| Wed 7 May 2008, 10:25 | | MAF - Mutual & Federal Insurance Company Limited - |
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MAF
MAF
MAF - Mutual & Federal Insurance Company Limited - Capitalisation Award
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
INTRODUCTION
Shareholders are advised that at a meeting of directors held on Tuesday, 6 May
2008, it was resolved that a capitalisation award of fully paid up issued shares
in the Company, representing the final distribution for the 2007 financial year,
be made to ordinary shareholders.
Ordinary shareholders will be entitled, in respect of all or part of their
shareholding, to elect to receive new fully paid ordinary shares which shares
will be issued only to those ordinary shareholders who elect in respect of all
or part of their shareholding, on or before 12h00, Friday, 13 June 2008 to
receive the capitalisation award shares.
Shareholders not electing to receive new fully paid ordinary shares in respect
of all or part of their shareholding will be entitled to receive a cash dividend
alternative of 135 cents per ordinary share ("the cash dividend alternative").
SALIENT DATES
In accordance with the provisions of Strate, the electronic settlement and
custody system used by the JSE Limited ("the JSE"), the relevant dates for the
capitalisation award election and the cash dividend alternative are as follows:
Activity 2008
Last day to trade to participate Friday, 6 June
in the capitalisation award
election or the cash dividend
alternative
Shares trade ex the Monday, 9 June
capitalisation award election and
the cash dividend alternative on
Listing of the maximum number of Monday, 9 June
new ordinary shares to be taken
up in terms of the capitalisation
award election on
Last day to elect to receive Friday, 13 June
capitalisation award shares
failing which you will receive
the cash dividend alternative by
12:00 on
Record date to participate in the Friday, 13 June
capitalisation award election or
receive the cash dividend
alternative on
Cheque mailed or cash Tuesday, 17 June
electronically transferred to
certificated shareholders
participating in the cash
dividend alternative in respect
of all or part of their
shareholding, on or about
Dematerialised shareholders Tuesday, 17 June
participating in the cash
dividend alternative in respect
of all or part of their
shareholding will have their
accounts at their Central
Securities Depository Participant
(CSDP) or broker credited with
the cash dividend on
New share certificates issued and Tuesday, 17 June
posted to certificated
shareholders participating in the
capitalisation award election in
respect of all or part of their
shareholding, on or about
Dematerialised shareholders Tuesday, 17 June
participating in the
capitalisation award election in
respect of all or part of their
shareholding, will have their
accounts at their CSDP`s or
broker updated with the new
shares on
The maximum number of new shares Friday, 20 June
listed in terms of the
capitalisation award election
adjusted to reflect the actual
number of shares issued in terms
of the capitalisation award
election on
Note:
1. Share certificates may not be dematerialised or rematerialised between
Monday, 9 June 2008 and Friday, 13 June 2008, both days inclusive.
2. The above dates are subject to change. Any such changes will be published
on the Securities Exchange News Service of the JSE ("SENS") and in the
press.
ADDITIONAL INFORMATION
The number of capitalisation shares to which shareholders are entitled will be
determined in the ratio that 135 cents per ordinary share, grossed up for the
applicable Secondary Tax on Companies charge, bears to the 30 day volume
weighted average price per Mutual & Federal share, to be determined by no later
than Thursday, 29 May 2008.
Details of the ratio will be published on SENS not later than Friday, 30 May
2008 and in the financial press the following business day.
A circular relating to the capitalisation award election and the cash dividend
alternative will be posted to shareholders on or about Friday, 23 May 2008.
7 May 2008
Johannesburg
Investment bank, corporate advisor and sponsor in South Africa
Nedbank Capital
Sponsoring broker in Namibia
Old Mutual Investment Services (Namibia) (Proprietary) Limited
Date: 07/05/2008 10:25:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
