| Fri 30 May 2008, 11:10 | | MAF - Mutual & Federal - Capitalisation Award With A Cash Dividend Alternative |
|
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 Wednesday, 7
May 2008, 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, 13 June 2008 and that the last day to trade to be entitled
to participate in the capitalisation award will be Friday, 6 June 2008.
Notice is hereby given that the number of shares to which shareholders will be
entitled will be determined as follows:
- in the ratio that 135 cents per share, grossed up for the applicable
Secondary Tax on Companies charge, bears to R20.15 per share, being the 30
day volume weighted average price ("VWAP") at the close of business on
Thursday, 29 May 2008.
This equates to 7.370996 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
135 cents per share.
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, 9 June 2008, on which date the shares will trade "ex" the entitlement.
Shares may not be dematerialised or rematerialised between Monday, 9 June 2008
and Friday, 13 June 2008, both days inclusive. A circular (including a form of
election) dealing with the capitalisation award was posted to shareholders on
Friday, 23 May 2008.
Shareholders who have dematerialised their shares are required to notify their
duly appointed 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 Tuesday,
17 June 2008.
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
Tuesday, 17 June 2008.
A further announcement will be published on SENS and in the press on or about
Tuesday, 17 June 2008, detailing the results of the capitalisation award and the
cash dividend alternative.
Johannesburg
30 May 2008
Investment bank, corporate advisor and sponsor in South Africa
Nedbank Capital
Sponsoring broker in Namibia
Old Mutual Investment Services (Namibia)
Date: 30/05/2008 11:10:29 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.
