|
JSE
JSE
JSE - JSE Limited - Dividend Policy And Payment Of A Special Dividend
JSE Limited
(Incorporated in the Republic of South Africa)
Registration number: 2005/022939/06
Share code: JSE & ISIN: ZAE000079711
("JSE" or "the Group")
DIVIDEND POLICY AND PAYMENT OF A SPECIAL DIVIDEND
Background
Over the last decade the JSE has made the transition from an association of
members, where capital needs were funded by JSE members, to a company owned
by a broad range of shareholders which must fund its own capital
requirements. During this period the JSE has worked consistently to develop
a solid capital base. The JSE currently has no borrowings.
Having been listed for 18 months, the Board of directors of the JSE ("the
Board") is now in a good position to re-evaluate its capital requirements.
The JSE analyses its capital requirements in three categories:
- Operating cost requirements: Due to the importance of ensuring a
smoothly operating stock exchange, most exchanges set aside sufficient
cash to fund between two and six months of operating costs. The JSE
has in the past set aside sufficient capital to fund four months of
operations;
- Settlement Guarantee: as the JSE guarantees all on-market equities
trades, the JSE should have sufficient capital to settle such trades
should a JSE equities member (broker) fail. This requirement must take
into account the T+5 settlement period during which the JSE would have
to provide liquidity for a failing member`s transactions; and
- Capital & Opportunity requirements: the JSE must be in a position to
maintain infrastructure and meet capital needs for expansion.
The JSE`s capital adequacy evaluation took into account the possibility of
raising capital through issuing shares for cash or raising debt should an
unforeseen opportunity or crisis arise.
Dividend Policy
In the light of the above, the Board is reviewing the JSE`s dividend policy
and an announcement will be made in this regard in 2008.
Payment of Special Dividend
Notice is hereby given that a special dividend of 90.75 cents per JSE share
has been declared by the Board, which is payable from retained earnings.
In accordance with the requirements of Strate, the electronic settlement
and custody system used by the JSE, and the JSE listings Requirements, the
following salient dates for the payment of the special dividend are
applicable:
Last day to trade "CUM" special dividend Thursday 13 December 2007
Shares trade "EX" special dividend Friday, 14 December 2007
Record date Friday 21 December 2007
Payment date Monday, 24 December 2007
No dematerialisation or rematerialisation of share certificates may occur
between Friday 14 December 2007 and Friday 21 December 2007, both days
inclusive.
On behalf of the Board
JSE Limited
Sandton
27 November 2007
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 27/11/2007 16:25:05 Produced by the JSE SENS Department.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
