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MAF
MAF
Mutual & Federal - Results Of The Capitalisation Award And Special
Capitalisation Award
Mutual & Federal Insurance Company Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1970/006619/06)
("Mutual & Federal" or "the company")
Share code JSE: MAF & Share code NSX: MTF & ISIN: ZAE000010823
RESULTS OF THE CAPITALISATION AWARD AND SPECIAL CAPITALISATION AWARD
Mutual & Federal shareholders were advised on Wednesday, 2 August 2006 that they
were entitled to elect to receive the capitalisation award and/or the special
capitalisation award in lieu of cash dividend alternatives of 40 cents and 800
cents per share, respectively.
Capitalisation and special capitalisation shares would be awarded to those
Mutual & Federal shareholders recorded in the register as such on Friday, 8
September 2006, the record date.
Shareholders were subsequently advised that the rounded number of capitalisation
shares and special capitalisation shares to which shareholders were entitled, in
terms of the capitalisation award and the special capitalisation award, was
1.15741 shares and 23.14815 shares, respectively, for every 100 shares held. No
fractions of shares would be issued.
These ratios were arrived at by dividing 40 cents and 800 cents per share
respectively by R34.56, being the weighted average trading price of the ordinary
shares of the company on the JSE Limited ("JSE") for the 30 days ended
Wednesday, 23 August 2006.
Shareholders are now advised that:
- Mutual & Federal shareholders holding 16 207 698 Mutual & Federal shares
have elected to receive the capitalisation award, resulting in the issue of
187 589 new shares and R106 829 148.40 being paid to shareholders in respect of
the cash dividend alternative; and
- Mutual & Federal shareholders holding 15 843 485 Mutual & Federal shares
have elected to receive the special capitalisation award, resulting in the issue
of 3 667 475 new shares and R2 139 496 672 being paid to shareholders in respect
of the special cash dividend alternative.
As a result, a total of 3 855 064 new shares were issued by Mutual & Federal and
a total of R2 246 325 820.40 was paid in respect of the cash dividend
alternatives.
Dividend cheques and share certificates in respect of new shares were posted to
certificated shareholders today, Monday, 11 September 2006. The CSDP or broker
custody accounts of dematerialised shareholders were also credited today,
Monday, 11 September 2006.
Johannesburg
11 September 2006
Investment bank, corporate advisor and sponsor in South Africa
Nedbank Capital
Sponsoring broker in Namibia
Old Mutual Investment Services (Namibia)
Date: 11/09/2006 04:45:04 PM Produced by the JSE SENS Department
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