at www.bt.com/shares.
Annual report and Form 20-F 119