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Macquarie Group Limited dividend information
1H19 interim dividend
1H19 interim dividend per ordinary share: $A2.15 per share (45% franked)
Ex-dividend date: 12 November 2018
Record date: 13 November 2018
Payment date: 18 December 2018
DRP allocation price: Sourced on-market1
1. Shares may be issued if purchasing becomes impractical or inadvisable. The DRP pricing period is from 20 November 2018 to 26 November 2018.
Updating payment details
Dividend payment options, including elections regarding DRP participation may be updated via the InvestorServe website.
Any change to payment details must be received by Boardroom Pty Limited by the record date of a dividend.
Australian registered shareholders may elect to have dividends directly deposited into a nominated account or to participate in the Dividend Reinvestment Plan (DRP).
Shareholders with a registered address outside Australia may elect to receive their dividends by cheque (in Australian dollars only) or to have dividends directly deposited into a nominated Australian dollar bank account.
Shareholders who do not provide their bank account details or elect to participate in the DRP will be sent a dividend advice statement on the dividend payment date advising the dividend payment amount and noting that, as direct credit instructions had not been advised, the amount will be held.
Dividends will not accrue interest while they are being held. Following advice of direct credit instructions, payment will be credited into the nominated account.
Shareholders should note that payments are made on a periodic basis and not on immediate receipt of a completed Direct Credit Payment Form.
About the Dividend Reinvestment Plan
The DRP provides shareholders with the opportunity to apply dividends from their ordinary shares towards the acquisition of new fully paid ordinary shares rather than receiving dividends in cash.
On 7 May 2015 the Board determined that no discount will apply to shares allocated under the DRP, effective from the 2015 final ordinary dividend.
Shareholders who are residents of Australia and NZ are eligible to participate in the DRP.
Eligible shareholders may apply to participate in the DRP with respect to all or part of their holding. Shareholders who wish to partially participate in the DRP may nominate a specific number of shares to which they wish the DRP to apply.
To participate in the DRP, shareholders can complete the Notice of Dividend Election received in the mail on becoming a shareholder, make an election online via the Boardroom website or contact Boardroom directly.
A separate notice must be lodged for each shareholding account. Participation in the DRP will commence with the dividend payment relating to the first record date which is after the date the election notice is received by the share registry.
Currently, only Australian and New Zealand resident shareholders are eligible to participate.
Shareholders who participate may apply their dividends towards acquiring fully paid ordinary Macquarie Group shares (ASX: MQG) that do not incur brokerage.
Termination or suspension
Shareholders may vary or withdraw from the DRP by completing the Notice of Variation available from the share registry.
On termination or suspension of the DRP, any carried forward residual amounts will be paid to the participant. Payments are batched and processed quarterly.
Shares allocated under the DRP are currently determined by the Market Value (as defined in the DRP Rules) of a fully paid ordinary Macquarie Group share.
The Market Value is the amount which is the arithmetic average of the daily volume weighted average price of all shares sold on the ASX over the number of business days determined by the Directors from time to time, commencing by the fourth business day after the election date for the relevant dividend.
Number of allocated shares
Participants in the DRP will be allocated the nearest whole number of ordinary shares (rounding down).
If there is a cash dividend left over after shares have been allocated under the DRP, this amount will be carried forward until the next dividend is paid. It will be added to the next dividend when the number of shares allocated under the DRP for that period is determined. These carried forward amounts will bear no interest nor carry a dividend entitlement.
On 12 December 2013, Macquarie shareholders approved the distribution to eligible shareholders of one stapled security Sydney Airport (SYD) for each Macquarie ordinary share held. The distribution was apportioned between a capital return and a special dividend based on a split of 69% and 31%, respectively. The record date for the entitlement to the SYD distribution was 20 December 2013.
The distribution was calculated at the SYD closing share price of $A3.73 on 10 January 2014 and the two components included:
- a reduction of capital of $A2.5737 per ordinary share, resulting in a reduction in cost base per MQG share
- a special dividend of $A1.1563 per ordinary share, franked at 40%
Following the distribution, Macquarie shareholders were required to perform a share consolidation on a 0.9438 for one basis to adjust for the capital reduction.
Please refer to Section 5 of the Notice of Meeting for further information on the tax implication following the Sydney Airport distribution.
Macquarie Group Limited targets an annual ordinary dividend payout ratio in the range of 60 per cent to 80 per cent of net earnings. Franking is subject to the composition of income.