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MAF
MAF
MAF - Mutual & Federal - Trading Update
MUTUAL & FEDERAL INSURANCE COMPANY LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1970/006619/06
Share code: MAF ISIN No: ZAE000010823
("Mutual & Federal" or "the company")
TRADING UPDATE
In an announcement issued earlier today, the company confirmed that all
conditions precedent in relation to the acquisition by Old Mutual plc of the
remaining shareholding in Mutual & Federal had been fulfilled and set out the
salient dates and times of the transaction.
Following consultation with the company`s Sponsor, Nedbank Capital, the Board
believe that it is required to comply with all JSE regulations until it is
delisted on 8 February 2010, in terms of the revised timetable announced today.
The company is accordingly required to publish a trading update as soon as it
becomes reasonably certain that the financial results for the period to be
reported on next will show a 20% or more difference from those of the previous
corresponding period.
Although there was a decline in the underwriting surplus in 2009 the company
benefitted from a substantial improvement in the value of listed equities
following highly negative conditions in 2008. This trend was apparent in the
interim results announcement on 28 July 2009 and was highlighted in the
Operational Update on 5 November. Realised and unrealised investment surpluses
for 2009 accordingly amounted to more than R200m compared to a deficit of more
than R600m in 2008. Furthermore, the 2008 results were negatively impacted by
retrenchment costs and certain one-off strategic expenses which did not recur in
2009.
Shareholders are accordingly advised that the company expects basic earnings per
share for the year ended 31 December 2009 to be 540% to 560% higher than those
of the prior corresponding period, and headline earnings to be 620% to 640%
higher.
This increase was clearly expected in light of the improvements in world and
South African financial markets in 2009 and the non-recurring nature of certain
expenses incurred in 2008.
The information in this trading update has not been reviewed or reported on by
the Mutual & Federal auditors.
Due to the proposed delisting of the company, it is not expected that results
for the year ended 31 December 2009 will be published in terms of JSE
requirements.
Johannesburg
19 January 2010
Sponsor: Nedbank Capital
Date: 19/01/2010 15:25:02 Produced by the JSE SENS Department.
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