XTENSION OF ARRANGEMENTS FOR CLAIMING DEMUTUALISAT
OLD MUTUAL PLC - EXTENSION OF ARRANGEMENTS FOR CLAIMING DEMUTUALISATION BENEFITS
OLD MUTUAL PLC
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
Extension of arrangements for claiming demutualisation benefits
Further to its related announcement on 23 February 2004 and approval by
shareholders of a scheme of arrangement at a meeting held on 14 May 2004, Old
Mutual plc (the `Company`) announces that it has today implemented proposals to
extend the period within which claims can be made to certain entitlements that
have not yet been claimed under the terms of the demutualisation of the Old
Mutual Group in 1999.
Under the terms of the demutualisation, unclaimed shares trusts were set up in
each of South Africa, Malawi, Namibia, Zimbabwe and Bermuda (the `Original
Unclaimed Shares Trusts`). The purpose of those trusts was to provide
qualifying members of the South African Mutual Life Assurance Society (the
`Society`) with the opportunity, in the five-year period following listing of
the Company, to claim their entitlements to shares or proceeds of the sale of
shares by confirming certain details. That claims period expired, following the
placing of final advertisements by the trustees of the Original Unclaimed Shares
Trusts, on 18 August 2004.
In accordance with the scheme of arrangement approved by the Company`s
shareholders on 14 May 2004, the Directors of the Company have today approved an
extension of the claims period on the following terms:
* demutualisation entitlements not claimed by 18 August 2004 will be held for
the benefit of the relevant qualifying members of the Society under the terms
of new unclaimed shares trusts and such members will have a further two-year
period expiring on 31 August 2006 in which to come forward and claim those
benefits;
* as indicated in the Company`s announcement of 23 February 2004 and approved in
the scheme of arrangement, claimants during the further two-year period will
be entitled to receive their shares or the proceeds of the sale of shares, but
nothing in respect of accumulated dividends or interest up to the date of
their claim.
The Company has indicated that it intends to arrange for amounts equal to the
net unclaimed accumulated dividends, interest accrued on such dividends and
interest accrued on unclaimed cash proceeds held by the Original Unclaimed
Shares Trusts to be paid to the Old Mutual Foundations and/or to new public
benefit organisations established by the Group in each of the territories
concerned.
23 August 2004
Enquiries:
Old Mutual plc UK
Corporate Affairs +44 (0) 20 7002 7150
Old Mutual plc SA
Nad Pillay +27 (0) 82 553 7980
Date: 23/08/2004 04:30:03 PM 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.
