| Thu 23 Aug 2007, 10:39 | | MAF - Mutual & Federal - Capitalisation award with |
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MAF
MAF
MAF - Mutual & Federal - Capitalisation award with a cash dividend alternative
to be paid to shareholders not electing to receive capitalisation award shares
Mutual & Federal Insurance Company Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1970/006619/06)
Share code JSE: MAF & Share code NSX: MTF
ISIN: ZAE000010823
("Mutual & Federal" or "the Company")
CAPITALISATION AWARD WITH A CASH DIVIDEND ALTERNATIVE TO BE PAID TO SHAREHOLDERS
NOT ELECTING TO RECEIVE CAPITALISATION AWARD SHARES
Shareholders are referred to the announcement released on SENS on Thursday, 2
August 2007, wherein notice was given that a capitalisation award of new fully
paid ordinary shares will be distributed to shareholders, who elected the
capitalisation award, recorded in the register of the Company at the close of
business on Friday, 7 September 2007 and that the last day to trade to be
entitled to participate in the capitalisation award will be Friday, 31 August
2007.
Notice is hereby given that the number of shares to which shareholders will be
entitled will be determined as follows:
in the ratio that 45 cents per share bears to R27.05 per share, being the
30 day volume weighted average price ("VWAP") at the close of business on
Wednesday, 22 August 2007 for the capitalisation award.
This equates to 1.66359 new Mutual & Federal ordinary shares for every 100
shares held. Shareholders wishing to participate in the capitalisation award in
respect of all or part of their shareholding must elect to do so. Shareholders
not electing to receive the capitalisation award will receive a cash dividend of
45 cents per share for the capitalisation award.
Subject to the approval of the JSE Limited, a listing of the maximum number of
shares to be issued pursuant to the capitalisation award will take place on
Monday, 3 September 2007, on which date the shares will trade "ex" the
entitlement. Shares may not be dematerialised or rematerialised between Monday,
3 September 2007 and Friday, 7 September 2007, both days inclusive. A circular
(including a form of election) dealing with the capitalisation award was posted
to shareholders on Wednesday, 15 August 2007.
Shareholders who have dematerialised their shares are required to notify their
duly appointed Central Securities Depository Participant ("CSDP") or broker of
their election in the manner and time stipulated in the custody agreement
governing the relationship between the shareholder and their CSDP or broker.
Certificated shares or cheques will be posted by registered post to certificated
shareholders at their risk on Monday, 10 September 2007.
In respect of dematerialised shareholders, safe custody accounts with the CSDP
or broker will be updated with the entitlement in respect of the new ordinary
shares and /or payments will be credited to their CSDP or broker accounts on
Monday, 10 September 2007.
A further announcement will be published on SENS and in the press on or about
Monday, 10 September 2007, detailing the results of the capitalisation award and
the cash dividend alternative.
Johannesburg
23 August 2007
Investment bank, corporate advisor and sponsor in South Africa
Nedbank Capital
Sponsoring broker in Namibia
Old Mutual Investment Services (Namibia)
Date: 23/08/2007 10:39:01 Produced by the JSE SENS Department.
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