National Grid plc Scrip Dividend
National Grid plc said it has applied to the FCA and LSE for admission to trading of 50,862,899 ordinary shares under its Scrip Dividend Scheme for the 2025/26 final dividend, payable 23 July 2026. Dealings are expected to start 23 July 2026. 49,766,614 shares will be issued at 1,197.70p, and 219,257 ADRs at US$80.5453.
How this was made
The 30-second read
Why it matters
The FCA and LSE admission applications and the stated issuance quantities and prices define the mechanics for share issuance and ADR-related entitlements, which can influence short-term trading around the commencement date.
Market read
Provides the concrete scrip dividend issuance schedule and pricing, useful for event-driven positioning and settlement-aware execution.
What to watch
Liquidity and settlement timing (ex/issue dates, ADR entitlement conversion) may drive short-lived price distortions more than the headline issuance numbers.
Background
National Grid’s scrip dividend scheme allows shareholders to receive shares instead of cash for the 2025/26 final dividend.
Ticker impact
National Grid confirms FCA and LSE applications for scrip dividend issuance of 50,862,899 ordinary shares, with dealings expected to start 23 July 2026.
Likely limited, mostly technical impact around the scrip dividend timetable rather than a fundamental repricing.
The article discloses issuance quantities and pricing for the scrip dividend and ADR entitlements, but no earnings, guidance, or balance-sheet change.
Market effects
Minimal sector read-through; scrip dividend execution is company-specific and typically does not signal sector fundamentals.
UK equity market microstructure only, tied to LSE trading of newly issued shares.
Limited, except for ADR holders receiving corresponding ADR-related entitlements.
Counterpoint
Traders may overreact to the issuance size, but the economic value is largely a substitution of cash for shares rather than new value creation.
Key entities
- companyNational Grid plc
UK-listed utility company operating the 2025/26 final scrip dividend scheme and issuing ordinary shares and ADR-related entitlements.
- regulatorFinancial Conduct Authority
Regulator to which the company applied for ordinary shares admission to the Official List.
- venueLondon Stock Exchange
Venue to which the company applied for the scrip dividend shares to be admitted to trading.
