Basically, IG.com do not pay the Hammerson enhanced scrip dividend. They are probably the only major share dealing company that so this. If you hold shares with Hammerson in a dealing account on IG on 1 April 2021 you will not receive the enhanced scrip dividend. Last time it meant receiving a cash dividend of 2p rather than shares valued at 20p, a huge difference.
These are comments from IG.com:
‘IG have never offered, nor claimed to offer scrip dividends. It would not therefore seem reasonable to expect such. Having reviewed your prior correspondence with IG, I see that you were clearly informed of this approach on 27 November. When such an election is made available to shareholders, it is IG’s policy to take the usual cash dividend and not pass on this election to its clients’.
‘Please note that IG’s treatment of scrip dividends has not changes since our response to you in January’. (January comment previous paragraph)
These are comments from Hammerson:
‘Shareholders electing to receive the Enhanced Scrip Dividend Alternative will be entitled to receive New Shares with a significantly greater value than the cash Final 2020 Dividend.’
‘I sympathise that some of the platforms have been less than helpful – I myself have been using IG so it is disappointing. It is not a universal issue or a systemic issue, however, Hargreaves Lansdown, Halifax, and Rowan Dartington among others have elected to offer their clients the scrip.’
Here is a comment from AJ Bell on the November Scrip:
‘Given the demand for facilitating this SCRIP dividend for Hammerson, I can confirm that we are offering this as a one-off.’
It is worth adding that the mechanism for obtaining the enhanced scrip is basically completing a short template form and sending it to Hammerson. In addition, IG.com incorrectly deducted tax off my last cash dividend.
