The London Stock Exchange has issued its 2016 Dividend Procedure timetable which applies to both listed companies and those trading on AIM.

The key changes from the 2015 Timetable are as follows (extracts shown):

The Basic Principle

If a dividend is to be made ex, the dividend must be declared via a PIP or notified to the Exchange at least six business days before the proposed record date otherwise the ex-dividend date will may be deferred until the following week unless otherwise agreed by the Exchange.

Dividend with Options

Advance notice should be given of any election date, which should fall at least ten business days after the record date, or ten business days after the despatch of an appropriate circular to shareholders whichever is the later.

Record and Payment Dates

Companies should aim to pay straightforward cash dividends within 30 business days of the record date and dividends with options within twenty business days of the election date, which should be after the record date.

Overseas Issuers

The Dividend Procedure Timetable applies to overseas issuers which are Primary Listed on the Main Market of London Stock Exchange or admitted to trading on AIM. It is advised that dividends that and if an overseas issuer wishes a timetable to fall outside the Dividend normal Timetable be cleared this should be agreed in advance with the Stock Situations Department or where this is not possible notified to the Stock Situations Department Team prior to publication and, in any case, at least six business days prior to the proposed dividend record date. Overseas issuers who are Secondary Listed on the Main Market or AIM should follow the rules for dividends as defined by the market on which they are Primary Listed. However where the principal place of Listing is on an overseas Exchange the issuer should follow the rules for dividends as defined by that market.

Fixed Interest Securities & Debt Securities

Any payment for fixed Interest and debt securities must be notified to the Exchange no later than seven six business days prior to the record date.