SSE - Interim Dividend Timetable

[idpickering]

SSE announces its timetable in relation to the interim dividend of 29.3p per ordinary share for the year ending 31 March 2019.

https://www.investegate.co.uk/sse-plc-- ... 48453481I/

[PaulBullet]

Cash dividend payment date

15 March 2019

[Bouleversee]

How can it be for the year ending Mar 31 2019?

[tjh290633]

How can it be for the year ending Mar 31 2019?

Because there is always a very long delay between announcement, XD and payment date for SSE. They are not the worst. SMDS win that crown for me.

TJH

[Bouleversee]

How can it be for the year ending Mar 31 2019?

Because there is always a very long delay between announcement, XD and payment date for SSE. They are not the worst. SMDS win that crown for me.

TJH

I realise that, so isn't it for the year ending Mar 31 2018 not 19?

[PinkDalek]

I realise that, so isn't it for the year ending Mar 31 2018 not 19?

It is an interim dividend for the current finacial year.

[Dod101]

The recently announced half year results were for the half year to 30 September 2018 and this is the dividend payment date for the interim dividend declared at that time, for the year ending 31 March 2019.

Dod

[Bouleversee]

OK, thanks. I am losing them after all!

[pyad]

Because there is always a very long delay between announcement, XD and payment date for SSE. They are not the worst. SMDS win that crown for me.

TJH

In practice, after the first year or so the delay and its variation between between shares should be of little concern because payments are received at around the same dates each year, whatever the delay. That's what really matters to HYPers I'd say, not the length of time elapsed between declaration and payment.

[Dod101]

I agree entirely with pyad on this one and cannot understand why some seem to get uptight about dividend timing.

Dod

[Arborbridge]

It's not normally of any concern.
When companies go from half-yearly to quarterly it b's up my record keeping, and if a payment slips over into a further quarter compared with a previous year, it might muck up comparisons without a fiddle factor. But, in general, I don't care as long as I get it!

Arb.

[idpickering]

It's not normally of any concern.
When companies go from half-yearly to quarterly it b's up my record keeping, and if a payment slips over into a further quarter compared with a previous year, it might muck up comparisons without a fiddle factor. But, in general, I don't care as long as I get it!

Arb.

Likewise. I must admit that I do prefer two payments a year from those shares that traditionally have done this, but as you say, I don't care as long as I get it!

Ian.

[tjh290633]

I'm afraid that I disagree on this point. There are several companies which I hold who delay payment of dividends for 3 or 4 months after they announce them. This is my money they are holding on to for an excessive period.

If they had people owing them money, it is unlikely that they would allow much longer than 30 days for payment. On the other hand, they probably make their suppliers wait longer to be paid. You may recall that Weinstock's GEC was notorious for not paying in a timely fashion, to the extent that many would only deal with them on a "cash with order" basis.

One has to ask why the delay is imposed?

TJH

[Bouleversee]

I'm afraid that I disagree on this point. There are several companies which I hold who delay payment of dividends for 3 or 4 months after they announce them. This is my money they are holding on to for an excessive period.

If they had people owing them money, it is unlikely that they would allow much longer than 30 days for payment. On the other hand, they probably make their suppliers wait longer to be paid. You may recall that Weinstock's GEC was notorious for not paying in a timely fashion, to the extent that many would only deal with them on a "cash with order" basis.

One has to ask why the delay is imposed?

TJH

Which is what prompted my question. If it is our share of the profits for yr to 3l.3.18 why are we having to wait so long for even a part payment? I really thought they must have made a mistake in the announcement. However, if that's the way the do it there's not much point arguing on here about it. We should go to the AGM and complain (as if!)

[pyad]

I'm afraid that I disagree on this point. There are several companies which I hold who delay payment of dividends for 3 or 4 months after they announce them. This is my money they are holding on to for an excessive period.

If they had people owing them money, it is unlikely that they would allow much longer than 30 days for payment. On the other hand, they probably make their suppliers wait longer to be paid. You may recall that Weinstock's GEC was notorious for not paying in a timely fashion, to the extent that many would only deal with them on a "cash with order" basis.

One has to ask why the delay is imposed?

TJH

A flawed analogy. A trade debt is a contractual obligation whilst divs are not, not even after they have gone xd.

Of course you can if you choose fret about the varying delays that companies exhibit between dec and pay but that's a choice. What really matters surely is how much you actually receive each year.

[moorfield]

Page 22 of the Interim Results may help.

http://sse.com/media/540210/SSE_Interims_1819.pdf

Maintaining a prudent Treasury policy
SSE's treasury policy is designed to be prudent and flexible. In line with that, cash from operations is first used to finance regulatory and maintenance capital expenditure and then dividend payments, with capital and investment expenditure for growth generally financed by a combination of: cash from operations; bank borrowings and bond issuance.

However, on Page 73.

The proposed interim dividend has not been included as a liability in these financial statements.

[PinkDalek]

However, on Page 73.

The proposed interim dividend has not been included as a liability in these financial statements.

I'm unclear why you've included that part as a "However". The announcement was some weeks after 30 September 2018 and there was no obligation to pay as at that date (and as pyad indicates, can be cancelled before the payment date).

For more detail see https://www.frc.org.uk/getattachment/69 ... March-2018).pdf (if the link is broken see instead https://preview.tinyurl.com/yd22djrv) (my bold):

Information to be presented in the statement of income and retained earnings

6.5 An entity shall present, in the statement of income and retained earnings, the following items in addition to the information required by Section 5 Statement of Comprehensive Income and Income Statement: .. (b) dividends declared and paid or payable during the period;