Dividends and our Scrip scheme
In its Strategic Update, published on the 17 November 2021, SSE announced plans to accelerate clean growth, lead the energy transition and maximise value for all stakeholders. As part of its five-year investment plan, SSE is targeting dividend increases in line with RPI inflation to March 2023, followed by a rebase to 60p in 2023/24 and at least 5% annual increases to March 2026.
SSE’s Scrip Dividend Scheme was last renewed for a three year period at the 2021 AGM and continues to be offered to all shareholders. For the period 2021/22 and beyond, take-up from the Scrip Dividend Scheme will be capped at 25%. SSE plans to implement this cap by means of a share repurchase programme, or ‘buyback’, in September each year following payment of the final dividend. The scale of any share repurchase program would be determined by shareholder subscription to Scrip Dividend Scheme across the full year, taking into account the interim and final dividend elections.
At SSE’s Annual General Meeting on 22 July 2010, shareholders authorised the directors to offer a Scrip Dividend Scheme. The scheme was renewed in 2015, 2018 and 2021, and will remain the alternative to the cash dividend for the foreseeable future.
If you are a shareholder in the Scheme, you will remain a participant until you choose to withdraw. If you would like to withdraw from the Scheme, please write to Link Group, Central Square, 29 Wellington Street, Leeds, LS1 4DL to request this. Link Group need to receive your withdrawal request no later than 20 business days before the relevant dividend payment date.
If you have any questions about the scheme, please contact Link Market Services 0345 143 4005* (UK) or +44 (0) 20 8639 3399* (overseas).
*The Shareholder Helpline is available Monday to Friday, 9.00am to 5.00pm. Please have your Investor Code (IVC) ready. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the UK are charged at the applicable international rate.