| Fri 9 Apr 2010, 11:00 | | SBK - Standard Bank Group Limited - Scrip distribution ratio |
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SBK
SBK
SBK - Standard Bank Group Limited - Scrip distribution ratio
Standard Bank Group Limited
(Incorporated in the Republic of South Africa)
Registration number 1969/017128/06
JSE share code: SBK
NSX share code: SNB
ISIN: ZAE000109815
("Standard Bank Group" or "the Company")
SCRIP DISTRIBUTION RATIO
Further to the announcement of the Company`s annual results for the year ended
31 December 2009, as released on the Securities Exchange News Service of the
JSE Limited ("SENS") on Thursday, 4 March 2010 and published in the South
African and Namibian press on Friday, 5 March 2010, in which Standard Bank
Group ordinary shareholders were notified of the payment of a scrip
distribution, Standard Bank Group ordinary shareholders are hereby advised
that the volume weighted average price ("VWAP") of the Company`s ordinary
shares on the JSE Limited ("JSE") during the five-day trading period ended
Thursday, 8 April 2010 was 11 565 cents.
Accordingly, the number of Standard Bank Group ordinary shares to which
Standard Bank Group ordinary shareholders participating in the scrip
distribution will be entitled, is determined in the ratio that 245 cents
multiplied by 1,05 bears to 11 565 cents which equates to 22,24384 new
ordinary shares per every 1 000 ordinary shares held. Trading in the Strate
Limited environment does not permit fractions and fractional entitlements.
Accordingly, where a Standard Bank Group ordinary shareholder`s entitlement
to new Standard Bank Group ordinary shares, calculated in accordance with the
above formula, gives rise to a fraction of a new Standard Bank Group ordinary
share, such fraction of a new Standard Bank Group ordinary share will be
rounded up to the nearest whole number where the fraction is greater than
or equal to 0,5 and rounded down to the nearest whole number where the
fraction is less than 0,5.
Example of calculation of the scrip distribution entitlement:
This example assumes that a Standard Bank Group ordinary shareholder holds
1 000 Standard Bank Group ordinary shares on the record date and does not
elect to receive the cash dividend alternative.
New ordinary share entitlement = 1 000 x 245 cents x 1,05 / 11 565 cents
= 22,24384 new Standard Bank Group
ordinary shares
Standard Bank Group ordinary shareholders who wish to receive the cash dividend
of 245 cents per Standard Bank Group ordinary share in respect of all or part of
their shareholding must elect to do so in accordance with the provisions of the
circular and form of election which was posted to Standard Bank Group ordinary
shareholders on Monday, 8 March 2010.
A further announcement will be made on or about Monday, 26 April 2010 in respect
of the results of the scrip distribution.
Johannesburg
9 April 2010
Lead Sponsor
Standard Bank
Joint sponsor
Deutsche Securities (SA) Proprietary Limited
Sponsor in Namibia
Simonis Storm Securities
Date: 09/04/2010 11:00:01 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.
