IBDRY.US Optional Dividend

IBERDROLA SA-SPONSORED ADR (IBDRY.US) has announced a dividend. The dividend allows an option to receive payment of either stock or cash, or Elect Sale of Rights in the local market. Record date holders have until 13/07/2023 to submit elections. The default option for this dividend will pay cash.

The terms of the offer are as follows:

Option 1: Elect Cash (Default) - You may elect to receive the dividend paid in cash at an approximate gross rate of $ 1.349368 per share held on record date. This option is subject to 19% Spanish withholding tax and a dividend processing fee of 0.04 USD per ADR.

Option 2: Elect Sale of Rights in the local market - You may elect to receive the net proceeds from the sale of rights in the Spanish market at a rate to be announced. This option is NOT subject to the 19% Spanish withholding tax and includes a fee of $0.04 per ADR. **Spanish resident individuals will be subject to 19% dividend withholding tax.

Option 3: Elect Stock - You may elect to receive new IBERDROLA ADRs at TBD stock rate per share held on record date. This option is not subject to the 19% Spanish withholding tax. Holders will also be charged a 0.04 USD dividend processing fee per ADR.

***No response is required for holders choosing Option 1***

The deadline for electing will be 2023/07/13 @ 16:00 (HONG KONG TIME GMT+8).

Please fill in the following information and use the registered email address of Futu to send an email to cs@futuhk.com.

1. Account Number –
2. Name - (In Chinese or English)
3. Stock code – IBDRY.US
4. Options - (1) or (2) 

Note to applicants:
1. If shareholders holding 1 share or less of IBDRY.US, they cannot participate in related corporate actions.
2. Option 1 is the default option. We will help clients to choose option 1 if have not received clients’ emails.
3. Once the relevant application is submitted, the stocks participating in the company's actions cannot be traded and the application cannot be withdrawn.
4. This corporate action does not accept additional applications, the maximum number of applications that a client can apply for does not exceed the number of eligible shares it holds.
5. The pending orders and unsettled shares will not be accepted for the time being.
6. Please confirm that the account funds are sufficient to pay the relevant fees of this corporate action. Otherwise, we will not bear any responsibility for the failure of your application.
7. If there is any update, all the information released by the listed company shall prevail.